Zhibao Technology Inc. (NASDAQ:ZBAO) closed a $154.7 million Bitcoin (CRYPTO: BTC)-funded private placement on Tuesday, establishing a corporate treasury reserve of 2,380 BTC.
New Bitcoin Treasury Firm on the Block
The Shanghai-based digital insurance broker issued 442 million units at $0.35 each, combining one Class A ordinary share, with a par value of $0.0001 per share, and a two-year warrant exercisable at $0.35.
“The total purchase price has been fully satisfied and deemed paid in full at the closing through the contribution by the Investors of 2,380 Bitcoins to the Company’s designated wallet account, based on a reference price of $65,000 per Bitcoin,” the firm said in a press release.
The Company plans to use the funds for general business expenses, business expansion, research and development, AI projects that support its operations, and to advance its digital asset reserve strategy.
