Zhibao Tech Secures $154.7M Bitcoin-Funded Private Placement

Shanghai-based Zhibao Technology Inc., a digital insurance brokerage firm listed on Nasdaq under the ticker ZBAO, has agreed to a $154.7 million private placement funded entirely by Bitcoins.

The company will issue 442 million units to non-U.S. investors, with each unit consisting of one Class A ordinary share and a warrant to purchase an additional Class A ordinary share at $0.35 per share. The warrants are exercisable for two years from the closing date.

The transaction includes a significant governance restructuring, which will see four current directors and the CEO and CFO resign upon closing. The investors will designate four new directors and nominate a new CEO and CFO. Botao Ma, the current chairman and CEO, will remain as a board director.