Zhibao Technology, a Nasdaq-listed Chinese insurance technology company, has entered the corporate Bitcoin treasury field after closing a $154.7 million private placement funded entirely in cryptocurrency.
The Shanghai-based company said Monday that a syndicate of non-U.S. investors paid for the financing by transferring 2,380 BTC directly into a company wallet rather than sending cash. The Bitcoin was assigned a reference value of $65,000 per coin, tied to market levels on July 30.
Deal structure used direct Bitcoin contributions
In exchange, the investors received 442 million units priced at $0.35 each. Each unit consisted of one Class A ordinary share and a two-year warrant.
Roughly 396 million units were issued at closing, while the remaining units are to be delivered after shareholder approval.
Company says financing marks a turning point
Zhibao described the transaction as a turning point for the company rather than a move away from its core business. The firm presents itself as a pioneer in embedded digital insurance in China.
Director Botao Ma said the financing was one of the most transformational moments in the company’s decade-long history. He said the deal strengthens Zhibao’s financial base and positions the company to expand its AI-driven insurance products.
Ma also said the investor group brings deep experience in crypto markets and infrastructure, which he expects to create new opportunities for the company.
Zhibao joins the list of public Bitcoin treasury companies
The transaction places Zhibao among a growing number of listed companies that hold Bitcoin on their balance sheets. Its structure stands out, though, because the financing was completed entirely in crypto instead of following the more common model of raising cash first and then buying Bitcoin.
The report noted that Japan’s Metaplanet is seeding a U.S. treasury vehicle with 2,100 BTC, worth about $132 million by the figures cited in the article. Strategy, described as the pioneer of the playbook, has halted its weekly Bitcoin purchases and has begun selling portions of its holdings as it works to stabilize its finances. The company recently raised $334 million through a stock sale without using its Bitcoin holdings.
Bitcoin treasury model carries volatility risk
The article said the digital asset treasury strategy comes with real risk alongside potential upside. Companies using the model tie their fortunes to a volatile asset, and signs of strain have started to appear across the sector.
Strategy has moved to what it calls a capital-management framework and is using Bitcoin sales to fund dividends and buybacks. Some newer entrants have also started to unwind their positions completely as enthusiasm around the trade cools.
Next filing with the SEC
Zhibao said it will file a resale registration statement with the U.S. Securities and Exchange Commission within 45 days of the July 31 effective date. The filing will cover the shares and warrants issued in the deal.
