Nasdaq-Listed Zhibao Wants a Bitcoin Treasury, Plans to Sell $220M in Stock for BTC
Zhibao Technology, a Nasdaq-listed Shanghai InsurTech company trading as ZBAO, said it signed a non-binding term sheet for a proposed PIPE financing paid in about 3,500 Bitcoin, worth roughly $220 million at current prices. The buyer, Joyertech and Information OPC, would use BTC instead of cash and would likely gain control by naming a majority of the board. Zhibao would keep operating its insurance business for now, with current management handling day-to-day operations until any future restructuring. The deal is still subject to due diligence, final agreements, regulatory and Nasdaq approval, and other closing conditions. The announcement came days after Nasdaq warned Zhibao for trading below $1; shares surged on the news before cooling. Zhibao has until January 6, 2027 to regain bid-price compliance.
