Zhibao Technology, a Nasdaq-listed InsurTech company based in Shanghai, has completed a $154.7 million private placement by receiving 2,380 BTC from investors. The company will hold this Bitcoin in its treasury for business growth, marking a corporate treasury strategy. ZBAO stock surged more than 79% following the announcement, though the 442 million shares issued represent significant dilution for existing shareholders. The deal used a reference price of $65,000 per Bitcoin, pegged to market levels on July 30, and was structured as a PIPE (Private Investment in Public Equity) with non-US investors including Metaverse Intelligence Tech Ltd and DYT Info Pte. Ltd.
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