India’s Crypto Stocks The Great Bet Beyond Bitcoin
BIZ
MASALA
India’s Crypto Stocks
The Great Bet Beyond Bitcoin
Hero
image: Hyderabad’s technology skyline meets India’s digital-asset story.
Artwork created for Biz Masala.
India has few listed companies whose fortunes
are directly tied to cryptocurrency. A wider group is building around Web3,
blockchain infrastructure, security and tokenisation.
By Murthy ASR
| Biz Masala | 6
October 2026
The
phrase “crypto stocks” can make India’s listed market sound larger and more
uniform than it is. A closer look shows a small set
of companies with very different connections to digital assets: one has
publicly disclosed a Bitcoin treasury position; others describe businesses in
tokenisation, blockchain, Web3 security, financial-market technology, software
or gaming. Those are not interchangeable exposures.
A wider story than Bitcoin
For Indian investors and readers, the more
useful question is not simply which listed company “is a crypto stock”. It is
where each company sits in the wider digital-asset ecosystem, and whether the
link is a balance-sheet holding, an operating service, or an emerging project
alongside a conventional business.
That distinction matters because the
commercial drivers differ. A Bitcoin treasury position moves with the asset’s
rupee value. A security firm depends on customer demand for audits and
protection. A software company may earn fees for building blockchain
applications. A gaming company’s blockchain initiative may remain one part of a
much broader business.
|
21 BTC |
Jetking reported
holding 21 Bitcoins as of 28 May 2025, at an average purchase price of ₹64.65
lakh each. This is a dated company disclosure, not a live holdings figure.
[1] |
The listed-company map
The following map groups companies by the
kind of exposure they have described. It is a guide to business models, not an
assessment of share value or investment suitability.
|
DIRECT
ASSET |
WEB3
BUSINESS |
MARKET
TECHNOLOGY |
SECURITY |
ADJACENT
TECHNOLOGY |
|
Jetking |
String
Metaverse |
63
moons |
TAC
Infosec |
Systango
/ Nazara |
Source: company filings, annual reports
and investor materials cited in the source notes. Categories are descriptive;
the companies do not report a common, comparable “crypto revenue” measure.
Jetking: the direct Bitcoin link
Jetking Infotrain is the most direct
listed-company example in this group because it disclosed Bitcoin as a
corporate treasury asset. In its report, the company said it held 21 BTC on 28
May 2025, purchased at an average ₹64.65 lakh per Bitcoin. The company’s own
update said the holding had risen from 15.02 BTC at 31 March 2025. [1]
This is a distinct model from running a
crypto exchange or providing blockchain services: the digital asset itself is
part of the corporate balance-sheet story. Since the disclosure is
date-specific, any current account of the position would need a fresh exchange
filing.
String Metaverse: tokenisation and Web3 infrastructure
String Metaverse’s investor presentations
describe activity around tokenised assets, blockchain nodes, Web3 communities
and related infrastructure. Its latest presentation includes company-reported
activity in tokenised asset pairs and outlines plans for compute and node
infrastructure. These statements show the areas the company is pursuing; they
should not be read as evidence that total company revenue equals crypto or
tokenisation revenue. [2]
For readers, the distinction is between
participation in a digital-asset ecosystem and a separately disclosed, audited
revenue line attributable to that ecosystem. Company-level financial totals can
include other activities, so the two should not be conflated.
Supporting
image: blockchain infrastructure and tokenised records. Illustrative artwork
created for Biz Masala.
63 moons: financial-market technology meets emerging tech
63 moons is best understood first as a
financial-technology and market-infrastructure company. Its FY2024–25 annual
report also identifies Web3, cybersecurity and LegalTech among its newer
technology areas. That places it in the broader digital-infrastructure
conversation, rather than making it a pure-play cryptocurrency company. [3]
The opportunity here is the possible use of
established technology capabilities in newer digital services. The scale of any
Web3 contribution should be read from segment disclosures and audited financial
reporting, where available.
TAC Infosec: security services for Web3
TAC Infosec’s CyberScope business focuses
on Web3 security, including smart-contract audits and related services. In its
FY2024–25 annual report, TAC said CyberScope had completed more than 2,700
smart-contract audits and served more than 3,000 clients worldwide. Those are
company-reported cumulative figures, not annual revenue or market share. [4]
This is a “tools and services” route into
the digital-asset economy. Demand for security can arise from blockchain
applications and tokenised systems without the security provider holding
cryptocurrencies on its own balance sheet.
Supporting
image: cybersecurity and blockchain assurance. Illustrative artwork created for
Biz Masala.
