Zhibao Technology Inc. Class A Ordinary Shares

Zhibao Technology, a Nasdaq-listed Chinese insurance-technology company, has closed a $154.7 million private placement funded entirely in cryptocurrency. A syndicate of non-U.S. investors paid for the raise by contributing 2,380 Bitcoin directly to a company wallet, valued at a reference price of $65,000 each as of July 30. In exchange, the investors received 442 million units priced at $0.35 apiece, each pairing a Class A ordinary share with a two-year warrant, with roughly 396 million units delivered at closing and the remainder subject to shareholder approval. Director Botao Ma called the financing one of the most transformational moments in the company's decade-long history, saying it strengthens Zhibao's financial base and positions it to expand its AI-driven insurance products. The move adds Zhibao to a growing list of public companies holding Bitcoin on their balance sheets, though its all-crypto funding structure differs from the cash-raise-then-buy model used by most treasury firms.