Zhibao Technology completes $154.7M Bitcoin-funded private placement, will hold BTC in treasury

Zhibao Technology, a Nasdaq-listed Shanghai InsurTech firm, completed a Bitcoin-funded private placement worth $154.7 million and said it will keep the received 2,380 BTC on its balance sheet as treasury reserves. The PIPE issued 442 million units at $0.35 each, combining a Class A share and warrant, creating meaningful dilution but also a strong market reaction. Zhibao’s stock reportedly jumped more than 79% after the deal was announced, reflecting investor enthusiasm for the company’s adoption of Bitcoin as a corporate treasury asset. The transaction was priced off a $65,000 Bitcoin reference level and was originally expected to involve roughly 3,500 BTC before being reduced to 2,380 BTC. The deal highlights a growing trend of public companies using Bitcoin not just as a speculative asset, but as a funding and balance-sheet strategy.