Tian Ruixiang Holdings Ltd (Nasdaq: TIRX) said it has entered a strategic agreement under which an unidentified investor would contribute 15,000 Bitcoin in exchange for an equity stake. At Bitcoin’s approximate price of $75,000 at the time of the announcement, the contribution would be valued near $1.1 billion.
The agreement also outlines a strategic partnership centered on artificial intelligence and crypto initiatives, including a joint innovation lab to develop AI-powered trading and risk-management tools, plus blockchain and decentralized application development. The counterparty was described only as a global digital asset investor with experience across cryptocurrency and technology markets; the company did not disclose timing, custody arrangements, or settlement mechanics.
Founded in 2010, Tian Ruixiang operates as an insurance brokerage in China, offering property and casualty insurance services through subsidiaries. Following the announcement, the company’s shares surged about 190% in early trading, giving an intraday market capitalization near $9.5 million — far below the implied value of the proposed Bitcoin contribution.
If completed, a 15,000-Bitcoin holding would place Tian Ruixiang among the world’s largest publicly traded Bitcoin treasuries, roughly the eighth-largest. For context, Coinbase holds about 14,548 BTC and Riot Platforms about 18,005 BTC, per BitcoinTreasuries.NET data.
The disclosure follows a separate announcement that Tian Ruixiang is in advanced talks to acquire an unidentified Hong Kong–based insurance brokerage focused on AI- and crypto-enabled wealth management.
Bitcoin treasury stocks struggle as market weakens
Nearly 200 publicly traded companies hold Bitcoin on their balance sheets, with combined holdings around 1,135,671 BTC. With Bitcoin’s recent pullback, several firms that built treasury positions face unrealized losses. MicroStrategy (Strategy), which began buying Bitcoin in August 2020, reports an average acquisition price around $76,052 per BTC, leaving its holdings underwater as prices dipped below $75,000. Twenty One Capital, co-founded by Jack Mallers, launched its treasury in April and holds roughly 43,514 BTC, with a disclosed average acquisition cost near $87,280 per Bitcoin.
While Bitcoin treasury companies initially drew Wall Street attention, their valuations have been pressured as the broader crypto market weakened. Some industry figures have warned that many digital-asset treasury companies, especially those focused on altcoins, may struggle or fail in the next downturn, and that several Bitcoin treasury firms could also face survival challenges if markets worsen.
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