77-Year-Old Indian Legacy Brand Goes All-In on Bitcoin—Defying Brutal Tax Laws
A septuagenarian Indian empire just flipped the script—doubling down on Bitcoin while regulators sharpen their tax knives. Here's why they're betting against the house.
Defying Gravity (and the Taxman)
Most legacy firms hedge. This one? It's stacking sats like a crypto startup. No defensive plays—just full-throttle adoption despite a 30% capital gains tax sucking the life out of India's crypto scene.
The Unlikely Bitcoin Maxi
Forget Silicon Valley bros. The real BTC evangelists wear silk kurta pajamas and remember life before the internet. This brand's pivot isn't just bold—it's a middle finger to bureaucratic FUD.
Cynic's Corner
Sure, it's poetic—until the next 'clarification' from Delhi turns hodling into a taxable event. But for now? Champagne corks pop in Satoshi's honor.
It’s not every day you hear about a 77-year-old Indian business shifting gears to embrace Bitcoin. But that’s exactly what Jetking, a name once known for making radios and televisions in India, has done.
The company, which later moved into IT education, faced tough times during the COVID-19 pandemic. As the world shut down, Jetking’s 200 centers across India saw business dry up. Forced to rethink their future, the leadership explored around 15 different ideas to revive the company.
In the end, they made a big move: to transform into a Bitcoin-centric company.
In an interview with Coinpedia, CFO Siddarth Bharwani said, “Jetking’s decision to hold Bitcoin as a treasury asset has had both symbolic and financial implications, The move sparked interest from a new class of investors, particularly younger or tech-savvy retail investors.” The company is aiming to hold 210 Bitcoins by the end of 2025.
Navigating India’s 30% Crypto Tax
India’s strict 30% tax on crypto profits hasn’t made things easy. But Jetking has taken a different route.
“We follow a ‘Never Sell Bitcoin’ strategy,” Bharwani explained. This means the company doesn’t realize profits on its bitcoin holdings, avoiding taxable events. Any changes in value are simply noted as revaluation reserves in the financial reports.
Handling RBI’s Crypto Concerns
The Reserve Bank of India (RBI) has repeatedly raised concerns about crypto being used for illegal cross-border transfers, like hawala. Jetking says it takes these worries seriously and uses a compliance-first approach.
All Bitcoin is bought via regulated, FIU-registered exchanges and stored with institutional-grade custodians that follow KYC and AML checks.
Hopes for Better Crypto Laws in India
As India works on a formal set of crypto rules, Jetking hopes for fairer regulations. The company supports government oversight but wants a shift from the flat 30% tax to a graded capital gains model based on how long crypto is held.
“We expect shift from a flat 30% tax on gains to a graded capital gains tax model based on holding period. Enable carry-forward and offset of losses, as is the case with other financial assets and GST exemption or clarity when crypto is used purely as a treasury reserve, not as payment or service,” they said.
