Zhibao Technology Plans $220M PIPE to Build Bitcoin Treasury
Nasdaq-listed Zhibao Technology, a Shanghai-based insurance-tech firm, plans to raise $220 million through a private investment in public equity (PIPE) deal by accepting 3,500 bitcoin as payment for new shares. The deal would make Zhibao the latest publicly traded company to establish a corporate bitcoin treasury.
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PIPE Structure and Bitcoin Acquisition
Zhibao Technology announced plans to conduct a PIPE financing in which investors would purchase newly issued shares of the company in exchange for 3,500 bitcoin. According to the proposed terms, the deal values the bitcoin contribution at $220 million, implying a per-bitcoin price of approximately $62,857 at the time of announcement. If completed, Zhibao would accept bitcoin directly as consideration rather than selling shares for fiat currency and purchasing bitcoin separately.
Corporate Treasury Strategy
Zhibao, which trades on Nasdaq below $1 per share according to available reporting, would join a small but growing group of publicly listed companies holding bitcoin on their balance sheets. The move signals the Shanghai-based insurance-tech firm's conviction in bitcoin as a store of value and capital allocation tool, similar to strategies adopted by MicroStrategy, Tesla, and other large-cap public companies in prior years.
Market Context
The deal reflects broadening institutional appetite for bitcoin as companies seek alternatives to cash holdings amid persistent inflation concerns. Nasdaq-listed companies accepting bitcoin directly in financing rounds remain uncommon, making Zhibao's approach noteworthy as a test of whether corporate treasuries can streamline bitcoin acquisition through equity issuance rather than secondary market purchases.
Why It Matters
For Traders
A successful PIPE completion would add 3,500 BTC to corporate holdings, a modest flow relative to daily volume but signaling continued institutional adoption.
For Investors
The deal demonstrates Nasdaq-listed companies exploring direct bitcoin acquisition as an alternative to traditional cash raises, a structural shift if it becomes common practice.
For Builders
Corporate treasuries holding bitcoin on balance sheets increase long-term demand stability and reduce sell pressure from traditional corporate cash hoards.
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