Can Zhibao’s $220M Bitcoin PIPE deal close with Nasdaq warning looming?
A small Nasdaq-listed insurer from Shanghai is attempting something unusual even by the standards of the current Bitcoin treasury wave: raising roughly $220 million worth of Bitcoin not by selling shares for cash, but by accepting Bitcoin itself as the payment. Zhibao Technology’s proposed PIPE deal — still non-binding and laden with conditions — would bring approximately 3,500 Bitcoin directly onto its balance sheet if it closes, bypassing the cash-first route that most public companies have followed.
Key takeaways
- Zhibao Technology signed a non-binding agreement to receive about 3,500 Bitcoin, valued at roughly $220 million, through a proposed PIPE stock sale paid in BTC rather than cash.
- Investor Joyertech would gain majority control of Zhibao’s board upon closing, representing a significant ownership shift.
- The deal would immediately establish a Bitcoin treasury on Zhibao’s balance sheet, without a separate cash-raising step.
- Zhibao already holds a Nasdaq deficiency notice for trading below the $1 minimum bid requirement and has until Jan. 6, 2027, to regain compliance.
- The proposed transaction remains contingent on legal, financial, regulatory approvals and continued Nasdaq compliance.
Zhibao’s Bitcoin-funded PIPE deal, explained
A PIPE — private investment in public equity — normally works like this: a private investor wires cash to a public company in exchange for newly issued shares. Zhibao’s proposed version flips the payment mechanism entirely. Under the non-binding term sheet signed with Joyertech and Information OPC, the consideration would be Bitcoin rather than dollars, with the cryptocurrency transferred directly to the company upon closing. The result, if every condition is met, would be an immediate Bitcoin treasury sitting on the balance sheet of a company that, until recently, traded as a niche digital insurance platform under the ticker ZBAO.
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