Zhibao Technology Lands $154.7 Million in Bitcoin-Funded Deal

Shanghai-based Zhibao Technology has closed a unique fundraising deal worth $154.7 million, backed entirely by 2,380 Bitcoin. The company's stock surged over 79% after announcing the PIPE financing, which values each BTC at $65,000 based on its market price from July 30.

Zhibao Technology trades on Nasdaq under the ticker ZBAO and is an insurance technology company that launched its InsurTech platform in 2020. The platform operates a '2B2C' digital embedded insurance model with over 40 proprietary solutions, integrating insurance products directly into other businesses' customer journeys.

The deal involves issuing 442 million units at $0.35 per unit to non-US investors, each consisting of one Class A ordinary share and a warrant exercisable at $0.35 over a two-year window. The company plans to use the proceeds for general operations, business development, and AI-driven R&D for its platform, as well as accumulate Bitcoin as a digital asset reserve.