Zhibao Technology, a Nasdaq-listed insurance technology firm, has closed a $154.7 million private funding round paid entirely in Bitcoin. The transaction was completed on August 17 after the company amended its Securities Purchase Agreement and issued a Form 6-K disclosing the final terms.
A syndicate of non-U.S. investors deposited 2,380 Bitcoin directly into a corporate wallet at a reference price of $65,000 per coin, based on market levels as of July 30. No cash conversion was involved, setting the deal apart from typical Bitcoin treasury raises where companies sell equity for cash and then buy BTC on the open market.
In exchange, participants received 442 million units priced at $0.35 each. Each unit consists of one Class A ordinary share and a two-year warrant. At closing, 395,678,152 units were issued, while the remaining 46,321,848 units are expected to be issued after shareholders approve a larger authorized share count, with no additional payment due.
Director Botao Ma called the agreement one of the most transformational moments in the company’s decade-long history. He said the new backers bring crypto expertise that Zhibao can use to expand its AI-driven insurance products. The company will file a resale registration statement with the SEC within 45 days following the effective date of July 31.
The raise is particularly notable for Zhibao’s scale. The company’s market capitalization was around $12 million to $15 million this summer, meaning the Bitcoin received was worth roughly fifteen times its total equity value at July figures. Zhibao also faces a Nasdaq minimum bid-price compliance deadline of January 6, 2027, after its shares traded below $1 from May 27 to July 9, and it had previously disclosed substantial doubt about its ability to continue as a going concern.
