Zhibao Accepts $220M in Bitcoin for New Stock and Board Control

Zhibao Technology, a Nasdaq-listed Shanghai insurance-tech company, has agreed to accept approximately 3,500 Bitcoin worth around $220 million in exchange for new stock.

The buyer, Joyertech and Information OPC, would gain control of the board as part of the deal. This arrangement is being made through a private investment in public equity (PIPE), where shares are sold directly from the company to a private investor.

Zhibao's market cap is around $12 million to $15 million, while the proposed Bitcoin holding would be approximately 15 times its equity value. The company received a Nasdaq deficiency notice on July 15 due to trading below $1 since May 27.