The journey to become India's MicroStrategy begins with 12 BTC
Jetking Infotrain has announced that it has become India's first listed company to accept Bitcoin as a reserve asset.
In a post on December 9, Chairman Avinash Barwani revealed that the company currently holds 12 BTC while talking to Bitcoin advocate Max Keiser.
"The main idea is to bring Bitcoin onto the balance sheet for businesses and ensure that we have equity and Bitcoin to grow the value of the company over time and deliver value to shareholders," Barwani said.
Barwani described his company as a "very small" business. The company's stock price has risen more than 60% since Keiser's video, increasing its market capitalization to around $7 million.
According to the asset reserve policy for the 2024-25 fiscal year approved by the board on November 12, Jetking plans to hold the majority of its reserves in Bitcoin, while maintaining 15% cash for working capital. Bitcoin may be liquidated to meet daily needs.
This Indian company joins the growing list of Asian businesses placing their trust in Bitcoin, a strategy popularized by Bitcoin enthusiast Michael Saylor and his company, MicroStrategy.
Japan's Metaplanet has been dubbed the "Asian MicroStrategy" for its aggressive Bitcoin hoarding, amassing over 1,100 BTC. But Hong Kong's Booya Interactive has even more, with 3,183 Bitcoin.
Meanwhile, China's "MicroStrategy," Meitu, has reaped $80 million in profits from its recent $100 million Cryptoasset investment. Meitu began investing in Bitcoin and Ether in 2021.
Critics have criticized Saylor's Bitcoin-centric strategy as risky and bold, while some hardcore Bitcoin advocates see it as a long-term, fail-proof strategy.
In the near future, this could propel the company into the Nasdaq 100. This is an index that tracks the performance of the 100 largest non-financial companies (MicroStrategy is technically a software company) on the Nasdaq. By entering this index, MicroStrategy gains access to institutional investors and hedge funds through products like exchange-traded funds that invest directly in the companies in the index.
Coincheck completes SPAC merger to list on Nasdaq
The Japanese Cryptoasset exchange Coincheck has become the second-largest exchange listed on Nasdaq, one of the world's largest stock exchanges after the New York Stock Exchange.
Coincheck joins Coinbase as the only major exchanges listed on Nasdaq. It is one of the top 50 exchanges globally according to CoinMarketCap rankings, standing second among Japanese platforms.
Unlike Coinbase, which went public through a direct listing, Coincheck proceeded through a merger with a special purpose acquisition company (SPAC) called Thunder Bridge Capital. SPACs are also known as blank-check companies, as their primary function is to merge with a private company to take them public.
The completed merger transaction is referred to as a de-SPAC deal. For Coincheck, the de-SPAC deal is said to be valued at $1.25 billion.
SPAC listings are also called backdoor listings, as they provide an unconventional path to the stock market.
That doesn't mean it's always easy. For example, Circle, the issuer of the second-largest stablecoin USDC, failed to complete a $9 billion SPAC merger with Concord Acquisition Group, and the deal was called off in December 2022. In August 2022, the mining company PrimeBlock halted a $1.25 billion merger with 10X Capital Venture Acquisition Corp. II.
A successful merger also doesn't guarantee perpetual success. Before Coinbase and Coincheck traded on the public market, the Cryptoasset exchange Eqonex (formerly Diginex) completed a SPAC listing with 8i Enterprises Acquisition Corp in September 2020.
On February 27, 2023, Nasdaq announced its decision to Delist the ordinary shares of Eqonex.
Mystery surrounding the death of Taiwan's top cryptocurrency investigator
Prosecutors in Taiwan have launched an investigation into the death of Miffy Chen, the country's top cryptocurrency forensic expert, who was killed in a car accident on December 4.
Chen was returning home from the Taichung Prosecutor's Office with her boyfriend, an agent of the Criminal Investigation Bureau (CIB) identified as "Hsieh," when the accident occurred. Hsieh was injured in the accident.
Chen and Hsieh were reportedly summoned to the prosecutor's office after a complaint was filed against Hsieh. The complaint alleged that Hsieh had leaked secret information related to the investigation of a fraud group to Chen, according to China Times, a local newspaper often seen as pro-Beijing.
After questioning, Hsieh was released on a 30,000 Taiwan dollar (around $920) bail, while Chen was released without bail.
Chen was considered Taiwan's top cryptocurrency investigator. She was said to have served as a pro bono consultant for the CIB and police, and had helped track and freeze 10 billion Taiwan dollars (around $300 million) in illicit proceeds. She also worked as a financial crime investigator for the XREX exchange and served as a secretary on the presidential advisory board of the Judicial Reform Commission.
According to Taoyuan City Councilor Huang Ching-ping, as cited by Taipei Times, Chen had been warned by the police about her personal safety as criminal groups began inquiring about her background and personal information.
Hong Kong central bank not enthusiastic about Bitcoin investment
The Hong Kong Investment Fund, the investment arm of the Hong Kong Monetary Authority (HKMA), currently does not target Cryptoassets, according to Joseph Chan, Acting Secretary for Financial Services and the Treasury.
Responding to a question from Legislative Council member Johnny Ng, Chan said that while the sovereign wealth fund invests in a diverse range of assets, Cryptocurrencies are not among them.
However, he noted that external managers appointed by the HKMA may invest in Cryptoassets, emphasizing that any such allocation would be "minimal."
Hong Kong, aiming to become a regional "Cryptocurrency hub," has developed regulatory frameworks to attract Web3 businesses. Chan announced plans to introduce a licensing regime for Cryptocurrency managers in 2025.
The city has launched a licensing regime for Cryptocurrency exchanges, approving three so far. According to the CEO of the Securities and Futures Commission, Julia Leung, the regulator plans to announce a slew of additional approvals for applicants by the end of the year.
