Zhibao Technology, a Shanghai‑based insurtech firm listed on Nasdaq, announced on Wednesday that it has signed a non‑binding term sheet for a stock sale to be settled in bitcoin — roughly 3,500 BTC, valued at about $220 million at current prices.
The transaction, structured as a private investment in public equity (PIPE), would see Joyertech and Information OPC subscribe for Zhibao shares, with the consideration expected to include approximately 3,500 bitcoin.
The exact number of coins remains contingent on final valuation, custody arrangements, an audit, regulatory clearance, and definitive agreements. Zhibao emphasized that the term sheet does not bind either party and that the deal could still change or be abandoned.
The structure echoes a familiar pattern. Zhibao (NASDAQ: ZBAO), which pioneered a “2B2C” embedded‑insurance model in China and launched the nation’s first digital insurance brokerage platform in 2020, intends to continue operating its existing business initially.
However, at closing the buyer would appoint a majority of the board, transferring control to the newcomers while the current team maintains the legacy operations until a later separation, disposition, or other restructuring.
$220 million in bitcoin has a new owner
In plain terms, a modest insurtech company would become a repository for a large bitcoin holdings, with new owners assuming control. Rather than raising cash and purchasing coins on the open market, Zhibao would accept the bitcoin directly as payment, instantly placing a treasury on its balance sheet.
This move mirrors a trend that has swept public markets over the past two years, as firms restructure around a bitcoin treasury and corporate crypto holdings reach record levels. Following the announcement, Zhibao’s shares rose nearly 24 %.
Behind ZBAO are its employees, insurance clients, and a founding team that built something novel in a crowded market; the term sheet would merge that narrative into a treasury vehicle shaped by investors who may value the corporate shell as much as the underlying business.
For current staff, the promise is continuity “until the separation” — a phrase that carries its own uncertainty.
The wager also bears warning signs. Analysts have cautioned that the treasury boom resembles a bubble, and some treasury‑focused firms have begun selling their coins amid market pressure this year.
