Crypto sleuth’s death mystery, Japanese exchange listings on Nasdaq: Asia Express

India's journey to becoming a micro-strategy starts with 12 BTC

Jetking Infotrain has announced that it is the first publicly listed Indian company to accept Bitcoin as its reserve asset.

The company's chairman, Avinash Barwani, spoke to Bitcoin fan Max Keizer in a Dec. 9 X post that his company now holds 12 BTC.

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

Barwani describes his company as a “very small” company. The company's stock price jumped more than 60% after Keizer Video, boosting its market capitalization to around $7 million.

According to the company's treasury policy for the financial year 2024-25, which was approved by the board on November 12, Jetking intends to hold the majority of its treasury in Bitcoin while maintaining 15% cash reserves for working capital. Bitcoin can be mined to meet their daily needs.

The Indian company joins a growing list of Asian companies that are putting their future in the hands of Bitcoin. This strategy by Bitcoin fanatic Michael Saylor and his company MicroStrategy.

Japan's Metaplanet has been nicknamed “Asia's micro-strategy” for its aggressive bitcoin hoarding that has raised more than 1,100 BTC. But Hong Kong's Boya Interactive has more in content with 3,183 bitcoins.

Meanwhile, China's own “micro-strategy” Meitu recently invested $100 million in crypto investments for $80 million in profits. Meitu invests in Bitcoin and Ether for the first time in 2021.

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

In the near future, the company may land in the Nasdaq 100. This index tracks the performance of the 100 largest non-financial companies (MicroStrategy is technically a software company) on the Nasdaq exchange. By breaking an index, the MicroStrategy blocks exposure to institutional investors and funds such as exchange-traded funds through products that invest directly in companies within that index.

Coincheck 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 Nasdaq. According to the CoinMarketCap ranking, it is one of the top 50 exchanges in the world, ranking second among Japanese platforms.

Unlike Coinbase, which went public through a direct listing, Coincheck did so through a backyard listing through the merger of special purpose buyout firm Thunder Bridge Capital. SPACs are also known as blank check companies, because their primary function is to merge with a private company and go public, which 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 worth $1.25 billion.

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

That doesn't mean it's always easy. For example, Circle's $9 billion SPAC merger with Concorde Acquisition Group, the second largest stablecoin USDC, fell through and the deal was terminated in December 2022. In August 2022, mining company PrimeBlock canceled its $1.25 billion merger with 10X Capital Ventures. Acquisition Corporation II.

A successful merger is no guarantee of success either. Before Coinbase and Coincheck went public, cryptocurrency exchange Eqonex (formerly Diginex) completed its SPAC listing with 8i Enterprises Acquisition Corp in September 2020.

In the year

Mysteries shroud the tragic death of Taiwan's top crypto investigator

Prosecutors in Taiwan have launched an investigation into the death of Miffy Chen, the country's leading cryptocurrency forensics expert, who died in a car accident on December 4.

Chen was returning home from the Taichung Prosecutor's Office with her boyfriend, also known as “Hsieh,” from the Criminal Investigation Bureau. Hsieh was injured in the accident.

Chen and Hsieh were reportedly summoned to the prosecutor's office based on their complaint against Hsieh. The complaint alleges that Chen disclosed confidential information related to the investigation of the fraud syndicate, according to the China Times, a local media outlet that is often pro-Beijing.

After being questioned, Chen was released on 30,000 New Taiwan Dollars (about $920) bail.

Chen was widely regarded as Taiwan's top cryptocurrency analyst. She has served as a pro bono expert advisor to the CIB and the police and helped track and freeze 10 billion New Taiwan Dollars (about $300 million) in ill-gotten gains. She also worked as a financial crime investigator for the XREX exchange and served as a secretary on the presidential panel of the Justice Reform Committee.

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

The Hong Kong Central Bank is not very interested in investing in Bitcoin

The Hong Kong Exchange Fund, the investment arm of the Hong Kong Monetary Authority, does not currently target crypto assets, according to Financial Services and Treasury Acting Secretary Joseph Chan.

In response to a question from Legislative Council member Johnny Ng, Chan explained that while sovereign wealth funds invest in various asset classes, crypto is not among them.

However, he noted that foreign managers appointed by the HKMA could invest in crypto assets, stressing that any allocation would be “minimum”.

Hong Kong aims to become a regional “crypto hub” and is developing regulatory frameworks to attract Web3 businesses. Chan announced plans to introduce a licensing system for crypto custodians by 2025.

The city has already started a licensing system for crypto exchanges, and has approved three so far. Securities and Futures Commission CEO Julia Ling said the regulator plans to announce group approvals for additional applicants by the end of the year.

John Yun

Yohan Yun is a multimedia journalist who has been reporting on blockchain since 2017. He has contributed as an editor to the crypto media outlet Forkast and covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking and experimenting with new recipes.