Zhibao Technology Inc. (NASDAQ: ZBAO) has signed a non-binding strategic framework agreement with Bedrock, a multi-asset liquid restaking protocol, to explore tokenizing its publicly listed shares on blockchain networks and deploying part of its Bitcoin treasury into Bedrock’s restaking infrastructure.
The proposed collaboration aims to connect traditional equity ownership with blockchain-based financial infrastructure while examining additional uses for corporate Bitcoin holdings. The agreement establishes a framework for evaluating the technical, regulatory, and operational requirements of the proposed initiatives, but does not commit either party to completing the transactions.
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, while retaining shareholders’ existing voting, dividend and ownership rights.
The company emphasized that the initiative would not create a new share class or constitute a token offering or initial coin offering. Any blockchain-based representation of the shares would remain linked to the existing securities and their associated legal rights.
Four areas of potential collaboration
The framework identifies four principal workstreams covering equity tokenization, compliance, Bitcoin deployment and digital asset insurance.
The first involves evaluating a tokenization architecture operating at the transfer-agent level. The assessment would examine how the shares could be represented and transferred on public blockchain networks while meeting 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. Such controls would be intended to restrict participation to eligible users and establish compliance procedures for potential blockchain-based financial activities.
The third area involves assessing 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 associated with blockchain-based financial services and digital asset operations.
Zhibao holds 2,380 Bitcoin following financing
Zhibao reported holding 2,380 BTC on its balance sheet following the completion of a $154.7 million Bitcoin-settled private investment in public equity, or PIPE, financing in August 2026.
The proposed partnership could provide a framework for examining whether part of those holdings can be used within liquid restaking infrastructure. Liquid restaking protocols generally allow users to deploy eligible digital assets into staking-related systems while receiving a corresponding token that can represent their position within the protocol.
However, the potential deployment of corporate Bitcoin would 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 proposed share tokenization or Bitcoin deployment remains 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. As of the announcement, Zhibao had not issued or offered any tokenized securities under the initiative.
The proposed collaboration reflects 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.
