A Shanghai-based insurance-tech company trading below $1 wants to build a bitcoin treasury by taking BTC directly as payment for new shares.
- Nasdaq-listed Zhibao Technology plans to sell $220 million in stock for approximately 3,500 Bitcoin, effectively establishing a Bitcoin treasury.
- The deal involves a PIPE financing where a buyer, Joyertech, will pay in Bitcoin and gain control of Zhibao, while Zhibao's current management will oversee operations temporarily.
- This move follows a trend of companies adding Bitcoin to their balance sheets, though the article notes the inherent uncertainties and risks associated with such transactions, including regulatory compliance and potential shifts in control.
Topics: Asset types, Institutional adoption, Public market, Alternative assets, Asset manager initiatives, Stock equity tokenization
Tags: #bitcointreasury #zhibaotechnology #pipefinancing #joyertech #nasdaq #stocksale #digitalinsurance #insurtech #bitcoinpayment #corporatetreasury