**[Zhibao Technology Completes $154.7 Million PIPE Financing, Adds 2,380 BTC to Corporate Asset Reserves]** BlockBeats News, August 19 — Shanghai-based insurance technology company Zhibao Technology Inc. (ZBAO) has completed its previously announced private investment in public equity (PIPE) financing transaction, acquiring 2,380 BTC as consideration for the financing. Based on a fixed reference price of $65,000 per BTC, the transaction is valued at approximately $154.7 million. According to the Form 6-K document submitted by Zhibao Technology to the U.S. Securities and Exchange Commission (SEC) and the company’s announcement on August 17, investors transferred all 2,380 BTC to the company’s designated wallet upon completion of the transaction. In exchange, Zhibao Technology issued 442 million PIPE units, priced at $0.35 per unit. Each PIPE unit consists of one Class A common share and one warrant to purchase an additional Class A common share at $0.35, with a two-year exercise period. At the time of the transaction’s completion, the company delivered 395,678,152 PIPE units, while the remaining 46,321,848 units will be issued after shareholder approval to increase authorized share capital, without requiring additional funds from investors. This transaction originated from a non-binding letter of intent signed by Zhibao Technology at the end of July, which initially planned for a financing scale of approximately 3,500 BTC. Subsequently, both parties signed a definitive agreement on July 31, adjusting the transaction size to 2,380 BTC based on the $154.7 million financing target and the reference price of $65,000 per BTC. Zhibao Technology stated that the acquired BTC will be held as long-term corporate asset reserves to support daily operations, business expansion, research and development (including AI applications integrated with insurance technology), and the company’s digital asset reserve strategy centered around Bitcoin. With the addition of 2,380 BTC to its asset reserves, Zhibao Technology now ranks as the 33rd largest publicly listed company globally in terms of Bitcoin holdings. It is also the second-largest publicly listed company in China in terms of disclosed BTC holdings, trailing only Next Technology Holding. A unique aspect of this transaction is that the BTC was not purchased by the company using cash raised through financing in the open market. Instead, it was directly provided by investors as payment for subscribed shares, entering the company’s balance sheet as an asset. By issuing equity in exchange for BTC, Zhibao Technology immediately acquired a substantial digital asset reserve while simultaneously expanding its equity base. [Original Link]