Systango and Nazara: adjacent technology exposure
Systango is a software and
digital-engineering business whose service areas include emerging technologies
such as blockchain and Web3. Its economic model is closer to technology
development and services than to a corporate crypto treasury. [5]
Nazara is primarily a gaming and
digital-entertainment company. In December 2024, Nazara and Lysto announced a
plan for The Growth Protocol, a blockchain infrastructure layer aimed at
digital marketing and growth applications. That is a specific initiative within
a much broader gaming business; it does not make all of Nazara’s operations
crypto-linked. [6]
At a glance
|
Company |
Kind
of connection |
What
the public data tells us |
|
Jetking
Infotrain |
Bitcoin
treasury |
21
BTC disclosed as at 28 May 2025; dated snapshot [1] |
|
String
Metaverse |
Tokenisation
and Web3 infrastructure |
Company
presentations describe tokenised asset activity and node/compute plans [2] |
|
63
moons |
Financial-market
technology; emerging Web3 |
Annual
report names Web3, cybersecurity and LegalTech as newer technology areas [3] |
|
TAC
Infosec |
Web3
security |
CyberScope
audits and related services; company-reported scale [4] |
|
Systango |
Blockchain/Web3
software services |
Digital
engineering model with blockchain among technology capabilities [5] |
|
Nazara |
Gaming
with a blockchain initiative |
The Growth
Protocol partnership announced in 2024 [6] |
The regulated digital-asset path
India’s policy landscape distinguishes
private virtual digital assets from regulated securities and central-bank
digital currency. The Income Tax Department’s current explainer says income
from transfer of virtual digital assets is taxed at 30% (plus surcharge and
cess), with 1% tax deducted at source applying to covered transfers under
Section 194S, subject to stated thresholds. It also says losses from VDA
transfers cannot be set off against other income under that framework. Readers
should check current law and seek professional advice for individual tax
situations. [7]
Alongside private crypto markets, a
separate institutional path is developing around tokenisation of conventional
financial instruments. In September 2026, SEBI announced the launch of a “Demat
2.0” pilot for tokenised corporate bonds. A bond-tokenisation pilot is not the
same thing as approval of private cryptocurrencies; it explores how regulated
securities may use distributed-ledger technology. [8]
What the next phase may depend on
·
Clear use cases. Can a tokenised or
blockchain-based service solve a practical problem in settlement, identity,
auditability, security or access?
·
Measurable economics. Do companies
disclose customers, recurring revenue, margins or transaction volumes tied
specifically to the digital-asset activity?
·
Trust and safeguards. Can platforms
demonstrate custody, cyber-security, governance and consumer-protection
practices appropriate to the service?
·
Policy clarity. How rules for taxation,
reporting, securities, payments and cross-border activity develop will shape
which models can scale.
Biz Masala view
India’s listed crypto story is not one
uniform trade. It is a small ecosystem of different experiments: a dated
Bitcoin treasury disclosure, Web3 and tokenisation activity, financial-market
technology, security services, software engineering and gaming-related
blockchain initiatives. Their business models and evidence bases differ, and
broad company financial totals cannot automatically be labelled crypto
earnings.
The most useful way to follow the sector is
to track what each company actually does, what it reports separately, and how
those disclosures change over time. That gives readers a clearer picture of an
emerging industry without overstating either its current scale or its future
potential.
Sources and data notes
1. [1]
Jetking Infotrain, Bitcoin holding update (21 BTC as of 28 May 2025). https://www.jetking.org/blog/jetking-infotrain-acquires-21-bitcoins-after-raising-funds-via-preferential-issue
2. [2]
String Metaverse, investor presentation, FY2025–26 Q4. Company-described plans
and activity. https://www.stringmetaverse.com/investor-relations/stock-exchange-filings/FY2025-26/Q4/Investor%20Presentation.pdf
3. [3]
63 moons Technologies, Annual Report 2024–25. https://www.63moons.com/investors/shareholders/annual-report/Annual-Report-2024-2025.pdf
4. [4]
TAC Infosec, Annual Report 2024–25. CyberScope metrics are company-reported
cumulative figures. https://tacsecurity.com/wp-content/uploads/2025/09/Annual-Report-2024-25-1-1.pdf
5. [5]
Systango Technologies, investor relations and reports. https://www.systango.com/services/blockchain-digital-assets
6. [6]
Nazara Technologies, exchange-filed press release on Growth Protocol LOI, 4
December 2024. https://nsearchives.nseindia.com/corporate/NAZARA_04122024132136_IntimationPressRelease.pdf
7. [7]
Income Tax Department, Taxation of Virtual Digital Assets, updated 2026. https://www.incometaxindia.gov.in/documents/20117/42998/Taxation-of-Virtual-Digital-Asset-VDA_2026-01-06_06-43-57_cfe04a_en.pdf/153706c8-7b5c-77d4-fc56-624c50ece1b0?t=1774007412959&version=1.0
8. [8]
SEBI, “Demat 2.0” pilot for tokenised corporate bonds, September 2026. https://www.sebi.gov.in/sebi_data/faqfiles/sep-2026/1789049630065.pdf
BIZ MASALA
By Murthy ASR | Business news with context
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