Zhibao Technology, a Nasdaq-listed Chinese insurance-technology company, has stepped into the corporate Bitcoin treasury arena, closing a $154.7 million private placement funded entirely in cryptocurrency.
The Shanghai-based firm said Monday that a syndicate of non-U.S. investors paid for the raise by contributing 2,380 Bitcoin directly to a company wallet, rather than cash. The coins were valued at a reference price of $65,000 each, pegged to market levels as of July 30.
In exchange, the investors received 442 million units priced at $0.35 apiece, each pairing a Class A ordinary share with a two-year warrant. Roughly 396 million units were delivered at closing, with the remainder to follow shareholder approval.
Zhibao, which bills itself as a pioneer of embedded digital insurance in China, framed the deal as a turning point rather than a departure from its core business. Director Botao Ma called the financing one of the most transformational moments in the company’s decade-long history, saying it strengthens Zhibao’s financial base and positions it to expand its AI-driven insurance products. He added that the investors bring deep expertise in crypto markets and infrastructure, which he expects to open new opportunities for the firm.
The move adds Zhibao to a swelling roster of public companies parking Bitcoin on their balance sheets, though its all-crypto funding structure stands out from the cash-raise-then-buy model most treasury firms use.
Japan’s Metaplanet is seeding a U.S. treasury vehicle with 2,100 BTC, worth roughly $132 million. Meanwhile, Strategy, the pioneer of the playbook, has halted its weekly Bitcoin buys and has instead begun to sell batches of its holdings in an attempt to right its financial ship. The company recently raised $334 million by selling stock without touching its Bitcoin holdings.
The digital asset treasury strategy carries real risks alongside its upside. Treasury firms tie their fortunes to a volatile asset, and cracks have begun to show across the sector. Strategy has shifted to what it calls a capital-management framework and is using its Bitcoin sales to fund dividends and buybacks, while some newer entrants have started unwinding their positions entirely as the trade cools.
Zhibao said it will file a resale registration statement with the SEC within 45 days of the July 31 effective date, covering the shares and warrants issued in the deal.
