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.

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.

Nasdaq-listed Zhibao Technology (ticker: ZBAO) has signed a non-binding term sheet with JOYERTECH AND INFORMATION OPC for a planned PIPE financing tied to 3,500 Bitcoin, according to Odaily. The disclosure identifies the document as a non-binding term sheet, indicating the financing remains at a preliminary stage rather than a finalized transaction. The parties named in the report are Zhibao Technology and JOYERTECH AND INFORMATION OPC. No additional terms, pricing details, timeline, or binding commitments were disclosed in the source item. The update was published by Odaily as a homepage headline news brief.