Zhibao Technology Lands $154.7M in Bitcoin-Funded Private Placement

Zhibao Technology, a Nasdaq-listed InsurTech company operating out of Shanghai, has made headlines by completing a private placement funded entirely in Bitcoin. The deal raised $154.7 million by issuing 442 million units to investors at a price of $0.35 per unit.

The units consist of one Class A ordinary share plus a warrant exercisable at the same price over two years. Zhibao Technology will hold the 2,380 BTC it received as treasury reserves, joining a growing roster of public companies treating Bitcoin less like a speculative asset and more like a balance sheet staple.

The deal closed on August 17, with the stock responding accordingly: ZBAO surged more than 79% after the definitive agreement was announced. The timing carries additional context, as Zhibao had previously received a Nasdaq compliance notice regarding its minimum bid price.