Zhibao Technology Secures $154.7M in Record-Breaking Bitcoin-Funded Private Placement

Shanghai-based insurance technology company Zhibao Technology has secured $154.7 million through a private placement backed entirely by Bitcoin. The deal values each BTC at $65,000, pegged to the market price from July 30.

The PIPE financing lets Zhibao sell shares directly to select investors rather than going through a traditional public offering. In this case, the company is issuing 442 million units at $0.35 per unit to non-US investors. Each unit comes bundled with one Class A ordinary share and a warrant exercisable at $0.35 over a two-year window.

The transaction will close within 12 business days, pending Nasdaq's necessary share authorizations and regulatory approvals. Zhibao plans to use the proceeds for general operations, business development, and AI-driven R&D for its InsurTech platform. The company also aims to accumulate Bitcoin as a digital asset reserve.

The corporate strategy employs Bitcoin as the currency of the deal itself, with non-US investors contributing BTC in exchange for equity. This marks a significant governance overhaul at Zhibao, which will shrink its board to five members and appoint investor-led leadership.