Zhibao Technology, a Shanghai-based insurance company listed on Nasdaq, he said On Wednesday it signed a non-binding document for the sale that will be paid in bitcoin – 3,500 coins, worth about $220 million at current prices.
The deal, a private investment fund known as PIPE, would have a buyer named Joyertech and Information OPC to subscribe to Zhibao shares in consideration of what the company hopes to include around 3,500 BTC.
The number will still include final calculations, security deposits, reviews, regulatory reviews, and definitive agreements. Zhibao emphasized that the word paper does not bind anyone, and that the work can change or collapse.
This design shows a familiar movement. Zhibao (NASDAQ: ZBAO), which pioneered “2B2C” insurance in China and launched the country’s first digital insurance platform in 2020, will continue to operate its existing business.
However, the buyer may refer to the majority of the board as closing, a change in management that would provide guidance to new entrants while the existing board reviews the transaction until “separation, resolution, or other restructuring.”
$220 million in bitcoin has a new owner
In simple terms, a low-tech insurance company would be home to a huge pile of bitcoin, with new owners. Instead of raising money and buying money on the market, Zhibao only accepts bitcoin as payment, an exchange that has been a treasurer on its website since day one.
It’s the kind of recovery that has swept the public markets over the past two years, as have companies They have reinvented themselves around the bitcoin economy and corporate holders rise to record levels. Zhibao’s stock jumped nearly 24% on the news.
Behind ZBAO are employees, insurance customers, and a founding team that created something new in a crowded market, and the word paper can turn the story into a vehicle for wealth created by people who appreciate the bullet as a business.
For current workers, the promise is to continue “until separation” – a term that has its own uncertainties.
The bettor has warning signs. Experts have called it a Treasury Boom to boiland other financial institutions they started selling their coins under market pressure this year.
