Nasdaq listed Zhibao plans 3,500 Bitcoin treasury through proposed PIPE

Zhibao Technology has signed a non-binding agreement that could bring about 3,500 Bitcoin, valued at roughly $220 million, onto its balance sheet through a proposed stock sale paid in BTC. Summary Zhibao has signed a non binding agreement to receive about 3,500 Bitcoin through a proposed $220 million stock sale. The proposed deal would give the investor majority control of Zhibao’s board while establishing a Bitcoin treasury if completed. The announcement comes as public companies continue adopting different strategies to build or manage Bitcoin reserves. According to a Wednesday press release from Nasdaq-listed Zhibao Technology, the Shanghai-based digital insurance company has entered into a non-binding term sheet with Joyertech and Information OPC for a proposed private investment in public equity (PIPE) financing that would be settled using approximately 3,500 Bitcoin instead of cash. If completed, the buyer or its designated entity would subscribe to newly issued securities, with the Bitcoin amount remaining subject to final valuation, custodial arrangements, audit verification, regulatory review, Nasdaq compliance and the execution of definitive agreements. The proposed trans...