Zhibao Technology, a Nasdaq-listed Shanghai insurance-tech firm, has signed a non-binding term sheet to accept approximately 3,500 Bitcoin—valued around $220 million—as payment for newly issued shares, while agreeing to hand control of its board to the buyer, Joyertech and Information OPC. The disclosure, made in a July 22 Form 6-K, would see the private placement (PIPE) directly place the Bitcoin on Zhibao’s balance sheet, without any open-market purchase, meaning it does not add buying pressure to BTC markets.
Deal overshadows Zhibao’s market cap
The proposed Bitcoin position dwarfs Zhibao’s entire equity value, which sits at just $12–15 million. The company had received a Nasdaq deficiency notice on July 15 for trading below $1, and its shares briefly more than doubled to $0.40 on the news. The term sheet lists several conditions before closing, including final valuation, custody arrangements, audit, regulatory review, and Nasdaq sign-off. Zhibao explicitly cautioned there is no guarantee the deal will be consummated.
Board control as the real prize
The filing states that upon close, Joyertech would appoint a majority of the board, while Zhibao’s existing team continues to run the legacy insurance business “until the separation, disposition, or other restructuring” of that unit. This language suggests the buyer’s ultimate interest may be the public listing wrapper itself, with the insurance operation eventually wound down. A quick disposal of the insurance arm would confirm that the corporate shell, rather than the underlying business, is the target.
Bitcoin as corporate currency
Unlike typical corporate Bitcoin treasury buys, this transaction treats BTC as the currency for an equity transaction—not a cash-out treasury play. It therefore connects Bitcoin directly to real-world governance outcomes. While not indicative of a broader industry pattern, the move adds to a trend of listed companies leveraging digital assets in innovative ways.