Chinese InsurTech firm Zhibao acquired 2,380 Bitcoin in a $154.7M private placement funded entirely in crypto.
Macro & Markets ·
Zhibao Technology, a Nasdaq-listed Chinese insurance company, closed a $154.7 million private placement entirely funded in cryptocurrency, with investors contributing 2,380 Bitcoin directly to the firm's wallet at a reference price of $65,000 per coin. The Shanghai-based company's all-crypto funding structure differs from the typical model where firms raise cash before purchasing Bitcoin for their treasuries. Director Botao Ma described the financing as transformational for the decade-old company, citing its potential to strengthen the firm's financial position and enable expansion of AI-driven insurance products. The move places Zhibao among an expanding group of public companies holding Bitcoin on their balance sheets, though the digital asset treasury strategy carries volatility risks as demonstrated by other players in the sector adjusting their positions.