Chinese Zhibao Technology Completes $154.7M Bitcoin PIPE, Adds 2,380 BTC

Shanghai-based InsurTech firm Zhibao Technology Inc. (ZBAO) has closed its previously announced private investment in public equity (PIPE) financing, receiving 2,380 Bitcoin in exchange for newly issued shares and warrants. The deal, valued at $154.7 million using a fixed reference price of $65,000 per Bitcoin, marks one of the more distinctive corporate Bitcoin treasury moves of 2026 and immediately places the company among the larger public holders of the asset.

According to the company’s Form 6-K filed with the U.S. Securities and Exchange Commission and accompanying press release dated August 17, 2026, investors delivered the full 2,380 BTC to a designated company wallet at closing. In return, Zhibao issued 442 million PIPE units priced at $0.35 each. Each unit consists of one Class A ordinary share and one warrant to purchase an additional Class A share at $0.35, exercisable for two years. At closing, 395,678,152 units were delivered; the remaining 46,321,848 units are scheduled for delivery after shareholder approval of an increase in authorized share capital, with no further consideration required.

The transaction originated from a non-binding term sheet in late July that initially contemplated a larger amount of approximately 3,500 BTC. The final definitive agreement, signed July 31 and later amended, settled on 2,380 BTC to match the $154.7 million target raise at the agreed reference price. A syndicate of non-U.S. investors participated under Regulation S.

Zhibao, a pioneer of the 2B2C digital embedded insurance model in China and operator of a proprietary Platform-as-a-Service (PaaS) insurance brokerage platform, stated that the Bitcoin will be held as a treasury reserve. Proceeds support general operations, business development, research and development (including AI applications complementary to its InsurTech offerings), and the company’s digital asset reserve strategy centered on Bitcoin.

Director Botao Ma described the closing as “one of the most transformational moments in Zhibao’s 10-year history,” noting that the investors bring cryptocurrency market and Web3 expertise expected to create synergies with the company’s insurance technology platform.

With the addition of 2,380 BTC, Zhibao ranks as the 33rd-largest public company Bitcoin treasury holder globally. It is also the second-largest public Bitcoin holder among Chinese-listed companies, behind only Next Technology Holding.

The structure is notable because the Bitcoin arrived directly as consideration rather than through open-market purchases funded by cash proceeds. This approach seats a substantial digital asset reserve on the balance sheet from day one while expanding the company’s equity base. Remaining steps include shareholder approval for the second tranche of units and related Nasdaq compliance matters. The company has indicated it will seek registration of the resale of the shares and warrant shares.

As corporate Bitcoin adoption continues to broaden beyond pure-play treasury vehicles and mining firms into operating businesses across sectors, Zhibao’s completed PIPE illustrates another pathway: equity issuance settled entirely in Bitcoin. The firm now holds a meaningful position that positions it firmly among the growing list of public companies treating Bitcoin as a strategic balance sheet asset.