Zhibao Technology, a Shanghai-based insurance technology company listed on NASDAQ, has agreed to accept 3,500 Bitcoin as consideration for newly issued stock and to transfer control of its board of directors to the buyer, tying a large digital asset payment directly to a change in corporate governance.

Deal Structure and SEC Filing

Under the signed agreement, Zhibao would issue shares to the buyer in exchange for 3,500 Bitcoin rather than cash, according to the company's 6-K filing with the U.S. Securities and Exchange Commission. The structure treats Bitcoin as the currency of an equity transaction, not as a treasury purchase made with corporate funds. Using a cryptocurrency as direct consideration for equity in a U.S.-listed company is uncommon, and the filing reflects how digital assets are beginning to appear in deal-making beyond treasury allocations or exchange-traded fund flows.

The company disclosed the signing in reporting carried by Yahoo Finance.

Board Handover and Governance Implications

Beyond the payment, Zhibao agreed to hand its board to the buyer, a step reported in coverage published by Bitcoin Magazine.

Transferring board seats moves decision-making authority, not just capital. Ownership and financing terms determine who holds shares; the board handover determines who steers the company. That distinction makes the governance change the deeper element of the deal. A buyer that both funds the transaction in Bitcoin and takes control of the board gains authority over corporate strategy, not only an equity stake.

Distinction from Corporate Bitcoin Treasury Purchases

The arrangement stands apart from the corporate Bitcoin buying that has accompanied growing institutional interest in Bitcoin, because here the digital asset serves as the payment instrument for equity itself rather than a balance sheet allocation. Companies such as MicroStrategy and others have accumulated Bitcoin on their balance sheets, but those purchases used cash or debt to acquire Bitcoin as a held asset. Zhibao's structure inverts that relationship: Bitcoin becomes the means of payment for stock, placing it at the center of a control transaction rather than a reserve strategy.

The transaction combines a digital asset payment with a transfer of corporate control, connecting Bitcoin directly to real-world equity and governance outcomes. That pairing differentiates it from the security and custody arrangements emerging as institutions build out Bitcoin infrastructure.

The filing does not establish this as part of any broader industry pattern, and Zhibao's disclosures remain the primary record of the terms. Whether the deal closes and whether regulators raise questions about the use of Bitcoin as consideration in a U.S.-listed equity transaction are among the factors to monitor. Further detail on the deal is expected through the company's investor filings page.