Zhibao Technology, a Nasdaq-listed Chinese insurtech, has signed a non-binding term sheet for a private investment in public equity that would be paid with about 3,500 bitcoins, valued around $220 million, effectively creating a bitcoin treasury on its balance sheet from the outset. The deal would have buyers Joyertech and Information OPC subscribe for Zhibao shares, with the structure giving the buyers a majority on the board and a transition plan that could separate or restructure the legacy operations later. The arrangement signals a dramatic pivot by a traditional insurer-tech company toward accumulating cryptocurrency as a primary treasury asset, while the firm would initially continue its existing business. The news has already moved Zhibao’s stock, which rose sharply on the announcement, though the terms remain non-binding and subject to valuation, custody, audits, and definitive agreements. The context around the move is heightened by NASDAQ scrutiny, including a delisting warning for the share price, which adds pressure as the company explores this bitcoin-backed financing. Overall, the proposals remain preliminary and contingent on regulatory and market approvals, with the recent disclosures filed in 6-K and related press materials outlining the forward-looking nature of the plan.