Zhibao closes $154.7 million PIPE paid with 2,380 bitcoin
The Nasdaq-listed Chinese InsurTech company says investors funded the transaction with bitcoin and received 395.7 million units at closing, with the remaining units subject to share-issuance conditions.
By The Third AnglePublished 3 min read
Illustrative bitcoin imagery; it does not depict Zhibao Technology's wallet or the PIPE transaction. Photo: Unsplash · Unsplash License
Zhibao Technology says it has closed a $154.7 million private investment in public equity financing paid with 2,380 bitcoin. The Nasdaq-listed Chinese InsurTech company disclosed the closing in an Aug. 17 Form 6-K exhibit filed with the Securities and Exchange Commission.
The transaction comprises 442 million units priced at $0.35 each. Each unit includes one Class A ordinary share and a two-year warrant at the same exercise price. Zhibao says 395,678,152 units were delivered at closing, while 46,321,848 units remain subject to the conditions described in the transaction documents.
Bitcoin funded the closing
The company says the investors' total purchase price was satisfied through a contribution of 2,380 bitcoin to Zhibao's designated wallet account, using a reference price of $65,000 per bitcoin. The filing describes the bitcoin as consideration for the securities rather than cash proceeds that Zhibao used to buy bitcoin on the market.
The deal was previously reported as a proposed treasury pivot. The new filing changes the status of the transaction: Zhibao now describes the PIPE as closed, while the staged delivery of units and the related issuance conditions remain part of the documented structure.
Control and dilution questions
The financing is also a governance event. The SEC exhibit includes the unit-purchase agreement and related transaction documents, while the closing announcement says the company expects changes to its board and senior management as part of the deal.
The filing does not by itself establish the future market value of the bitcoin contribution, the investors' holding period or the economics of the warrants. It also does not make the transaction a recommendation to buy Zhibao shares or bitcoin; the reported terms remain subject to the company's filings, securities-law requirements and the conditions set out in the agreements.
