Zhibao Technology Inc. (NASDAQ: ZBAO) has entered a non-binding strategic framework agreement with Bedrock, a multi-asset liquid restaking protocol, to explore tokenizing its Nasdaq-listed shares on public blockchain networks and deploying part of its Bitcoin treasury into Bedrock's restaking infrastructure.

The proposed collaboration is intended to connect traditional equity ownership with blockchain-based financial infrastructure while examining additional uses for corporate Bitcoin holdings. The agreement sets out a process for evaluating the technical, regulatory, and operational requirements of the proposed initiatives, but it does not commit either party to completing any transactions. Because the framework is non-binding, the announcement marks the beginning of an evaluation process rather than the launch of any product or service.

Under the proposal, Zhibao's existing SEC-registered Class A ordinary shares could be recorded and transferred on public blockchains as real-world asset equity, with shareholders retaining their existing voting, dividend, and ownership rights. In this usage, real-world asset (RWA) refers to traditional financial instruments represented on blockchain networks, the category into which the tokenized shares would fall if the initiative proceeds. The company stressed that the initiative would not create a new share class and would not constitute a token offering or an initial coin offering. Any blockchain-based representation of the shares would remain linked to the underlying securities and their associated legal rights.

Four areas of potential collaboration

The framework identifies four principal workstreams: equity tokenization, compliance, Bitcoin deployment, and digital asset insurance.

The first involves evaluating a tokenization architecture operating at the transfer-agent level. Transfer agents are the parties responsible for maintaining a company's official shareholder records, which is why the framework places the tokenization assessment at that level. The assessment would examine how the shares could be represented and transferred on public blockchains while complying with applicable securities regulations and shareholder-recordkeeping requirements.

The second workstream focuses on developing a permissioned decentralized finance framework incorporating know-your-customer and anti-money-laundering screening. These controls would be designed to restrict participation to eligible users and establish compliance procedures for potential blockchain-based financial activities.

The third area assesses whether a portion of Zhibao's Bitcoin reserves could be deployed through Bedrock's uniBTC infrastructure. The proposed arrangement would involve qualified institutional custody, although the companies have not disclosed the amount of Bitcoin under consideration or the expected financial terms.

The fourth workstream would explore embedded insurance solutions for digital asset-related risks through Zhibao Labuan Reinsurance Company Limited, a subsidiary of Zhibao. The initiative could examine how insurance products might address risks arising from blockchain-based financial services and digital asset operations.

Zhibao holds 2,380 Bitcoin after PIPE financing

Zhibao reported holding 2,380 BTC on its balance sheet after completing a $154.7 million Bitcoin-settled private investment in public equity (PIPE) financing in August 2026. The proposed partnership could provide a framework for examining whether part of those holdings can be put to use within liquid restaking infrastructure.

Liquid restaking protocols generally allow users to deploy eligible digital assets into staking-related systems while receiving a corresponding token representing their position within the protocol. Deploying corporate Bitcoin along these lines would, however, require assessments of custody arrangements, protocol risks, liquidity, and regulatory obligations.

The framework does not confirm that Zhibao has transferred any Bitcoin to Bedrock or begun generating returns through its infrastructure. Any share tokenization or Bitcoin deployment would remain subject to applicable federal and state securities laws, Nasdaq requirements, board approval, and engagement with SEC-registered transfer agents.

Definitive agreement remains subject to conditions

Zhibao and Bedrock expect to execute a definitive partnership agreement within 12 months, subject to due diligence, regulatory compliance, and completion of Zhibao's De-Classification Restructuring. The non-binding framework represents an exploratory stage rather than a completed commercial arrangement, and, as of the announcement, Zhibao had not issued or offered any tokenized securities under the initiative.

Progress under the framework can therefore be measured against concrete markers: the execution of a definitive agreement, completion of the De-Classification Restructuring, and any disclosures from the companies following the four workstream assessments.

The proposed collaboration reflects broader efforts to examine how publicly traded equity and corporate digital asset reserves might interact with blockchain-based financial infrastructure. Its eventual scope will depend on the outcome of the technical and regulatory assessments, the terms of a definitive agreement, and the companies' ability to establish compliant operating arrangements.

If implemented, the initiative could create a pathway for transferring existing equity through blockchain infrastructure and exploring institutional Bitcoin deployment, while preserving the legal protections associated with conventional share ownership.

Source: CoinTrust