Cryptocurrency Detective’s Death Mystery Listed on Nasdaq Japan Exchange: Asia Express

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

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

Speaking with Bitcoin proponent Max Keizer in an X post on December 9, company chairman Avinash Barwani said his company currently holds 12 BTC.

“The whole idea is to have Bitcoin on a company’s balance sheet and free up capital and Bitcoin so that over a period of time the value of the company increases and shareholders get value,” Barwani said.

Barwani describes his company as “very small.” After Keiser’s video, the company’s stock price soared more than 60%, giving it a market capitalization of about $7 million.

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

The Indian company joins a growing list of Asian companies entrusting their future to Bitcoin, a strategy popularized by Bitcoin fanatic Michael Saylor and his company MicroStrategy.

Japan’s Metaplanet has been nicknamed “Asian MicroStrategy” due to its aggressive Bitcoin accumulation, raising over 1,100 BTC. However, Hong Kong’s Booya Interactive holds 3,183 bitcoins.

Meanwhile, China’s “MicroStrategy” Meitu recently cashed out $100 million in cryptocurrency investments, generating $80 million in profits. Meitu invested in Bitcoin and Ethereum for the first time in 2021.

While critics have called Saylor’s all-in on Bitcoin strategy risky and reckless, some Bitcoin maxis see it as a long-term fail-safe strategy.

The company may be included in the Nasdaq 100 in the near future. The index tracks the performance of the 100 largest non-financial companies (MicroStrategy is technically a software company) on the Nasdaq exchange. By entering an index, MicroStrategy gains exposure to institutional investors and hedge funds through products such as exchange-traded funds that invest directly in companies in the index.

Coincheck’s SPAC merger for NASDAQ listing

Japanese cryptocurrency exchange Coincheck has become the second largest cryptocurrency exchange on Nasdaq, one of the world’s largest markets, after the New York Stock Exchange.

Coincheck joins Coinbase as the only major exchange on Nasdaq. According to CoinMarketCap rankings, it is one of the top 50 exchanges in the world and ranks second among Japanese platforms.

Unlike Coinbase, which was listed through direct listing, Coincheck was listed through backdoor listing through a merger with Thunderbridge Capital, a special purpose acquisition company (SPAC). SPACs are also known as blank check companies. Because its main function is to merge with a private company and take it public.

The transaction that completes the merger is called a de-SPAC transaction. In the case of Coincheck, the de-SPAC transaction was reportedly valued at $1.25 billion.

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

That doesn’t mean it’s always easy. For example, Circle, the second-largest stablecoin USDC issuer, failed in its $9 billion SPAC merger with Concord Acquisition Group, with the deal closing in December 2022. In August 2022, mining company PrimeBlock scrapped its $1.25 billion merger with 10X Capital Venture. Acquisition construction II.

Nor does a successful merger guarantee success. Before Coinbase and Coincheck began trading on public markets, cryptocurrency exchange Eqonex (formerly Diginex) finalized its SPAC listing with 8i Enterprises Acquisition Corp in September 2020.

On February 27, 2023, Nasdaq announced its decision to delist Eqonex’s common stock.

Mystery shrouds the tragic death of Taiwan’s top cryptocurrency investigator

Taiwanese prosecutors have launched an investigation into the death of Miffy Chen, the country’s top cryptocurrency forensics expert, who died in a car accident on December 4.

At the time of the accident, Chen was returning home from the Taichung Prosecutor’s Office with her boyfriend, Criminal Investigation Bureau (CIB) detective “Hsieh.” Hsieh was injured in the accident.

Chen and Hsieh were reportedly summoned to prosecutors after a complaint was filed against Hsieh. According to China Times, a local media outlet often seen as pro-Beijing, the complaint alleged that he leaked confidential information related to the investigation of the fraud ring to Chen.

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

Chen is widely regarded as Taiwan’s top cryptocurrency investigator. She served as a pro bono expert consultant for the CIB and police and reportedly helped trace and freeze 10 billion New Taiwan Dollars (about $300 million) in illicit proceeds. He also served as a financial crime investigator for the exchange XREX and as secretary of the Judicial Reform Committee.

According to Taoyuan city councilor Huang Ching-ping, quoted by Taipei Times, Chen was warned by police about her personal safety as criminal groups began asking for her background and personal information.

Hong Kong’s central bank is not very interested in Bitcoin investment

Hong Kong’s Exchange Fund, the investment arm of the Hong Kong Monetary Authority (HKMA), does not currently target cryptocurrency assets, Acting Financial Services and Finance Minister Joseph Chan said.

In response to a question from Legislative Council member Johnny Ng, Chan said the sovereign wealth fund invests in various asset classes, but cryptocurrencies are not among them.

However, he stressed that external managers appointed by the HKMA could invest in cryptocurrency assets and that such allocations would be “minimal”.

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

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

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Yoon Yohan

Yohan Yoon is a multimedia journalist covering blockchain since 2017. He has contributed as an editor to Forkast, a cryptocurrency media outlet, and has covered Asian technology stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking and experimenting with new recipes.