India’s Jetking recently added Bitcoin to its reserves very recently. And the move got the attention of Strategy Co-Founder and Chairman Michael Saylor.
Siddarth Bharwani is the Joint Managing Director and CFO of Jetking, first publicly listed company in India to embrace Bitcoin.
Today, 10 February 2025, Saylor posted about Jetking’s Bitcoin move on X.
Jetking is India’s first publicly traded company to adopt the Bitcoin Standard. CFO @SidBharwani of @JetkingLtd explains why in the interview below:
Timecodes:
00:00 – Intro
01:53 – The story of Jetking; Who is Siddarth Bharwani?
04:47 – Why adopt Bitcoin for Jetking’s balance… pic.twitter.com/ZvyToehiMx— Michael Saylor
(@saylor) February 9, 2025
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Jetking’s Choice Is Consistent With Saylor And Strategy’s Approach
In a BitcoinHub podcast released on 7 February 2025, Bharwani was asked about why he made the decision to include Bitcoin in Jetking’s portfolio. According to Bharwani, when Covid came in 2020, almost 75% of the business had to shut down.
“In just a matter of 12 months, a legacy built over almost three decades was closed down, in three months literally,” he said.
To make the business “bulletproof” and to secure the future of the company, Bharwani started toying around with Bitcoin.
Jetking’s choice is consistent with the approach of Strategy (MicroStrategy), the US-registered company led by Saylor, a longtime supporter of Bitcoin.
Meanwhile, Strategy announced resuming Bitcoin purchases after a week-long pause. In a post on X, Saylor said that they acquired approximately 7,633 Bitcoin, valued at around $742 million.
In its 5 February 2025 earnings report, Strategy disclosed $120.7 million in revenue, a 3% decline year-over-year, missing analyst expectations by approximately $2 million.
The firm attributed its massive Q4 expenses—which surged nearly 700% to $1.1 billion—to the execution of its “21/21 Plan,” an ambitious initiative aimed at raising $42 billion in capital over three years to fuel its Bitcoin accumulation.
Importantly, according to Strategy, $20 billion of this capital plan has already been secured.
BlackRock Raises Stake In Strategy To 5%
An SEC filing revealed that Blackrock has also raised its stake in Strategy, formerly MicroStrategy, to 5%.
As of 6 February 2025, the firm holds approximately 11.2 million shares. This went up from 4.09% in September 2024.
Following the disclosure, Strategy’s stock rose 2.8% in pre-market trading, reaching $331.90 per share.
Explore: BlackRock Set To Launch Bitcoin-Linked ETP In Europe: Raises Stake In Strategy To 5%
The post Who Is Siddarth Bharwani? And Why Is Michael Saylor Promoting An Indian Company’s Bitcoin Strategy? appeared first on 99Bitcoins.