Nasdaq-Listed Zhibao Plans $220M Stock Sale for Bitcoin Treasury, Ceding Control to Buyer
Zhibao Technology Inc., a Nasdaq-listed Shanghai-based digital insurance company, announced a non-binding term sheet to sell approximately $220 million in stock to Joyertech and Information OPC in exchange for roughly 3,500 Bitcoin. The private investment in public equity (PIPE) deal would place Bitcoin directly on Zhibao's balance sheet. However, the buyer would gain control of the company by designating a majority of the board of directors. The current management would continue overseeing legacy operations until a potential restructuring. The announcement came a week after Zhibao received a Nasdaq deficiency notice for trading below $1 per share. The stock initially surged over 100% before settling at a 60% gain. The deal is non-binding and subject to due diligence, regulatory review, and Nasdaq compliance. The article notes this structure is part of a growing trend of companies adopting Bitcoin treasuries, though some have recently reversed course amid market downturns.
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