Chinese InsurTech firm Zhibao secures $154.7 million via Bitcoin contributions from non-U.S. investors, marking a shift to crypto treasury assets.
Zhibao Technology, a Nasdaq-listed Chinese insurance-technology company, has completed a $154.7 million private placement funded entirely in Bitcoin. The firm received 2,380 BTC from a syndicate of non-U.S. investors, valued at $65,000 per coin as of July 30. Investors were issued 442 million units at $0.35 each, combining Class A shares with two-year warrants, with 396 million units delivered at closing.
The move diverges from the typical cash-raise-then-buy model used by other public companies holding Bitcoin. Zhibao framed the deal as a strategic expansion, citing the investors’ crypto market expertise as a catalyst for growth in its AI-driven insurance products. The company, which operates in China’s embedded digital insurance sector, called the financing a transformational moment in its decade-long history.
Zhibao joins a growing list of firms adding Bitcoin to their balance sheets, though its all-crypto funding approach is rare. The remaining units will be issued pending shareholder approval.