Chinese insurance company Tianruixiang listed in the US plans to exchange equity for $1.1 billion worth of Bitcoin, with a market value of only $4.4 million.

Deep Tide TechFlow News, February 4th, according to Cointelegraph, Nasdaq-listed insurance brokerage company TIRX Holdings announced that it has reached a strategic agreement with an undisclosed investor who will contribute 15,000 Bitcoins in exchange for equity in the company. Based on the current Bitcoin price of approximately $75,000, this transaction is valued at about $1.1 billion.

The agreement also includes a strategic partnership focused on artificial intelligence and cryptocurrencies. Both parties will co-build an innovation lab to develop AI-driven trading and risk management tools, blockchain infrastructure, decentralized applications, and products covering layer-two networks, decentralized finance, and non-fungible tokens.

TIRX's stock price rose about 190% in early trading after the announcement, with the gain now back to approximately 98%. The intraday market cap reached about $9.5 million, currently around $4.4 million, far below the implied value of the proposed Bitcoin transaction. If completed, TIRX will become the eighth largest publicly traded company holding Bitcoin globally.