Zhibao Technology Raises $154.7M in Bitcoin-Funded PIPE, Marking a Crypto Milestone

Zhibao Technology, a China-based insurtech company listed on Nasdaq, has completed a $154.7 million private investment in public equity (PIPE) from non-U.S. investors, with the entire amount funded in 2,380 Bitcoin ($BTC). The company valued the cryptocurrency at $65,000 per coin as of July 30, according to a statement.

Deal Structure and Terms

Under the terms of the investment, participating investors will be entitled to receive up to 442 million Class A common shares, along with warrants to purchase additional shares at $0.35 each. The transaction represents one of the largest fully crypto-funded PIPE deals by a U.S.-listed company to date.

The use of Bitcoin as the sole funding vehicle underscores a growing trend of digital assets being used in corporate finance transactions, particularly among companies seeking to tap into global investor pools without traditional currency conversions.

Implications for the Crypto and Capital Markets

This deal highlights the increasing acceptance of cryptocurrency as a legitimate instrument for substantial capital raises. For Zhibao, the move provides access to a new class of investors while also diversifying its treasury strategy. The valuation of Bitcoin at $65,000 per coin—a premium to current market prices—suggests a structured agreement that may include price protections or future adjustments.