Chinese Insurance Broker Announces Stock Swap Deal for 15,000 Bitcoins

Tian Ruizhiang (Ticker: TIRX), a Nasdaq-listed Chinese insurance brokerage, announced on the 3rd that it has entered into a contract to accept 15,000 bitcoins (currently valued at approximately $1.1 billion, or about 165 billion yen) from an anonymous strategic investor, in exchange for issuing company stock.

At the time of the announcement, Tian Ruizhiang's market cap was only in the millions of dollars, significantly less than the value of the bitcoins to be acquired. The company has not disclosed details about the investor, nor has it published any specific schedule for the transaction or details about the custody arrangements.

Following the announcement, the stock price temporarily surged over 200%, but has since experienced significant volatility...