Zhibao Technology closed a $154.7 million share sale on August 17, with the transaction paid entirely in Bitcoin by a group of non-U.S. investors.

The Nasdaq-listed Shanghai insurance technology company received 2,380 Bitcoin. Zhibao’s stock had recently been trading for less than $1, and the company had received a Nasdaq deficiency notice, underscoring the financial pressure surrounding the deal even as it added crypto-denominated capital.

2,380 Bitcoin sent to a company wallet at a $65,000 reference price

In a Form 6-K, Zhibao said it amended the underlying Securities Purchase Agreement and completed the transaction on the same day.

Investors transferred 2,380 Bitcoin to a designated company wallet to cover the full $154.7 million purchase price. The valuation was based on a reference rate of $65,000 per coin, tied to Bitcoin’s trading level on July 30.

Buyers purchased 442 million units at $0.35 each. Each unit consists of one Class A ordinary share and one two-year warrant.

According to the filing, 395,678,152 units were issued at closing, while the remaining 46,321,848 units will be issued after shareholder approval of a larger authorized share count, with no additional payment required.

Zhibao announced a non-binding term sheet on July 22. As Cryptopolitan reported at the time, that earlier plan called for Joyertech and Information OPC to subscribe to a PIPE of about 3,500 Bitcoin, or roughly $220 million, and to appoint a majority of the board after the deal closed.

Under that term sheet, Zhibao’s existing team was to continue operating the legacy insurance business until a “separation, disposition, or other restructuring.”

The final deal was smaller, closing at 2,380 coins and $154.7 million. The 6-K says the capital came from a syndicate of undisclosed non-U.S. investors and was signed by Zhibao Chief Executive Jinmei Guo Hellstroem.

Director Botao Ma described the deal as “one of the most transformational moments” in the company’s decade-long history. He said the new backers bring crypto expertise that Zhibao can use to expand its AI-powered insurance products.

Nasdaq compliance deadline set for January 2027

Cryptopolitan previously reported that Zhibao’s market capitalization was around $12 million to $15 million this summer. The Bitcoin raised in the transaction was worth roughly 15 times the company’s total equity value at July figures, a gap that shows how unusual the financing is relative to Zhibao’s prior market size.

Zhibao, which trades under the ticker ZBAO, says it is the first company in China to operate an embedded “2B2C” digital-insurance model and launched the country’s first digital insurance brokerage platform in 2020.

ZBAO shares closed below $1 from May 27 through July 9, and Nasdaq sent the company a minimum bid-price deficiency notice on July 15.

Zhibao must regain compliance by January 6, 2027. The company had previously disclosed “substantial doubt” about its ability to continue as a going concern in SEC filings, citing accumulated deficits and cash outflows.

Zhibao has an all-crypto structure. By contrast, Strategy, the company that wrote the playbook, has paused its weekly buys. Japan’s Metaplanet is putting 2,100 Bitcoin, worth about $132 million, into a U.S. treasury vehicle.

Cryptopolitan also reported that about 40% of the top 100 Bitcoin treasury companies now trade below the net asset value of their coins.