Ten mystery investors are using 2,380 BTC to completely hijack a Nasdaq company and gut its leadership

Zhibao Technology, a Nasdaq-listed Chinese insurtech company, signed a $154.7 million private investment in public equity (PIPE) agreement payable in 2,380 BTC. If it closes, investors would take control of the board and management. No closing had been disclosed as of Aug. 1.Under the July 31 securities purchase agreement, investors would buy 442 million units at $0.35 each. Every unit contains one Class A ordinary share plus a two-year warrant to buy another Class A share at $0.35. The potential issuance totals 884 million new shares: 442 million at closing and up to 442 million later through warrant exercise.The governance shift would begin at closing. Investors would designate four of five directors and choose the new CEO and CFO. Four incumbent directors and the current CEO and CFO would resign, while Botao Ma would remain a director.The agreement fixes BTC at $65,000 based on July 30 prices, producing the 2,380-BTC payment. Each of the 10 investor entities listed in the agreement is allocated 44.2 million units for $15.47 million, payable with 238 BTC.Zhibao’s existing share structure cannot accommodate even the first issuance without a change. The company reported 32,184,970 ...