Nasdaq-listed Zhibao Technology closed a $154.7 million PIPE financing that was paid for with 2,380 Bitcoin contributed directly to a company wallet.

Director Botao Ma called the transaction one of the most transformational moments in the company’s decade-long history.

The all-crypto funding structure sets Zhibao apart from the more common treasury model in which companies raise cash and then buy Bitcoin. It also places the Chinese insurance-technology company alongside a crowded group of public firms building Bitcoin reserves, including Strategy and Japan’s Metaplanet, even as signs of strain emerge across digital asset treasury strategies.

Zhibao Technology, a Nasdaq-listed Chinese insurance-technology company, said it has entered the corporate Bitcoin treasury arena by completing a $154.7 million private placement funded entirely in cryptocurrency. The deal took the form of a PIPE, or private investment in public equity, a structure in which a listed company sells securities to a select group of investors rather than offering them on the open market.

The Shanghai-based company said Monday that a syndicate of non-U.S. investors financed the raise by contributing 2,380 Bitcoin directly to a company wallet rather than paying cash. The coins were valued at a reference price of $65,000 each, based on market levels as of July 30.

In return, the investors received 442 million units priced at $0.35 each, a package that together matches the $154.7 million raised. Each unit consists of one Class A ordinary share and one two-year warrant. About 396 million units were issued at closing, while the remaining roughly 46 million units will be delivered after shareholder approval.

Zhibao, which describes itself as a pioneer of embedded digital insurance in China, said the deal does not represent a departure from its core business. Instead, the company framed the financing as a turning point for its operations and balance sheet.

Botao Ma, a director at Zhibao, said the financing is one of the most transformational moments in the company’s decade-long history. He said it strengthens Zhibao’s financial position and supports the expansion of its AI-driven insurance products. Ma also said the investors bring deep experience in crypto markets and infrastructure, which he expects will create new opportunities for the company.

The move adds Zhibao to a growing list of public companies holding Bitcoin on their balance sheets, although its all-crypto financing structure differs from the standard approach used by many treasury firms. Because Zhibao took delivery of the coins directly, its Bitcoin position was established at closing rather than through purchases executed over time, and the value of the holdings will now move with the cryptocurrency’s market price.

Japan’s Metaplanet is seeding a U.S. treasury vehicle with 2,100 BTC, worth about $132 million. Meanwhile, Strategy, the company widely seen as the originator of the corporate Bitcoin treasury model, has stopped its weekly Bitcoin purchases and has begun selling portions of its holdings in an effort to stabilize its finances. The company recently raised $334 million by selling stock without selling any of its Bitcoin.

The digital asset treasury strategy has also shown signs of stress. Treasury firms link their fortunes to a volatile asset, and cracks have begun to appear across the sector. Strategy has shifted to what it calls a capital-management framework and is using Bitcoin sales to help fund dividends and buybacks, while some newer entrants have begun unwinding their positions entirely as enthusiasm for the trade cools.

Zhibao said it will file a resale registration statement with the U.S. Securities and Exchange Commission within 45 days of the July 31 effective date, covering the shares and warrants issued in the transaction. The pending shareholder approval for the remaining units and the two-year exercise window on the warrants mark the remaining steps in the deal’s completion.