Zhibao Technology Parks $154.7M in Bitcoin Treasury

Nasdaq-listed Chinese insurance-technology company Zhibao Technology has made a significant move into the corporate Bitcoin treasury arena, closing a $154.7 million private placement funded entirely in cryptocurrency.

The deal saw a syndicate of non-U.S. investors contribute 2,380 Bitcoin directly to a company wallet, valued at a reference price of $65,000 each, pegged to market levels as of July 30.

Zhibao's Director Botao Ma called the financing 'one of the most transformational moments in the company's decade-long history', stating it strengthens Zhibao's financial base and positions it to expand its AI-driven insurance products.

This move adds Zhibao to a swelling roster of public companies parking Bitcoin on their balance sheets, with an all-crypto funding structure that stands out from the cash-raise-then-buy model most treasury firms use.