Nasdaq-Listed ZhiBao Technology Plans $220M Bitcoin Purchase via PIPE Share Sale

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According to ChainCatcher, Nasdaq-listed digital insurance company ZhiBao Technology announced plans to sell shares and receive approximately 3,500 Bitcoin (worth roughly $220 million at current prices) through a PIPE transaction with Joyertech and Information OPC. The deal remains subject to final valuation, custody arrangements, audit verification, regulatory review, Nasdaq compliance, and final agreement execution. Under the terms, the buyer is expected to appoint a majority of ZhiBao's board members upon closing, while the existing management team continues daily operations. ZhiBao received a Nasdaq deficiency notice on July 15 due to its share price falling below $1; the company has until January 6, 2027 to regain compliance.
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