Jetking faces first AGM since SAT ruling on bitcoin shares

Shareholders of Jetking Infotrain Ltd will gather online on September 29, 2026 for the company’s 42nd annual general meeting, and the bitcoin question will be hard to avoid. The meeting, set for 11:30 a.m. IST by video conference, is the first since the Securities Appellate Tribunal (SAT) decided that 3,96,156 shares Jetking issued to pay for bitcoin cannot be listed on BSE.

Jetking is a BSE-listed IT training company that chose bitcoin as its main treasury reserve asset. That choice has now run into India’s listing rules.

How the listing dispute unfolded

On May 23, 2025, Jetking made a preferential allotment of 3,96,156 equity shares priced at ₹154 each, bringing in about ₹6.1 crore. That money, topped up with cash the company already had, was spent on bitcoin bought through the Indian exchange CoinDCX. The timeline since then:

• June 10, 2025: the company asked BSE to list the newly issued shares.
• September 23, 2025: BSE said no. Its reason was that the funds had been put into virtual digital assets (VDAs) before Jetking changed the objects clause in its memorandum to permit such investments.
• October 9, 2025: Jetking took the matter to SAT.
• May 8, 2026: SAT dismissed the appeal and did not impose costs.

In its order, the tribunal distinguished between a company parking idle cash in assets as a side activity and a company raising capital on purpose to fund a new line of business. Jetking’s results filing of August 6, 2026 stated that the shares “cannot be listed on BSE at this stage” and that the company “is evaluating the implications of the order.”

Holdings, profits and share price

Figures from the tracker Bitcoin Treasuries put Jetking’s holdings at 21 BTC, acquired for roughly $1.59 million. The company’s own posts in 2025, however, gave a figure of 23.43 BTC as of August 2025.

The financial picture has worsened. A profit of ₹3.43 crore in FY25 turned into a loss of ₹1.34 crore in FY26. With the stock near ₹126, Jetking’s market value is about ₹79 crore, and the share has traded between ₹90.55 and ₹266.95 over the past 52 weeks.

The company openly models itself on Michael Saylor’s Strategy (formerly MicroStrategy) and has talked about owning 18,000 BTC by 2030. A nearer goal in its annual report, 210 BTC by the end of 2026, has not been reached. In November 2025 the board cleared a wholly owned UAE subsidiary with objects that include trading and staking virtual digital assets. It was incorporated on June 11, 2026 but had not begun operating as of June 30.

What is on the agenda, and what is not

Formally, the AGM will only approve the FY26 accounts and re-appoint the auditor. No resolution on bitcoin policy has been tabled. Even so, investors are likely to press management on three points: whether the 210 BTC target still holds, what happens to the unlisted shares, and how any further bitcoin buying would be paid for. No shareholder vote can overturn the SAT order.

What it means for Indian investors

Jetking has become the clearest test so far of whether a listed Indian company can follow the bitcoin-treasury playbook that is popular in the US. The lesson from this case is that exchanges will check corporate paperwork and use of proceeds closely before a company raises equity to buy crypto.

Tax is a second difference from the US model. India taxes VDA gains at a flat 30% and deducts 1% TDS on transfers, as our crypto tax guide explains, and that bill would land on any company that eventually sells its coins. Retail investors who want bitcoin exposure do not need a small-cap proxy: they can follow the bitcoin price in INR directly or start with our beginner’s guide to buying bitcoin in India.

This article is for information only and is not financial advice. Do your own research before investing.

---

This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.