A small Nasdaq-listed insurer from Shanghai is attempting something unusual even by the standards of the current Bitcoin treasury wave: raising roughly $220 million worth of Bitcoin not by selling shares for cash, but by accepting Bitcoin itself as the payment. Zhibao Technology’s proposed PIPE deal — still non-binding and laden with conditions — would bring approximately 3,500 Bitcoin directly onto its balance sheet if it closes, bypassing the cash-first route that most public companies have followed.