Zhibao Technology Raises $220M in Bitcoin PIPE Deal With 3,500 BTC Direct Payment

Zhibao Technology signed a non-binding agreement to raise approximately $220 million through a PIPE transaction in which investor Joyertech would pay about 3,500 Bitcoin as direct consideration for newly issued shares, establishing a Bitcoin treasury on the company's balance sheet without a cash intermediary step. The proposed deal would give Joyertech the right to nominate a majority of Zhibao's board members upon closing.

Zhibao shares surged from around $0.15 to nearly $0.40 on news of the agreement before settling near $0.24. However, the transaction remains contingent on continued Nasdaq compliance; the company received a deficiency notice on July 15 after falling below the exchange's $1 minimum bid requirement and must regain compliance by January 6, 2027. The PIPE agreement is non-binding and subject to legal, financial and regulatory approvals.