Nasdaq-listed Zhibao Technology plans to accept 3,500 bitcoin in a proposed $220 million PIPE financing, joining a growing list of public companies building bitcoin treasuries. The deal would give the Buyer control of the board while the Chinese InsurTech firm's existing operations continue under current management.
Zhibao Technology Inc. agreed to accept about 3,500 bitcoin in a proposed $220 million PIPE financing, the latest public company to adopt a corporate bitcoin treasury.
The non-binding term sheet with JOYERTECH AND INFORMATION OPC outlines principal terms for the transaction, with consideration expected to include approximately 3,500 bitcoin subject to final valuation, custodial arrangements and regulatory review, Zhibao said in a statement.
At current prices near $66,250, the 3,500 bitcoin stake would be valued at roughly $232 million. The Buyer is expected to designate a majority of board members at closing, while Zhibao's current management continues overseeing day-to-day operations of the legacy business.
The deal signals a new wave of corporate bitcoin treasury adoption extending beyond US-based firms into Asian technology companies. It comes as Strategy Executive Chairman Michael Saylor argued this month that corporate bitcoin adoption is "necessary" and "inevitable" for the asset to succeed as a global monetary network, and as 194 public companies held bitcoin on their balance sheets as of the fourth quarter of 2025.
The transaction remains subject to due diligence, definitive agreements, regulatory approvals and Nasdaq listing requirements, with no assurance that definitive agreements will be executed, Zhibao said.
Zhibao, which pioneered the 2B2C digital embedded insurance model in China, launched its first digital insurance brokerage platform in 2020 and has developed more than 40 proprietary insurance solutions across travel, sports, logistics, utilities and e-commerce.
The proposed bitcoin treasury move contrasts with recent pressure on smaller digital asset treasury firms. Satsuma Technology, the UK's second-largest public bitcoin holder with 668 BTC, voted this week to liquidate its holdings and cancel its London Stock Exchange listing after its stock fell 99% from its June 2025 high. Strategy itself sold 3,588 bitcoin for about $216 million in early July under its Digital Credit Capital Framework.
For Zhibao, the PIPE structure allows the company to maintain its existing insurance brokerage operations while gaining a bitcoin treasury through the proposed transaction. The deal's completion depends on final valuation of the 3,500 bitcoin, custodial arrangements and audit verification.
This article is for informational purposes only and does not constitute investment advice.
