PIPE

FORT Robotics

2026-10-23 02:07:55

FORT Robotics Secures About $20 Million in Additional Investor Commitments

FORT Robotics, Inc., which is building a security platform focused on a "trust layer for physical AI," said its existing investors have committed about $20 million in additional funding. Tiger Global is leading roughly $10 million of that financing, with Mark Cuban Companies also participating, and the round is expected to close this week. Separately, Tiger Global has also committed $10 million to a previously announced common stock PIPE, or private investment in public equity. That PIPE is expected to close at the same time as FORT’s proposed business combination with Newbury Street II Acquisition Corp, which trades on Nasdaq under the ticker NTWO. Including previously announced PIPE commitments, total committed capital tied to FORT’s proposed business combination has now exceeded $50 million, according to ChainCatcher.

20

Zhibao Techno

2026-08-18 09:32:22

Zhibao Technology Raises Funds in Bitcoin Deal, Receives 2,380 BTC and Reshapes Board

Shanghai-listed Zhibao Technology has completed a PIPE financing in which 10 offshore investors paid with 2,380 bitcoin for shares and warrants valued at about $154.7 million. The company said the proceeds will support operations, AI-related development and a bitcoin-focused digital asset reserve strategy. The deal also hands investors the right to nominate four directors, while CEO Botao Ma will step down from the CEO role. Nine of the 10 investors also appeared in filings of U.S.-listed CIMG, which has itself used bitcoin in financing and added BTC to treasury reserves. CIMG’s latest filing shows the company’s bitcoin holdings rose to 1,145.4 BTC as of June 30, 2026, from 730 BTC three months earlier. Zhibao’s stock has also been volatile around the announcement, even as the company continues to report growth in its core digital insurance business.

2030

Zhibao Techno

2026-08-03 06:33:00

Zhibao Technology signs $154.7 million PIPE as investors pay with 2,380 BTC and secure board control

Zhibao Technology, a Nasdaq-listed Chinese insurtech company, signed a private investment in public equity, or PIPE, agreement on July 31 valued at about $154.7 million, according to CryptoSlate. The deal calls for investors to pay with 2,380 BTC at a fixed price of $65,000 per coin. The agreement lists 10 investor entities. Each is allocated 44.2 million units worth $15.47 million and pays with 238 BTC. In total, the investors are buying 442 million units at $0.35 per unit. Each unit includes one Class A ordinary share and a two-year warrant to buy one additional share at an exercise price of $0.35, bringing the potential total issuance to 884 million shares. After closing, the investors will be entitled to appoint four of the company’s five directors and choose a new chief executive officer and chief financial officer. The current four directors, along with the current CEO and CFO, are set to resign. The filing also says the transaction would sharply dilute pre-PIPE shareholders. Existing 49,001,662 shares would represent about 9.98% of the post-closing share base, while Class B shareholders would lose their 20-to-1 voting advantage. If all new warrants are exercised, the share base would increase to at least 933,001,662 shares, and the pre-PIPE ownership percentage would fall to about 5.25%.

2130

Zhibao Techno

2026-08-03 06:38:30

Zhibao Technology signs BTC-funded PIPE deal that could hand control to 10 investors

Zhibao Technology, a China-based insurtech company listed on Nasdaq under the ticker ZBAO, signed a private investment in public equity, or PIPE, agreement on July 31 that calls for $154.7 million in funding to be paid in Bitcoin. The deal involves 2,380 BTC from 10 investors and, if completed, would materially reshape the company’s ownership and governance structure. Under the agreement, the investors would buy 442 million units at $0.35 per share. Each unit includes Class A ordinary shares and a two-year warrant that allows the holder to buy additional Class A shares at the same $0.35 price. The filing says the issuance totals 884 million shares, with another 442 million shares potentially issuable through warrant exercise. The agreement also lays out management changes. The investor group is set to designate four of the company’s five directors and appoint a new chief executive officer and chief financial officer, while four current directors, the CEO and the CFO would resign. Still, the transaction remains subject to several closing conditions, including shareholder and regulatory approvals, exchange-related clearance, Nasdaq compliance requirements, and the transfer of the pledged Bitcoin into a designated custody wallet.

