Nasdaq's Zhibao Aims for $220M Bitcoin Treasury via Proposed PIPE Financing

Nasdaq-listed Zhibao Technology is planning to establish a significant Bitcoin treasury through a proposed private investment in public equity (PIPE) financing. The company has signed a non-binding agreement with Joyertech and Information OPC to bring about 3,500 Bitcoin, valued at roughly $220 million, onto its balance sheet as payment for newly issued shares.

The investor, Joyertech, is expected to nominate a majority of Zhibao's board members upon the financing's closure, effectively giving it control over the company while allowing existing management to oversee daily operations during an initial transition period.

This strategy differs from other public companies that first raise cash before purchasing Bitcoin in the open market. Instead, the proposed deal would transfer 3,500 BTC directly to Zhibao as payment for newly issued shares, immediately establishing a sizeable Bitcoin treasury if completed.