Nasdaq-Listed Zhibao Wants a Bitcoin Treasury, Plans to Sell $220M in Stock for BTC
DECRYPT ·
Zhibao Technology signed a non-binding term sheet with Joyertech and Information OPC for a PIPE financing deal involving roughly 3,500 Bitcoin, worth approximately $220 million at current prices. The buyer would designate a majority of Zhibao's board of directors at closing, effectively taking control of the company while current management continues running day-to-day operations. Zhibao received a Nasdaq deficiency letter on July 15 for trading below $1 per share, and its stock briefly doubled after the Bitcoin treasury announcement. Zhibao Technology Inc., a Nasdaq-listed Shanghai-based company that sells digital insurance products in China, announced Wednesday that it has signed a non-binding term sheet to receive roughly 3,500 Bitcoin as payment in a proposed stock sale. The deal would be worth approximately $220 million at current BTC prices. A PIPE, or private investment in public equity, means a private buyer purchases shares directly from a publicly listed company rather than on the open market. In this case, the buyer, a firm called Joyertech and Information OPC, would pay for those shares not in cash but in Bitcoin.
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