Crypto: Tian Ruixiang Outlines 15,000-bitcoin Equity Deal With Strategic...
The Nasdaq-listed insurance brokerage said an unidentified investor would contribute Bitcoin in exchange for equity, alongside an AI- and crypto-focused partnership.
Tian Ruixiang Holdings Ltd (Nasdaq: TIRX) said it has entered a strategic agreement under which an unidentified investor would contribute 15,000 Bitcoin in exchange for an equity stake in the company.
At Bitcoin’s (BTC) price of about $75,000 at the time of writing, the proposed contribution would be valued at about $1.1 billion.
Tian Ruixiang said the agreement also includes a strategic partnership focused on artificial intelligence and crypto initiatives, including a joint innovation lab focused on AI-powered trading and risk management tools, as well as blockchain and decentralized application development.
The company described the counterparty only as a global digital asset investor with experience across cryptocurrency and technology markets, and did not disclose transaction timing, custody arrangements or settlement mechanics.
Tian Ruixiang was founded in 2010 and operates as an insurance brokerage in China, providing property and casualty insurance services through its subsidiaries.
The company’s shares rose about 190% in early trading following the announcement, according to Yahoo Finance, giving it an intraday market capitalization of about $9.5 million, far below the implied value of the proposed Bitcoin transaction.
If the deal is completed and Tian Ruixiang acquires 15,000 Bitcoin, it would rank as the world’s eighth-largest publicly traded Bitcoin treasury company.
By comparison, US-based crypto exchange Coinbase holds 14,548 Bitcoin, while Riot Platforms, a Bitcoin mining company, holds 18,005 BTC, according to data from BitcoinTreasuries.NET.
The news follows a Friday disclosure in which Tian Ruixiang said it was in advanced talks to acquire an unidentified Hong Kong–based insurance brokerage focused on AI- and crypto-enabled wealth management.
Source: CoinTelegraph
