Zhibao Technology, a Shanghai-based insurance-technology company listed on Nasdaq, has completed a $154.7 million private investment round, accepting the entire amount in Bitcoin rather than traditional fiat currency.
Major all-crypto funding deal
The company disclosed that a syndicate of non-U.S. investors contributed 2,380 BTC, transferring the funds directly to Zhibao’s proprietary wallet. The investors valued their Bitcoin contribution using a reference price of $65,000 per coin, in line with market prices as of July 30. This funding structure differs sharply from those of most other firms pursuing a digital asset treasury strategy, which typically raise fiat capital and then allocate it into cryptocurrencies afterward.
In return for their Bitcoin, the investors received 442 million units in Zhibao at a price of $0.35 per unit. Each unit comprises a Class A ordinary share and a warrant that can be exercised over the next two years. Approximately 396 million units were distributed to investors at the deal’s closing, with the rest dependent on future shareholder approval.
Strategic implications and leadership comments
Zhibao describes itself as a trailblazer in embedded digital insurance solutions within China. The firm characterized the deal not as a pivot but as a fundamental milestone for its financial development. Director Botao Ma, commenting on the significance of the transaction, described it as “one of the most transformational moments” in the company’s decade-long existence. He indicated the financing would underpin Zhibao’s push to expand its suite of AI-powered insurance products and said that the syndicate’s crypto market expertise was expected to open further avenues for growth.
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AAPLZhibao’s director Botao Ma described the deal as a transformational event that strengthens the firm’s financial base and positions it to expand its AI-driven insurance products, further leveraging the investors’ deep expertise in crypto markets and infrastructure.
Joining a growing roster of Bitcoin treasury firms
With this move, Zhibao joins a rising number of public companies that have added Bitcoin to their balance sheets, though few have done so through a direct, all-crypto capital raise. Japan’s Metaplanet, for example, is currently seeding a U.S. treasury arm with 2,100 BTC, valued at about $132 million. Meanwhile, Strategy—which is widely recognized as a pioneer in digital asset treasury approaches—has shifted its tactics, suspending regular Bitcoin purchases and opting to sell portions of its BTC reserves for liquidity. Despite a recent $334 million equity raise, Strategy has chosen not to dip into its remaining Bitcoin holdings during that process.
Mini dictionary: Metaplanet, a Japanese investment firm, is known for its recent moves to establish Bitcoin as a core asset in its treasury. Strategy refers to a public company recognized for innovating the corporate Bitcoin treasury model, amassing large holdings in BTC as part of its balance sheet management.
| Company | Bitcoin Holdings | Value | Treasury Move |
|---|---|---|---|
| Zhibao Technology | 2,380 BTC | $154.7 million | BTC-funded private placement |
| Metaplanet | 2,100 BTC | $132 million | US treasury arm seeding |
| Strategy | Not disclosed (recently sold some) | $334 million raised (stock sale) | BTC sales for dividends, buybacks |
Such treasury strategies place companies in a volatile position, as their financial outcomes become closely linked to cryptocurrency price movements. Some companies in the sector—Strategy among them—have shifted toward active capital management, utilizing Bitcoin holdings to fund dividends and buybacks, while others are starting to unwind their positions given recent market cooling.
Next steps and regulatory filings
Zhibao plans to file a resale registration statement with the US Securities and Exchange Commission within 45 days of July 31. This filing will cover the shares and warrants distributed through the private placement, ensuring compliance and transparency for the recent all-BTC investment deal.
