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Zhibao Technology signs bitcoin-paid PIPE term sheet for 3,500 BTC
The Nasdaq-listed insurance-tech firm said the $220 million PIPE would be funded via about 3,500 bitcoin, with key details still subject to valuation, custody, audits, regulatory review, and definitive agreements.
Zhibao Technology, a Shanghai-based insurance-technology company listed on Nasdaq, said it has signed a non-binding term sheet for a private investment in public equity, or PIPE, that would accept roughly 3,500 bitcoin as payment for newly issued shares. The company said the proposed PIPE is valued at about $220 million at current bitcoin prices.
Under the structure, the buyer named Joyertech and Information OPC would subscribe for Zhibao shares using bitcoin consideration the company expects to include about 3,500 BTC. Zhibao also said the figure could change based on final valuation and the outcome of custody arrangements, an audit, regulatory review, and definitive agreements.
Zhibao stressed that the term sheet does not bind any party and that the transaction may change or fall through. The company indicated it would initially keep operating its existing insurance-technology business while using the arrangement to place bitcoin on its balance sheet from the start, describing it as a shift toward a bitcoin treasury approach.
The news drove a near 24% jump in Zhibao shares on the announcement, according to the article. Zhibao said business continuity would be maintained “until the separation,” while noting the timing remains uncertain.
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