Zhibao Technology Signs Non-Binding Term Sheet for 3,500 BTC in Proposed PIPE Deal, Joining Bitcoin Treasury Wave

Nasdaq-listed Chinese insurtech Zhibao Technology (ZBAO) has signed a non-binding term sheet to accept roughly 3,500 BBTC$65,662.00▼1.00% as consideration in a proposed PIPE financing. The latest public company chasing a bitcoin treasury. But the terms are strange — and there’s no guarantee any of it closes.

The company announced the signing on July 22, 2026. The official press release hit at 9:15 AM EDT. Under the proposed terms, the counterparty — named in the term sheet as JOYERTECH AND INFORMATION OPC — would kick in about 3,500 BTC in exchange for equity in the PIPE structure. Bitcoin Magazine pegged the deal at approximately $220 million.

The math doesn’t quite add up. At the current BTC spot price of $66,066, 3,500 Bitcoin is worth roughly $231.2 million — some 5% above the stated $220 million figure. That gap could reflect a negotiated discount to spot, a fixed strike price hammered out between the parties, or just rounding in the announcement. The term sheet doesn’t say which, at least not publicly. What it does say is governance: under the proposed structure, the buyer would nominate a majority of Zhibao’s board, per Phemex’s reporting of the term sheet details. That’s not a passive treasury allocation. It’s a change-of-control mechanism dressed up as a financing.

And the whole thing is non-binding. It’s subject to due diligence, regulatory approvals, and shareholder sign-off before anything closes — meaning the 3,500 BTC figure could move, the deal could be restructured, or it could fall apart entirely. Investors in ZBAO, and anyone tracking the bitcoin treasury trend, should read this as intent, not commitment. StockTitan also reported the term sheet signing, backing up the core details.

The bigger picture matters here. Zhibao’s move follows a well-documented wave of public companies piling Bitcoin onto their balance sheets. Recent desk coverage has tracked Strategy (formerly MicroStrategy) pausing its BTC buys while shifting $225 million into USD reserves — a signal that even the most aggressive accumulator on the block sees value in dry powder. Meanwhile, Japanese investment firm Metaplanet has set a target of 210,000 BTC, buying straight through the volatility. Zhibao, a far smaller and less established player, is now trying to muscle onto that roster through a deal that swaps bitcoin for equity and board control rather than a straightforward treasury purchase.

That distinction matters. When Strategy buys Bitcoin, it spends cash reserves or raises debt to acquire spot BTC that then sits on the balance sheet. Zhibao’s proposed PIPE flips the whole logic: a third party brings the Bitcoin, and Zhibao issues equity in return. The company isn’t buying Bitcoin with its own capital. It’s accepting Bitcoin as payment for shares — and handing over board seats to the party delivering the coins. Genuine treasury strategy, or a backdoor listing vehicle for a bitcoin holder? That’s a question the due diligence process will have to answer.

Market conditions offer a muted backdrop. Bitcoin is trading at $66,066, down 0.83% over 24 hours but up 2.37% on the week, with a market cap of $1.325 trillion and BTC dominance holding at 56.7%. The broader crypto Fear & Greed Index sits at 31 out of 100 — firmly in Fear territory. Total crypto market capitalization stands at $2.336 trillion, down 0.62% over 24 hours. None of that screams a market where a speculative PIPE priced in Bitcoin commands instant confidence.

Then there’s the regulatory question. Zhibao is a Chinese insurance-technology company listed on Nasdaq, operating in a jurisdiction where cryptocurrency trading and holding remain legally restricted for most domestic entities. How the company plans to custody, report, or use 3,500 BTC on a corporate balance sheet — and whether U.S. or Chinese regulators will pick at the structure — goes unaddressed in the term sheet announcement. The non-binding nature of the deal leaves all parties room to walk if those questions prove unanswerable.

For now, the announcement lands as a signal of intent in a crowded field. Zhibao Technology has put a number on the table — 3,500 BTC, roughly $220 million to $231 million depending on which valuation you trust — and named a counterparty. The next concrete step would be a binding definitive agreement, an SEC filing, or both. Until then, the bitcoin treasury wave has another aspirant, not yet another confirmed holder. Watch for an 8-K filing or a follow-up press release from Zhibao’s investor relations in the coming weeks as the due diligence window runs.