Zhibao Raises $154.7M in Bitcoin-Funded PIPE Deal
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Zhibao Technology closed a $154.7 million PIPE financing funded entirely with 2,380 Bitcoin contributed by a non-U.S. investor syndicate straight to a company wallet, valued at a $65,000-per-BTC reference price as of July 30.
- Investors received 442 million units priced at $0.35 each, pairing a Class A ordinary share with a two-year warrant, with roughly 396 million delivered at closing and the remainder pending shareholder approval.
- Director Botao Ma called the deal one of the most transformational moments in the company's decade-long history, saying the investors bring deep crypto-market expertise and the financing positions Zhibao to expand its AI-driven insurance products.
- The all-crypto funding structure separates Zhibao from the standard cash-raise-then-buy treasury model, the source notes, even as cracks appear across the digital asset treasury sector.
- Metaplanet is seeding a U.S. treasury vehicle with 2,100 BTC worth roughly $132 million, while Strategy — the original DAT playbook — has halted weekly Bitcoin buys, begun selling holdings, and recently raised $334 million by issuing stock without touching its Bitcoin reserves.
- Zhibao will file an SEC resale registration statement within 45 days of the July 31 effective date, covering the shares and warrants issued in the deal.
Why it matters: Zhibao's structure — investors paying in Bitcoin rather than cash — collapses the typical two-step treasury playbook into one, so the company holds BTC from closing day rather than converting fresh capital into crypto. At a $65,000 reference price, 2,380 BTC seeds Zhibao's treasury at roughly $154.7 million, putting it on the same shelf as Metaplanet's 2,100 BTC and exposing it to the same volatility that has already pushed Strategy to sell holdings and some newer entrants to unwind entirely.
Ask SkimNews
