Nasdaq-Listed Zhibao Signs Term Sheet to Raise $220M via Sale of 3,500 BTC

Zhibao Technology, a Nasdaq-listed Shanghai-based digital insurance company, announced Wednesday it signed a non-binding term sheet to receive approximately 3,500 Bitcoin as consideration for a PIPE financing deal worth roughly $220 million at current prices.

Under the agreement with Joyertech and Information OPC, the buyer would designate a majority of the board of directors at closing, effectively taking control, while Zhibao's current management continues running day-to-day operations until a later restructuring. The announcement came one week after Zhibao received a Nasdaq deficiency letter on July 15 for trading below $1 per share. The stock price surged from $0.15 to $0.40 on the news, later settling around $0.24.