Mystery of crypto sleuth’s death, Japanese exchange lists on Nasdaq: Asia Express

The journey to become India’s MicroStrategy starts with 12 BTC

Jetking Infotrain unveiled that it has become the first publicly listed Indian firm to adopt Bitcoin as a reserve asset. 

Chairman of Jetking Infotrain shares his company’s Bitcoin reserve strategy. (Max Keiser)

Talking to Bitcoin proponent Max Keiser in a Dec. 9 X post, the company’s chairman Avinash Barwani said his firm now holds 12 BTC.

“The whole idea is to get Bitcoin on the balance sheet for enterprises and make sure that we have equity and Bitcoin in place so that over a period of time, the value of the company increases and the shareholders get their value,” Barwani said.

Barwani describes his company as a “very small” firm. Its company’s stock price has jumped more than 60% since Keiser’s video, raising its market capitalization to around $7 million.

According to the company’s treasury reserve policy for the 2024-25 financial year approved by its board on Nov. 12, Jetking intends to hold the majority of its treasury reserve in Bitcoin, while maintaining 15% of cash reserves for working capital. Bitcoin may be liquidated to meet their day-to-day needs. 

The Indian firm joins the growing list of Asian firms placing their future in the hands of Bitcoin, a strategy popularized by Bitcoin fanatic Michael Saylor and his firm MicroStrategy. 

Japan’s Metaplanet has been given the “Asian MicroStrategy” nickname for its aggressive Bitcoin accumulation that raised over 1,100 BTC. But Hong Kong’s Booya Interactive has even more in its stash, with 3,183 Bitcoin.

Meanwhile, China’s own “MicroStrategy,” Meitu, cashed in on its $100 million crypto investment recently to bag $80 million in profits. Meitu first invested in Bitcoin and Ether in 2021.

Critics have criticized Saylor’s all-in on Bitcoin tactic as risky and reckless, while some Bitcoin maxis see it as a long-term fail-proof strategy.

Jetking Infotrain’s value has climbed since announcing its Bitcoin strategy. (Bombay Stock Exchange)

In the immediate future, it may land the company in the Nasdaq 100. This index tracks the performance of the 100 largest non-financial companies (MicroStrategy is technically a software firm) on the Nasdaq exchange. By cracking into the index, MicroStrategy gets exposure to institutional investors and hedge funds through products like exchange-traded funds that invest directly in companies in that index.

Coincheck’s SPAC merger for Nasdaq listing

Japanese crypto exchange Coincheck became the second major crypto exchange on the Nasdaq, one of the world’s largest stock markets, second only to the New York Stock Exchange.

Coincheck joins Coinbase as the only major exchange on the Nasdaq. It’s one of the top 50 exchanges in the world according to CoinMarketCap’s rankings, where it ranks second among Japanese platforms.

Unlike Coinbase, which went public via direct listing, Coincheck did so through a backdoor listing via a merger with special purpose acquisition company Thunder Bridge Capital. SPACs are also known as blank check firms, as their primary function is to merge with a private company to take them public, in what is sometimes called a

The transaction that completes the merger is known as a de-SPAC transaction. For Coincheck, the de-SPAC transaction was reportedly valued at $1.25 billion.

SPAC listings are also known as backdoor listings because they provide a non-traditional approach to gaining entry to the stock market.

Coincheck celebrates Nasdaq listing. (Nasdaq)

That doesn’t necessarily mean it’s always easy. For instance, Circle, the issuer of the second-largest stablecoin USDC, failed its $9 billion SPAC merger with Concord Acquisition Group and the deal was terminated in December 2022. In August 2022, mining firm PrimeBlock scrapped its $1.25 billion merger with 10X Capital Venture Acquisition Corp. II.

A successful merger doesn’t guarantee success either. Before Coinbase and Coincheck traded on the public market, cryptocurrency exchange Eqonex (formerly known as Diginex) finalized a SPAC listing with 8i Enterprises Acquisition Corp in September 2020.

On Feb. 27, 2023, Nasdaq announced its decision to delist Eqonex’s ordinary shares.

Mysteries cloud the tragic death of Taiwan’s top crypto investigator

Prosecutors in Taiwan have launched an investigation into the death of Miffy Chen, the nation’s leading cryptocurrency forensics expert, who died in a car crash on Dec. 4.

Chen was returning home from the Taichung Prosecutors Office with her boyfriend, a Criminal Investigation Bureau detective identified as “Hsieh,” when the crash occurred. Hsieh suffered injuries from the accident.

Chen and Hsieh had reportedly been summoned to the prosecutor’s office following a complaint filed against Hsieh. The complaint alleged that he leaked confidential information related to a fraud syndicate investigation to Chen, according to the China Times, a local media outlet often regarded as pro-Beijing.

After questioning, Hsieh was released on a bail of 30,000 New Taiwan dollars (around $920), while Chen was released without bail.

Chen was widely regarded as Taiwan’s top cryptocurrency investigator. She reportedly served as a pro bono expert counselor for the CIB and the police and helped track and freeze 10 billion New Taiwan dollars (around $300 million) in illegal proceeds. She also worked as a financial crime investigator for exchange XREX and served as secretary on the presidential panel of the Judicial Reform Committee.

According to Taoyuan City Councilor Huang Ching-ping cited by the Taipei Times, Chen was warned by police about her personal safety as criminal groups began asking about her background and personal information.

Hong Kong’s central bank is not too keen on investing in Bitcoin

Hong Kong’s Exchange Fund, the investment arm of the Hong Kong Monetary Authority, does not currently target crypto assets, according to Joseph Chan, acting secretary for Financial Services and the Treasury.

Responding to a query from Legislative Council member Johnny Ng, Chan stated that while the sovereign wealth fund invests in diversified asset classes, crypto is not among them.

However, he noted that external managers appointed by the HKMA could invest in crypto assets, emphasizing that any such allocation would be “minimal.”

Hong Kong turns a cold shoulder to Bitcoin investment. (HKMA)

Hong Kong, aiming to become a regional “crypto hub,” has been developing regulatory frameworks to attract Web3 businesses. Chan announced plans to introduce a licensing regime for crypto custodians in 2025.

The city has already launched a licensing regime for crypto exchanges, approving three so far. According to Securities and Futures Commission CEO Julia Leung, the regulator plans to announce batch approvals for additional applicants by year-end.