Zhidao Tech Signs $1.5 Billion PIPE Deal Paid in Bitcoin

Nasdaq-listed Chinese insurance technology company Zhidao Technology signed a private investment in public equity (PIPE) deal on July 31 worth approximately $1.547 billion.

The investors will pay with 2,380 Bitcoin at a fixed price of $65,000 per coin.

The 10 investor entities listed in the agreement will each receive 44.2 million units valued at $154.7 million, paid for with 238 Bitcoins each. The investors bought the 442 million units at $0.35 per unit, which includes one A-class common stock and a two-year warrant to purchase an additional share at $0.35.

The potential total issuance is 884 million shares.