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

Zhibao Technology, a Nasdaq-listed InsurTech company operating out of Shanghai, has closed a private placement funded entirely in Bitcoin, raising $154.7 million by issuing 442 million units to investors. The company says it will hold the 2,380 BTC it received as treasury reserves, joining a growing roster of public companies treating Bitcoin less like a speculative asset and more like a balance sheet staple. The deal closed on August 17, with each unit priced at $0.35 and consisting of one Class A ordinary share plus a warrant exercisable at the same price over two years. The stock responded accordingly: ZBAO surged more than 79% after the definitive agreement was announced. How the deal came together The transaction traces back to a non-binding term sheet dated July 22, which initially contemplated approximately 3,500 BTC changing hands. By the time the definitive Securities Purchase Agreement was signed on July 31, that figure had been trimmed to 2,380 BTC. The adjustment wasn’t arbitrary. The deal used a reference price of $65,000 per Bitcoin, pegged to market levels on July 30. At that valuation, 2,380 BTC works out to roughly $154.7 million, which matched the target raise. Th...