Zhibao Technology secured $154.7 million through a private investment deal funded entirely with Bitcoin. The Shanghai-based InsurTech firm issued 442 million units priced at $0.35 each to non-US investors, with 2,380 BTC used as payment, valuing each Bitcoin at $65,000 based on the market price from July 30.
Structure of the Bitcoin-Funded PIPE
The deal took the form of a PIPE (Private Investment in Public Equity), allowing Zhibao to raise capital by selling shares directly without a traditional public offering. Each unit consists of one Class A ordinary share plus a warrant exercisable at $0.35 within two years. The company expects the transaction to close within 12 business days, pending regulatory and Nasdaq approvals.
Originally, Zhibao aimed for a larger $220 million raise backed by 3,500 BTC, but the finalized agreement trimmed roughly $65 million and 1,120 BTC from that plan. The capital will support general operations, business expansion, and AI-driven research and development on its InsurTech platform. also Zhibao intends to grow its Bitcoin holdings as a strategic digital reserve.
Innovative Use of Bitcoin in Corporate Financing
Rather than purchasing Bitcoin with cash or debt, Zhibao accepted BTC directly from investors as payment for equity, marking a novel approach where Bitcoin itself is the transaction currency. Since launching its InsurTech platform in 2020, Zhibao has built an embedded insurance model with over 40 proprietary products integrated into other companies’ customer experiences.
The funding round also coincides with a governance restructuring, including a reduced board size to align with new strategic goals. Following the announcement, Zhibao's shares surged more than 79%, reflecting strong investor confidence.
This content is for informational purposes and does not constitute financial advice.
