BSE Rejects Jetking IPO Over 60% Crypto Investment Plan
Bombay Stock Exchange (BSE) has rejected Jetking Infotrain’s IPO application after the IT training firm earmarked 60% of its ₹6 crore fundraising for crypto investment. Jetking secured in-principle approval on May 9, 2025, and planned to issue over 396,000 shares to raise about ₹6 crore. Under BSE rules, public capital cannot be raised for virtual digital asset purchases, though companies may use internal profits to hold crypto. This latest Jetking IPO rejection underscores India’s cautious regulatory stance and may slow the rise of crypto treasury management strategies in public listings. Jetking is evaluating options, including an appeal to the Securities Appellate Tribunal.
Bearish
The BSE rejection, as the first crypto-focused IPO denial, highlights India’s cautious stance and may deter similar corporate crypto treasury initiatives. In the short term, Bitcoin could face increased selling pressure as traders adjust expectations for institutional demand in India. Over the long term, continued regulatory barriers may curb corporate inflows and slow market growth, reinforcing bearish sentiment for BTC from Indian investors. Global demand may partially offset local impact, but India’s market weight suggests sustained downward pressure.