BlockBeats News, August 19th, Chinese InsurTech Company Zhibao Technology (ticker: ZBAO), listed on Nasdaq, has completed the previously announced Private Investment in Public Equity (PIPE) financing. Investors subscribed to the company's newly issued shares and warrants with 2,380 bitcoins. Calculated at a reference price of $65,000 per BTC as agreed, the transaction size is approximately $154.7 million.

According to Zhibao Technology's 6-K filing with the U.S. Securities and Exchange Commission (SEC), investors have transferred all 2,380 BTC to the company's designated wallet at the closing of the transaction. In exchange, the company issued 442 million PIPE units at a price of $0.35 per unit, with each unit consisting of 1 share of Class A common stock and 1 warrant. The exercise price of the warrant is also $0.35, with a two-year term.

Zhibao Technology stated that it will hold bitcoin as a corporate reserve asset to support its daily operations, business expansion, research and development, and AI-related applications. After this transaction, Zhibao Technology's BTC holdings rank 33rd among publicly traded companies globally.