Zhibao Technology Launches $154.7 Million Bitcoin Treasury

Zhibao Technology Inc., a Shanghai-based digital insurance broker listed on Nasdaq, has made a significant move into the world of Bitcoin. The company recently closed a $154.7 million private placement, using the funds to establish a corporate treasury reserve of 2,380 BTC.

The funding round saw Zhibao issue 442 million units at $0.35 each, combining one Class A ordinary share with a two-year warrant exercisable at the same price.

The total purchase price has been satisfied through the contribution of 2,380 Bitcoins to the company's designated wallet account, based on a reference price of $65,000 per Bitcoin.

Zhibao plans to use the funds for general business expenses, business expansion, research and development, AI projects supporting its operations, and advancing its digital asset reserve strategy.