Tian Ruixiang plans to acquire up to 15K Bitcoin in equity-linked deal
The Nasdaq-listed insurance brokerage said an unnamed investor would contribute BTC as part of a deal that also includes an AI- and crypto-focused strategic partnership.
Tian Ruixiang Holdings Ltd (Nasdaq: TIRX) said it has entered a strategic agreement under which an unnamed 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 the creation of a joint innovation lab to develop AI-powered trading and risk management tools, blockchain infrastructure, decentralized applications and products spanning layer-2 networks, DeFi and nonfungible tokens.