Bitcoin Magazine
Nasdaq-listed Zhibao Technology to Take 3,500 Bitcoin in Proposed PIPE Financing
Zhibao Technology, a Shanghai-based insurance-technology firm listed on the Nasdaq, said Wednesday it has signed a non-binding term sheet for a stock sale that would be paid for in bitcoin — some 3,500 coins, worth near $220 million at current prices.
The deal, a private investment in public equity known as a PIPE, would have a buyer named Joyertech and Information OPC subscribe for Zhibao shares with consideration the company expects to include about 3,500 BTC.
The figure remains subject to final valuation, custody arrangements, an audit, regulatory review, and definitive agreements. Zhibao stressed that the term sheet binds no one, and that the transaction may change or fall through.
The structure hints at a familiar move. Zhibao (NASDAQ: ZBAO), which pioneered a “2B2C” embedded-insurance model in China and launched the country’s first digital insurance brokerage platform in 2020, would keep running its existing business at first.
Yet the buyer would name a majority of the board at closing, a control transition that would hand the newcomers the steering wheel while the current team minds the legacy operation until a later “separation, disposition, or other restructuring.”
In plain terms, a modest insurance-tech company would become a home for a large pile of bitcoin, with new owners in charge. Rather than raise cash and buy coins on the market, Zhibao would take the bitcoin itself as payment, a swap that seats a treasury on its balance sheet from day one.
It is the kind of reinvention that has swept public markets over two years, as firms remake themselves around a bitcoin treasury and corporate holdings climb to records. Zhibao’s stock jumped near 24% on the news.
Behind ZBAO are employees, insurance clients, and a founding team that built something new in a crowded market, and the term sheet would fold that story into a treasury vehicle shaped by people who may value the shell as much as the business.
For the current staff, the promise is continuity “until the separation” — words that carry their own uncertainty.
The wager holds warning signs. Analysts have called the treasury boom a bubble, and some treasury firms have started selling their coins under market pressure this year.
This post Nasdaq-listed Zhibao Technology to Take 3,500 Bitcoin in Proposed PIPE Financing first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
Bitcoin Magazine
Crypto’s US Workforce Is Tiny, But Industry Punches Above Its Weight: Report
The crypto industry may be relatively small in terms of employers — but the economic contribution is big.
That’s according to a new report published by the National Cryptocurrency Association and the Pragmatic Policy Group, which reveals that while only 34,000 people are employed by crypto companies, the industry will contribute $55 billion in 2026 to the U.S. economy.
The report, “Crypto at Work”, which claims to be the first to comprehensively analyze the crypto industry’s footprint in the U.S. labor market, said that jobs in the space also average $133,000 a year — more than double the $64,000 national median wage, and ahead of average pay in tech of and manufacturing.
“Crypto creates many jobs outside the tech industry and directly supports more jobs than key manufacturing industries,” the report said.
Using a standard input-output economic model, PPG calculated that every direct crypto job supports roughly six additional jobs elsewhere in the economy — at suppliers, and at businesses where crypto workers spend their paychecks.
Stacking those indirect and induced jobs on top of the direct total produces a figure of 232,000 jobs in total that the industry supports.
By raw headcount, though, crypto remains a small employer. The report itself benchmarks its 34,000 direct jobs against coffee and tea manufacturing (28,400 jobs) and tobacco manufacturing (10,600 jobs) — hardly the scale of a major American industry.
The industry’s footprint is also geographically lopsided: California, New York, and Texas account for 60% of all crypto jobs, with 57,600, 53,800, and 26,500 respectively.
Heartland states—Iowa, Kansas, Nebraska, and the Dakotas among them — together support just over 17,000 jobs. The report singles out Colorado and North Dakota as rising hubs, pointing to Colorado’s crypto-friendly tax policy and firms like Riot Platforms and Crusoe Energy, and North Dakota’s flare-gas mining operations and a pilot stablecoin from the state-owned Bank of North Dakota.
PPG describes the study as the first comprehensive, economy-wide look at crypto’s labor market impact, built on 2024 Bureau of Economic Analysis and Bureau of Labor Statistics data.
The firm also flagged a limitation in its own approach: because “a dedicated crypto workforce profile does not yet exist,” it modeled crypto’s financial activities using the occupational mix of broader technology industries rather than traditional finance.
NCA, which funded the research, said it hopes the findings give policymakers “an evidence-based understanding of the sector’s economic contribution.” The nonprofit launched in 2025 to promote what it describes as safe, informed cryptocurrency adoption in the U.S.
This post Crypto’s US Workforce Is Tiny, But Industry Punches Above Its Weight: Report first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
Bitcoin Magazine
Winklevoss Twins Donated $10 Million From Bitcoin Sale to Trump Super PAC
Crypto entrepreneurs Tyler and Cameron Winklevoss donated over $10 million after liquidating Bitcoin to American super PAC MAGA Inc., which supports President Donald Trump.
A Tuesday filing shows each twin — the founders of the public crypto exchange, Gemini — donated over $5 million each.
