Zhibao Closes $154.7M Raise Entirely in Bitcoin
In brief
- Zhibao received 2,380 Bitcoin valued at $65,000 per coin as of July 30
- Investors received 442 million units at $0.35 each with Class A shares and two-year warrants
- All-crypto funding bypasses traditional cash-raise-then-buy corporate treasury model
- 396 million units delivered at closing; remainder pending shareholder approval
- Zhibao plans SEC resale registration filing within 45 days of July 31 effective date
All-Crypto Raise, No Cash Intermediary
The Shanghai-based firm's financing structure stands apart from typical corporate Bitcoin acquisitions. Rather than raise dollars and then buy Bitcoin on the open market, Zhibao's investors paid for the raise by delivering Bitcoin directly. The coins were valued at a reference price of $65,000 each, pegged to market levels as of July 30.
Investors received 442 million units priced at $0.35 apiece, each pairing a Class A ordinary share with a two-year warrant. Roughly 396 million units were delivered at closing, with the remainder to follow shareholder approval.
Positioning for AI-Driven Expansion
Zhibao bills itself as a pioneer of embedded digital insurance in China. Director Botao Ma framed the financing as transformational. "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," according to the company statement.
The move reflects a broader corporate pivot toward Bitcoin treasuries, though Zhibao's model diverges from peers. Japan's Metaplanet is seeding a U.S. treasury vehicle with 2,100 BTC, worth roughly $132 million. MicroStrategy, the pioneer of the corporate Bitcoin treasury playbook, has halted its weekly Bitcoin buys and has instead begun to sell batches of its holdings.
SEC Filing Timeline
Zhibao said it will file a resale registration statement with the SEC within 45 days of the July 31 effective date. The filing will permit investors to resell their shares and warrants on public markets once the registration statement is effective.
