Zhibao Technology, a Shanghai-based insurance technology company listed on the Nasdaq Stock Exchange, He said On Wednesday, it signed a non-binding term sheet for the sale of shares that will be paid for in bitcoin — about 3,500 coins, worth nearly $220 million at current prices.
The deal, a private investment in public equity known as a PIPE, will see a buyer named Joyertech and Information OPC subscribe to Zhibao shares considering the company is expected to include about 3,500 bitcoins.
This number remains subject to final evaluation, custody arrangements, audit, regulatory review and final agreements. Qibao stressed that the term sheet does not bind anyone, and that the transaction may change or fail.
The structure suggests a familiar step. Zhibao (NASDAQ: ZBAO), which pioneered the “2B2C” blended insurance model in China and launched the country’s first digital insurance brokerage platform in 2020, will initially continue to operate its existing business.
However, the buyer would appoint a majority of the board of directors at closing, a transfer of control that would hand the newcomers the wheel while the existing team takes care of the old operation until “separation, disposition or other restructuring” at a later date.
$220 million worth of Bitcoin has a new owner
In plain terms, the humble insurtech company will become home to a big pile of Bitcoin, with new owners taking over. Instead of raising cash and buying coins on the market, Zhibao will take bitcoin itself as payment, a swap that puts the treasury on its balance sheet from day one.
This is the kind of reinvention that has swept public markets, like companies, over the course of a couple of years They are reshaping themselves around the Bitcoin treasury and Corporate holdings rise to records. Zhibao stock jumped nearly 24% on the news.
Behind ZBAO are employees, insurance clients, and a founding team that has built something new in a crowded market, and the term sheet will fold that story into a treasury tool shaped by people who may value serendipity as much as the company.
For current employees, the promise is continuity “until separation” – words that carry uncertainty.
Betting carries warning signs. Analysts have called it a treasury boom bubbleand some treasury companies have They started selling their coins Under market pressure this year.
