Chinese InsurTech Firm Zhibao Adds 2,380 Bitcoin in $154.7M Treasury Pivot

In brief

• Nasdaq-listed Zhibao Technology closed a $154.7 million PIPE financing paid for with 2,380 Bitcoin contributed straight to a company wallet.
• Director Botao Ma called the deal one of the most transformational moments in the firm's decade-long history.
• The all-crypto funding structure sets Zhibao apart from the usual cash-raise-then-buy treasury model; it joins a crowded field—including Metaplanet's U.S. treasury push and Strategy—even as cracks in DATs show.

Zhibao Technology, a Nasdaq-listed Chinese insurance-technology company, has stepped into the corporate Bitcoin treasury arena, closing a $154.7 million private placement funded entirely in cryptocurrency.

The Shanghai-based firm said Monday that a syndicate of non-U.S. investors paid for the raise by contributing 2,380 Bitcoin directly to a company wallet, rather than cash. The coins were valued at a reference price of $65,000 each, pegged to market levels as of July 30.

In exchange, the investors received 442 million units priced at $0.35 apiece, each pairing a Class A ordinary share with a two-year warrant. Roughly 396 million units were delivered at closing, with the remainder to follow shareholder approval.

Zhibao, which bills itself as a pioneer of embedded digital insurance in China, framed the deal as a turning point rather than a departure from its core business. Director Botao Ma called the financing one of the most transformational moments in the company's decade-long history, saying it strengthens Zhibao's financial base and positions it to expand its AI-driven insurance products. He added that the investors bring deep expertise in crypto markets and infrastructure, which he expects to open new opportunities for the firm.