Zhibao Technology, an InsurTech company based in Shanghai listed on the Nasdaq, has directly received 2,380 BTC valued at $154.7 million in exchange for shares and warrants, without making any market purchase. Structured as a PIPE with a reference price of $65,000 per BTC, the transaction triggered significant shareholder dilution and major governance changes, with four board members as well as the CEO and CFO set to be replaced. With this contribution, Zhibao becomes the 33rd largest Bitcoin treasury among listed companies and the second among Chinese listed firms. The initial agreement, which called for approximately 3,500 BTC worth nearly $220 million, was revised downward.
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