Zhibao Raises $154.7M in All-Bitcoin PIPE Deal — SkimNews
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- Zhibao Technology closed a $154.7 million PIPE financing funded entirely with 2,380 Bitcoin contributed directly to a company wallet, with the coins priced at a $65,000 reference rate pegged to July 30 market levels.
- Investors in the syndicate received 442 million units at $0.35 apiece, each pairing a Class A ordinary share with a two-year warrant; roughly 396 million units were delivered at closing with the remainder contingent on shareholder approval.
- Director Botao Ma called the deal "one of the most transformational moments" in Zhibao's decade-long history, saying it strengthens the firm's financial base and positions it to expand its AI-driven insurance products.
- Zhibao's all-crypto funding structure stands apart from the cash-raise-then-buy model most corporate treasury firms use to accumulate Bitcoin.
- Metaplanet is seeding a U.S. treasury vehicle with 2,100 BTC worth roughly $132 million, while Strategy has halted weekly Bitcoin buys and instead began selling holdings, recently raising $334 million via stock sales.
- Zhibao said it will file a resale registration statement with the SEC within 45 days of the July 31 effective date, covering the shares and warrants issued in the deal.
- The source notes cracks are appearing in the digital asset treasury (DAT) sector: some newer entrants are unwinding positions entirely as the trade cools, and treasury firms' fortunes are tied to a volatile asset.
Why it matters: Zhibao's structure means its treasury size and per-share value are tethered directly to Bitcoin's price from closing day, with no cash buffer in between — a sharper volatility profile than peers like Strategy or Metaplanet who raise fiat and buy BTC separately. With an SEC resale registration due within 45 days of July 31, early investors can hit the exit while the share price moves with the coins.
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