Zhibao Plans $220 Million Stock-for-Bitcoin PIPE

Zhibao Technology Inc. (Nasdaq: ZBAO), a Shanghai-based provider of digital insurance services, is proposing an unusual route into corporate Bitcoin reserves. Instead of raising cash and purchasing tokens in the market, the company would issue securities in exchange for Bitcoin through a private investment in public equity, or PIPE. The structure matters because it would place cryptocurrency directly on Zhibao’s balance sheet while handing effective control to the investor.

On July 22, 2026, Zhibao said it signed a non-binding term sheet with JOYERTECH AND INFORMATION OPC for about 3,500 Bitcoin, valued at roughly $220 million. The buyer would appoint a majority of directors after closing, while existing management would continue daily operations. Zhibao had received a Nasdaq deficiency notice on July 15 after its shares traded below $1. The stock jumped from $0.15 to $0.40 after the announcement before easing to about $0.24.