The donation comes about one month after the U.S. Commodity Futures Trading Commission asked a judge to vacate the agency’s $5 million penalty against Gemini.
The twins back in 2024 announced that they had donated 30.94 Bitcoin, valued at over $2 million at the time, to President Trump’s campaign, claiming it would “put an end to the Biden Administration’s war on crypto.”
During the Biden Administration, regulators cracked down hard on crypto exchanges — including Gemini — but since President Trump took office, a number of lawsuits have been scrapped.
MAGA Inc. has raised over $400 million in fresh cash ahead of November’s midterm elections.
The Winklevoss Twins — who claimed they played a part in the creation of Facebook — founded crypto exchange Gemini in 2014 after being early Bitcoin backers.
Crypto industry observers have long speculated that the twins are two of the biggest Bitcoin holders in the space.
The twins have long praised President Trump’s pro-Bitcoin and pro-business stance, claiming it’s crucial for the future of the crypto industry in the country.
Tyler in particular emphasized the need for a political shift to prevent further harm to the industry and to restore an environment conducive to innovation and economic growth.
“President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice,” he said back in 2024. “This is not even remotely open for debate. Anyone who tells you otherwise is severely misinformed, delusional, or not telling the truth.”
Back in May, Gemini shares jumped over 20% in after-hours trading after the Winklevoss twins announced a $100 million Bitcoin-funded investment in the company alongside Q1 earnings showing 42% year-over-year revenue growth.
The quarter’s results included a narrowed net loss of $109 million and a sharp rise in services and credit card revenue, though trading volumes had fallen from a year earlier following Bitcoin’s crash from its October peak.
The rally followed months of turmoil for Gemini, including layoffs, executive departures, shareholder lawsuits, and a stock price that had dropped more than 89% from its IPO high, partly offset by a CFTC derivatives license granted in April.
This post Winklevoss Twins Donated $10 Million From Bitcoin Sale to Trump Super PAC first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
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Bitcoin ETFs Take in Nearly $1B in New Money — But What Will the Price Do?
American investors have thrown fresh cash at Bitcoin exchange-traded funds over the past six days, helping the price of the top cryptocurrency to rise again.
Data from Farside Investors shows that close to $1 billion has been pumped into the funds since Tuesday last week.
The price of Bitcoin was recently trading at nearly $65,860, down slightly over the past 24 hours but up 1% over a seven-day period. The leading cryptocurrency touched a weekly high yesterday of $66,891.
Funds managed by BlackRock, Morgan Stanley, and Grayscale have taken in over $930 million in the six-day streak after weeks of lacklustre flows and sloppy price action.
Bitcoin is currently nearly 50% below its October record of $126,080 after a massive liquidation event, war in the Middle Eastern and inflation all weighed the cryptocurrency down.
Analysts remain wary of digital assets’ future price path as markets reckon with a re-escalation of the Trump administration’s war with Iran and inflation.
European asset management firm CoinShares last week said that while investors are back at putting fresh cash in Bitcoin via the exchange-traded products, other factors may hold digital asset markets from going higher.
“We have said for some time that Bitcoin has probably reached, or is close to, its floor,” James Butterfill, head of research at CoinShares, wrote. “But we see no significant upside potential from here.”
Current macroeconomic headwinds, such as the US bombing Iran and rising oil prices, could see inflation go up again. The price of Bitcoin has typically done well on news that inflation is coming down because investors expect interest rates to come down.
And another report by NYDIG last week claimed that the asset’s current slump is down to supply mechanics rather than risk sentiment.
The report revealed that Bitcoin’s year-to-date performance makes it the worst-performing asset — losing out against US treasuries, silver, and currencies like the Swiss Franc.
It added that if Bitcoin’s price action were to match other drawdowns — like the bear market of 2022 — a “potential cycle low near $38k-$39k” was possible.
This post Bitcoin ETFs Take in Nearly $1B in New Money — But What Will the Price Do? first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
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Bitcoin Maxi Jack Dorsey Unveils New Open Source Group Chat App
Tech entrepreneur Jack Dorsey has announced a new group chat platform aimed at reducing teams’ reliance on platforms like Slack, in the Bitcoin maxi’s latest push for decentralization.
The Block co-founder wrote Tuesday on X that the new app, named Buzz, was “for teams of people and agents of all sizes” and “model-agnostic, decentralized, self-sovereign, and open source.”
Described as “A new native workspace for human and agent teams” on its website, Buzz users can “chat with teammates and specialized agents in one shared space, then move straight into planning, project management, coding, and PRs.”
A statement from parent company Block said that the new app was built on decentralized social networking Nostr protocol.
“The interface will feel familiar to anyone who’s used a modern team communication tool,” Block added.
“Every company is going to need a place where humans and agents work together,” Bradley Axen, head of AI capabilities at Block, said.
“The question is whether that place is proprietary or open. We built Buzz because we believe it should be open.”
Dorsey, whose firm Block owns companies Square and Cash App, has long been pushing for decentralized solutions: primarily with Bitcoin.