2270

Blockstream

2026-07-13 06:32:21

Blockstream-linked BSTR drops original SPAC merger terms with CEPO as bitcoin treasury financing comes under strain

Blockstream co-founder Adam Back’s bitcoin treasury venture BSTR Holdings and special purpose acquisition company Cantor Equity Partners I said on July 8 they will not complete their merger under the agreement signed in July 2025. A PIPE financing tied to the deal is also no longer required to close, and a shareholder meeting scheduled for July 10 has been postponed indefinitely. Under the original structure, the transaction was supposed to bring 30,021 BTC to the public market, alongside as much as $1.5 billion in fiat PIPE financing, 5,021 BTC in in-kind PIPE commitments, up to roughly $200 million in cash from CEPO depending on redemptions, and 25,000 BTC from founding shareholders. The report argues the main stress point is not bitcoin itself, but the funding model used by listed bitcoin treasury companies. That model depends on a stock market premium over net asset value, often discussed through mNAV, which allows companies to issue shares above the value of their holdings and buy more BTC. With bitcoin around $64,000 and well below the peak cited in the report, that premium has weakened across the sector. The next SEC filing, if the parties reach revised terms, is expected to show how much of the 30,021 BTC target remains, how much investor backing survives, and what price investors now require.

1970

BSTR

2026-07-13 06:23:48

BSTR SPAC deal stalls as revised SEC filing becomes the key test for Bitcoin treasury model

BSTR Holdings, the Bitcoin treasury company led by Blockstream co-founder Adam Back, and special purpose acquisition company Cantor Equity Partners I said on July 8 that they will not complete their merger under the original agreement signed in July 2025. A related private investment in public equity, or PIPE, is also no longer required to close, and a shareholder meeting scheduled for July 10 has been postponed indefinitely. The original deal was supposed to bring 30,021 BTC onto the balance sheet of the public company, alongside as much as $1.5 billion in fiat PIPE financing, 5,021 BTC in in-kind PIPE commitments, 25,000 BTC from founding shareholders, and up to about $200 million in cash from CEPO depending on redemptions. The case has drawn attention because it goes beyond Bitcoin’s price and cuts into the financing structure behind listed Bitcoin treasury firms. The next SEC filing now matters most: it is expected to show how much of the Bitcoin scale remains, how many investor commitments survive, and what valuation new backers are willing to accept in current market conditions.

2090

Bitcoin

2026-07-13 06:07:22

BSTR SPAC merger stalls as PIPE backing tied to 30,021 BTC treasury no longer required

BSTR Holdings, the bitcoin treasury company led by Blockstream co-founder Adam Back, and special purpose acquisition company Cantor Equity Partners I said they will not complete their merger under the original agreement signed in July 2025. A related private investment in public equity, or PIPE, is also no longer required to close. The companies disclosed the change in a July 8 filing with the U.S. Securities and Exchange Commission, saying they are discussing revised transaction terms that better reflect current market conditions. Under the original structure, BSTR had planned to list with 30,021 BTC on its balance sheet, as well as up to $1.5 billion in fiat PIPE financing, a 5,021 BTC in-kind PIPE, 25,000 BTC from founding shareholders, and as much as roughly $200 million in cash from Cantor Equity Partners I, depending on redemptions. The July 10 shareholder meeting has been postponed indefinitely, and public shares submitted for redemption will be returned. The case has drawn attention because it tests whether the bitcoin treasury company model still works when equity premiums shrink. The next SEC filing is now the key document for investors, as it should show how much of the original bitcoin scale and financing commitments can still be preserved under any revised deal.

1560