Zhibao Technology, a Nasdaq-listed Chinese insurance-technology company, has closed a $154.7 million private placement entirely funded in cryptocurrency. A syndicate of non-U.S. investors contributed 2,380 Bitcoin directly to a company wallet, valued at $65,000 per coin as of July 30. In exchange, investors received 442 million units priced at $0.35 each, each pairing a Class A ordinary share with a two-year warrant. Director Botao Ma called the financing one of the most transformational moments in the company’s decade-long history. This all-crypto funding structure sets Zhibao apart from the usual cash-raise-then-buy treasury model employed by most Bitcoin treasury firms.
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