The billionaire founder of Twitter left the social media company to focus his efforts on payments and Bitcoin adoption in 2021, saying he wants the cryptocurrency to be the global currency and “everyday money.”
He has also described Satoshi Nakamoto’s Bitcoin white paper as “poetry.”
Cash App allows users to send and receive and buy and sell Bitcoin and point-of-sale terminals Square accept the orange coin via the Lightning Network.
Block also last year debuted a Bitcoin mining rig with swappable parts, with the idea that miners could cut costs on repairing and replacing the devices.
This post Bitcoin Maxi Jack Dorsey Unveils New Open Source Group Chat App first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
Bitcoin Magazine
Coinbase Wants To Be Canada’s ‘Everything Exchange’ — With Crypto, Stocks, and Prediction Markets
Crypto giant Coinbase is making its “everything exchange” push in Canada.
Eric Richmond, country director and CEO of Coinbase Canada, told BNN Bloomberg in a Tuesday interview that the move would allow Canadians to not only buy crypto but also trade tokenized stocks and put money on prediction markets.
“Coinbase believes we have a new technology here that can really help with that, and that’s blockchain and the technology that underpins crypto today,” Richmond said in the interview. “How do we create that one place for Canadians to have their entire financial experience in one app that’s underpinned by this technology that makes things frictionless, seamless, and 24/7?”
He added: “I think people are starting to realize the fact that banks close at 4 p.m., or the markets close at 4 p.m., or that wires can take days to settle, or that access for high-net-worth individuals to certain products are gated for just those high-net-worth individuals.”
Coinbase in the U.S. allows Americans to place bets and trade stocks. The company started as a place allowing people to buy and sell Bitcoin but has since offered hundreds of digital coins.
Richmond added that the company was working with Canadian regulators to make the launch.
Tokenized stocks are versions of equities that trade on the technology underpinning Bitcoin: the blockchain. Proponents like Coinbase argue that by tokenizing everything, traders will be able to make transactions around the clock, 24-7.
A number of crypto exchanges are also making the push to branch out from crypto: Kraken, for example, has also started allowing users to trade stocks and has announced plans for a prediction market platform.
Coinbase has made some bigger moves in recent years, other than just working as a crypto exchange.
America’s biggest bank, JPMorgan Chase, last year signed a deal with the company to allow customers to directly link their bank accounts to the platform.
Coinbase also provides custody services — including to Wall Street giants like BlackRock — and has a contract with the US government to hold onto seized crypto.
The company also in April received conditional approval from the Office of the Comptroller of the Currency in the U.S. for a national trust banking charter, essentially paving the way for it to serve as a crypto custodian on a federal basis, managing assets for larger entities.
The company has clashed with banking executives recently over stablecoin rewards: the exchange wants its yield-bearing stablecoin products to continue, which in turn could prove to be a bigger boon in the long-run for the business.
This post Coinbase Wants To Be Canada’s ‘Everything Exchange’ — With Crypto, Stocks, and Prediction Markets first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
Bitcoin Magazine
Hyperscale Data Buys More Bitcoin, Bridging Holdings to Over $72 million
Hyperscale Data, Inc. has announced that it’s upped its Bitcoin holdings to over 1,000 digital coins.
The New York Stock Exchange-listed company said Tuesday that it had over 1,087.4527 BTC as of Sunday — or $72.4 million based on today’s prices.
The holdings are split across the company’s wholly owned subsidiaries, Sentinum, Inc. and Ault Capital Group, Inc. (ACG). During the week ended July 19, ACG added roughly 51.5 bitcoin through open-market purchases.
The latest disclosure marks a significant acceleration in Hyperscale Data’s accumulation strategy. The AI data center company held just 627.9 BTC in late March 2026 — meaning it has nearly doubled its position, adding about 460 BTC in under four months.
The buildout is part of the company’s goal of establishing a $100 million digital asset treasury and reaching full parity between its Bitcoin holdings and market capitalization. With a market cap of roughly $63 million, that threshold has now been crossed — the company’s bitcoin alone is worth more than the company itself, before counting cash or its operating businesses.
Executive Chairman Milton “Todd” Ault III leaned into that disconnect, stating, “We now hold more than $70 million in Bitcoin.” He argued the market is assigning zero value to the company’s cash, its Michigan data center, and its portfolio of operating businesses, and said Hyperscale will keep executing while highlighting the widening gap between its market capitalization and underlying value.
At the time of writing, GPUS is trading near $0.13 a share.
Strategy Inc. (MSTR) has become the flagship case study in the evolution of Bitcoin treasury strategies in the corporate world.
Under the leadership of Michael Saylor, Strategy shifted from a traditional software business to buying Bitcoin and allowing investors to get exposure to the asset via its shares which trade on the Nasdaq.
This model has inspired other corporations like Hyperscale Data to add the leading cryptocurrency to their treasuries — though Hyperscale’s case is unusual in that its holdings now exceed its entire market cap, a situation more commonly seen in deeply discounted treasury plays.
This post Hyperscale Data Buys More Bitcoin, Bridging Holdings to Over $72 million first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.
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