Zhibao Tech Secures $154.7M from Non-US Investors in Bitcoin-Funded Deal
Zhibao Technology Inc., a leading InsurTech company in China, has announced that it will raise $154.7 million through a private placement of 442 million units. Each unit consists of one Class A ordinary share and one warrant to purchase an additional Class A ordinary share at $0.35.
The funds will be paid for entirely in Bitcoin, with the company valuing its contribution at $65,000 per coin based on market prices from July 30th. The transaction is expected to close within 12 business days after execution of a definitive securities purchase agreement.
Zhibao plans to use the proceeds to support general expenditure and business development, invest in research and development, including AI implementations complementary to its InsurTech model, and further its Digital Asset Reserve strategy focusing on using Bitcoin as a treasury asset.