The Zhibao Bedrock tokenization framework, announced Monday, would give Nasdaq shareholders something Wall Street has promised for a decade and rarely shipped: their SEC-registered Class A ordinary shares recorded and transferred natively on public blockchains. The pact pairs a 2,380-Bitcoin treasury with a plan to put those coins to work – and it arrives with every clause a securities lawyer would insist on.
How the Zhibao Bedrock Tokenization Framework Works
At its core is transfer-agent-level tokenization: existing shares move on-chain as real-world-asset equity, with voting, dividend, and shareholder rights fully preserved. This is not a new share class, a token offering, an ICO, or a substitute for the Nasdaq listing – the company is firm on that. Settlement runs 24/7 with on-chain ownership records and programmable compliance, inside a permissioned, KYC/AML and sanctions-screened DeFi wrapper where tokenized ZBAO shares in verified wallets can interact with issuer-approved applications under smart-contract-enforced lock-ups and transfer restrictions.
“When our investors contributed 2,380 Bitcoins to Zhibao’s balance sheet, they brought with them a conviction that the boundary between Bitcoin treasury, tokenized equity, RWA, and public company finance is dissolving,” said Jinmei Guo Hellstroem, chair of the board and CEO. The shares, in her framing, simply get a second, more modern set of rails.
2,380 BTC, With Proof of Reserve
The treasury side is concrete: 2,380 BTC on the balance sheet, sourced from a $154.7 million Bitcoin-settled PIPE financing that closed on August 17, 2026. The agreement covers evaluating deployment of a portion into Bedrock’s institutional liquid-restaking infrastructure (uniBTC) under qualified custody, with automated, Chainlink-compatible proof-of-reserve attestations. The Bitcoin is not being sold – it is being put on the earning roster, conditionally. For wider context, the move follows OKX and NYSE parent ICE’s own tokenized stock platform filing earlier this month.
What Happens Next
Cautious realism is warranted: the framework is non-binding, with a definitive agreement expected within 12 months, subject to due diligence, board approval, engagement of SEC-registered transfer agents and qualified custodians, and US, Nasdaq, and foreign regulatory clearances. No tokenized securities have been issued or offered as of today. In other words: the rails are being drawn, the trains are not yet running.
