BlockBeats News, August 19th—Shanghai-based insurance technology company Zhibao Technology Inc. (ZBAO) has completed the previously announced Private Investment in Public Equity (PIPE) financing transaction and received 2,380 BTC as the financing consideration. Calculated at a fixed reference price of $65,000 per BTC, the transaction size is approximately $154.7 million.

According to Zhibao Technology's Form 6-K filed with the U.S. Securities and Exchange Commission (SEC) and the company's announcement on August 17th, investors have 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 at a price of $0.35 per unit.

Each PIPE unit consists of 1 share of Class A common stock and 1 warrant to purchase additional Class A common stock at a price of $0.35, exercisable over a two-year period. At the completion of the transaction, the company has delivered 395,678,152 PIPE units, while the remaining 46,321,848 units will be delivered after shareholder approval of an increased authorized share capital, without the need for additional funding from investors.

This transaction originated from a non-binding Letter of Intent signed by Zhibao Technology at the end of July, with a planned financing size of approximately 3,500 BTC. Subsequently, the final agreement was signed on July 31st, and based on the $154.7 million financing target and a reference price of $65,000 per BTC, the transaction size was adjusted to 2,380 BTC.

Zhibao Technology stated that the BTC obtained this time will be held as a long-term reserve asset of the company, used to support its daily operations, business expansion, R&D investment (including AI applications combined with insurance technology), and a digital asset reserve strategy built around Bitcoin.

With the addition of 2,380 BTC to its reserve assets, Zhibao Technology is currently the 33rd publicly listed company globally in terms of Bitcoin holdings and the second-highest among publicly traded Chinese companies in terms of publicly held BTC, surpassed only by Next Technology Holding. The uniqueness of this transaction lies in the fact that the BTC was not purchased on the open market with the cash raised from the financing but was directly entered on the company's balance sheet as the asset used by investors to subscribe for shares. By issuing equity in exchange for BTC, Zhibao Technology has acquired a large-scale digital asset reserve from the completion of the transaction, while also expanding the company's equity base.