Chinese InsurTech firm Zhibao acquired 2,380 Bitcoin in a $154.7M private placement funded entirely in crypto.
Macro & Markets ·
Nasdaq-listed Zhibao Technology, a Shanghai-based insurance and digital technology firm, closed a $154.7 million private placement on July 31 with a structure that sets it apart in the growing corporate Bitcoin treasury space: rather than raising cash and then purchasing digital assets separately, the company received 2,380 Bitcoin directly from a syndicate of non-U.S. investors as payment for the deal. The coins were priced at a $65,000 reference rate, and investors received 442 million units combining Class A ordinary shares with two-year warrants at $0.35 per unit.
Director Botao Ma framed the acquisition as transformational for the firm's decade-long history, citing strengthened finances and positioning for expansion of its AI-driven insurance products. The move reflects Zhibao's view that its new investors bring expertise in crypto infrastructure that could unlock new business opportunities beyond its core insurance operations.
The all-crypto funding model differs from the standard approach used by most corporate treasury programs, which typically raise cash first and buy Bitcoin afterward. Other publicly traded firms have adopted Bitcoin treasury strategies in recent months, though some incumbents face headwinds: the sector has shown volatility-driven risks, with certain companies beginning to unwind positions or shift strategies away from aggressive accumulation.