Nasdaq-listed insurtech Zhibao Technology has signed a non-binding term sheet to accept roughly 3,500 Bitcoin — worth about $220 million at current prices — as part of a PIPE financing deal. The buyer, Joyertech and Information OPC, would gain majority control of Zhibao's board upon closing, while current management keeps running the existing business until a later separation or restructuring. Zhibao's stock jumped nearly 24% on the news.
How the deal works
Instead of raising cash and then buying coins on the open market, Zhibao gets the Bitcoin directly from the buyer. That means the company holds the cryptocurrency on its balance sheet from day one. The structure is unusual even in the growing corporate Bitcoin treasury trend — most firms raise dollars first, then purchase. The transaction is still subject to final valuation, custody arrangements, audit, regulatory review, and definitive agreements. It may change or fall through entirely.
Who is Zhibao
Zhibao is a Shanghai-based insurance technology firm that pioneered a '2B2C' embedded-insurance model in China. It launched the country's first digital insurance brokerage platform in 2020. The company went public on Nasdaq in 2023. This deal would give it a major Bitcoin position overnight, a sharp pivot for a traditional fintech player.
Bitcoin treasury boom under pressure
The corporate Bitcoin treasury boom has drawn criticism from analysts who call it a bubble. Some firms that loaded up on coins in previous years have started selling under market pressure this year. Zhibao's move comes at a time when the strategy is being tested — but the company is betting that holding Bitcoin directly from a financing round, rather than buying at market, gives it a different risk profile.
What happens next
The deal is non-binding, so both sides still need to hash out the final terms, custody, and regulatory clearance. Zhibao's board will also need to approve the change in control. If it closes, the company will have one of the larger Bitcoin treasuries among Nasdaq-listed firms — and a new set of shareholders calling the shots.
