Zhibao Technology, a Shanghai-based InsurTech company listed on Nasdaq under the ticker ZBAO, has raised $154.7 million through PIPE financing backed entirely by 2,380 Bitcoin, with each BTC valued at $65,000. The company is issuing 442 million units at $0.35 per unit to non-US investors, each unit comprising one Class A ordinary share and a warrant exercisable at the same price over a two-year period. ZBAO’s stock surged over 79% following the announcement. This transaction represents a scaled-down version of the initial plan which targeted $220 million with 3,500 BTC, the final version having been reduced by approximately $65 million and about 1,120 BTC. Proceeds will fund general operations, business development, and AI-driven R&D, while the company also plans to strategically accumulate Bitcoin as a digital asset reserve.
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