Zhibao Technology Acquires $154.7M via Bitcoin Treasury Move
Nasdaq-listed Chinese InsurTech firm Zhibao Technology has raised $154.7 million through a private placement entirely funded in cryptocurrency, receiving 2,380 Bitcoin valued at $65,000 each as of July 30. The transaction involved the issuance of 442 million units priced at $0.35 apiece to non-U.S. investors. Zhibao described this move as a strategic pivot rather than a shift from its core business in embedded digital insurance within China. Director Botao Ma emphasized that it strengthens Zhibao's financial foundation and supports the expansion of AI-driven insurance products, while also gaining access to crypto market expertise through new investor partnerships. The company joins other public firms holding Bitcoin on their balance sheets but distinguishes itself by accepting cryptocurrency directly in its fundraising process rather than converting cash. However, this strategy carries risks due to Bitcoin's volatility and recent signs of instability among similar treasury strategies.
Topics: Bitcoin insurtech private placement treasury strategy