Tian Ruixiang Holdings Ltd, listed on Nasdaq as TIRX, has agreed to a deal that could give it a large amount of Bitcoin
The company said an unnamed investor plans to contribute up to 15,000 BTC in exchange for equity.
Along with the Bitcoin-for-shares arrangement, both sides plan to collaborate on projects involving artificial intelligence (AI) and blockchain.
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They intend to launch a joint lab to develop AI-based tools for trading and risk control, as well as blockchain products, decentralized apps (dApps), and solutions for Layer-2 networks, decentralized finance (DeFi), and non-fungible tokens (NFTs).
Tian Ruixiang described the investor as a global player in the digital asset industry with a background in crypto and technology. However, no information has been shared about when the deal will close or how the Bitcoin transfer and custody will be managed.
Founded in 2010, the company operates in China as an insurance broker, offering property and casualty insurance through its subsidiaries.
If the deal goes through, Tian Ruixiang would join the list of major public companies holding Bitcoin, ranking around eighth worldwide. For comparison, Coinbase
$2.74B
holds roughly 14,548 BTC, while Riot Platforms owns about 18,005 BTC, according to BitcoinTreasuries.NET.
Recently, Metaplanet, listed on the Tokyo Stock Exchange, approved a plan to raise up to $137 million in overseas funding. What did the company say? Read the full story.
