Crypto
21 Aug 2026
Read 13 min
Zhibao Bitcoin treasury: How 2,380 BTC funds growth *
Zhibao Bitcoin treasury strengthens the firm's balance sheet and funds AI-driven insurance expansion.
Zhibao Technology raised $154.7 million by accepting 2,380 Bitcoin directly from investors, marking a bold shift in the Zhibao Bitcoin treasury approach. Instead of raising cash and buying BTC later, the firm received BTC into its wallet at a $65,000 reference price. The move funds product growth and deepens crypto ties.
Zhibao Technology, a Nasdaq-listed InsurTech company based in Shanghai, took an unusual path to strengthen its balance sheet and fuel expansion. In a private placement, a group of non-U.S. investors sent 2,380 BTC straight into the company’s wallet rather than wiring dollars. The company set a $65,000 reference price for each coin, reflecting market levels on July 30. In return, investors received 442 million units at $0.35 each. Each unit includes a Class A ordinary share and a two-year warrant. Zhibao delivered about 396 million units at closing. The rest will follow shareholder approval. The company plans to file an SEC resale registration within 45 days of the July 31 effective date.
This raise is not a side project. Zhibao says it will use the capital to strengthen its financial base and scale its AI-driven insurance products. The investor group also brings crypto market and infrastructure expertise, which could help the firm with custody, liquidity, and future digital product ideas.
$154.7 million total raise, paid in 2,380 BTC
$65,000 reference price per BTC, set using July 30 market levels
442 million units issued at $0.35 each
Each unit includes one Class A share plus a two-year warrant
About 396 million units closed now; the rest need shareholder approval
Resale registration filing due within 45 days of July 31
The reference price matters. It anchors the fair value at issuance, even though the spot price can move a lot. It also helps auditors and investors track entry points and later gains or losses. Custody matters too. Accepting BTC into a company wallet requires controls, multi-signature procedures, and clear roles between management, the board, and any third-party custodians.
Invest in AI models for risk scoring and pricing
Expand distribution through e-commerce and super-app partners
Improve claims automation and fraud detection
Hire engineers and compliance talent to support growth
Enter new product lines with better data and underwriting
In simple terms, this raise buys time and flexibility. The company can move faster on product roadmaps without waiting for cash cycles to catch up.
Faster deployment: No need to convert dollars into BTC after the raise
Market signal: Shows conviction and operational readiness in digital assets
Network effects: Crypto-native investors can open doors in liquidity, custody, and partnerships
Potential upside: BTC on the balance sheet can appreciate over time
Differentiation: Stands out from peers that still run cash-only treasuries
The Zhibao Bitcoin treasury also makes the company part of a growing set of public firms that hold BTC as a strategic reserve. That club has gained mindshare with investors who want exposure to Bitcoin via operating companies.
Volatility: BTC price swings can move book value and earnings (through fair value changes)
Accounting: Recognition rules can add noise to reported results
Custody and operations: Key management and security procedures must be tight
Regulation: Cross-border flows and digital assets face evolving rules
Dilution: 442 million new units plus warrants add share count pressure
Warrant overhang: Future exercises can weigh on the stock unless growth outpaces dilution
Good policies can reduce these risks. Clear board oversight, strong treasury controls, insurance on custody, and consistent disclosures help investors trust the process.
More direct-to-treasury BTC transfers and fewer large market orders
Greater use of reference pricing tied to a specific date and venue
Closer ties between corporate finance desks and crypto market makers
New structures for hedging or lending against treasury BTC
On the equity side, investors will judge these raises by execution. Are products shipping? Are margins improving? Does the company communicate a clear treasury policy, including when it might sell, borrow, or hedge BTC?
Authorized signers and multi-sig thresholds for the company wallet
Insurance coverage for digital assets held in custody
Clear rules for selling, lending, or pledging BTC
Disclosure cadence for treasury balances and fair value changes
The Zhibao Bitcoin treasury now holds 2,380 BTC from this transaction. Management’s next task is to show how that reserve supports real business growth, not just a headline.
BTC price vs. the $65,000 reference level and its impact on book value
AI product launches and distribution partnerships that drive revenue
Warrant exercises and total share count over time
Custody audits, security attestations, and insurance coverage
Profitability metrics as automation reduces costs
Updates in SEC filings and earnings calls on treasury policy
If the Zhibao Bitcoin treasury appreciates while the core business grows, equity holders can benefit twice. If BTC falls or execution slips, dilution and volatility can hurt returns. The spread between those outcomes will depend on discipline, transparency, and product wins.
Zhibao chose a simple but bold idea: accept Bitcoin first, issue equity second, and put the coins to work on the balance sheet. That decision cuts friction and sends a clear message to crypto-native partners. It also invites higher scrutiny and demands tight risk controls. If management hits its product goals and keeps its treasury policy clear, the Zhibao Bitcoin treasury could become a case study in how digital assets can fund real-world growth.
(p(Sou)p(Sourcrce: https://decrypt.co/375935/china-zhibao-bitcoin-treasury-pivot)
Why the Zhibao Bitcoin treasury move matters
Most public companies that hold Bitcoin take a two-step path. They raise cash, then buy BTC in the market. Zhibao flipped the script. It accepted Bitcoin as the funding currency, so the coins never touched a bank account before landing on the balance sheet. That shift reduces execution risk and trading slippage, and it aligns the company with investors who share a long-term crypto view. The structure also signals confidence. By accepting BTC directly, management shows comfort with custody, accounting, and volatility. That may attract partners in fintech, payments, or Web3 who want a corporate that speaks their language. For an InsurTech firm that sells embedded coverage and AI tools, that network can be as valuable as the capital.How the deal was structured
This financing is a PIPE, or private investment in public equity. The pricing details are straightforward:What the capital can power inside Zhibao
Zhibao focuses on embedded digital insurance in China, with an emphasis on AI tools that can personalize offers and speed claims. Fresh capital and a stronger balance sheet can help the company:Strategic benefits beyond the cash
Taking Bitcoin directly creates second-order advantages:Real risks to watch
There are trade-offs. This strategy can work well in bull markets and strain in drawdowns:How this compares to other corporate Bitcoin plays
Zhibao is not alone. Japan’s Metaplanet is seeding a U.S. treasury vehicle with 2,100 BTC, worth about $132 million. Strategy, a pioneer of the corporate Bitcoin playbook, stopped its weekly BTC buys and has been selling portions of its holdings while it pursues a capital-management framework. It recently raised $334 million by selling stock without touching its BTC. These shifts show both the promise and the stress in digital asset treasuries. Some firms lean harder into Bitcoin as a reserve. Others rebalance or unwind positions as market conditions change. Zhibao’s model stands out because it cut out the cash leg. Investors contributed BTC first, then received equity and warrants. If more public companies copy this, it could reduce market impact from large spot buys and create a cleaner audit trail for issuance.Market implications
If deals like this grow, they could change Bitcoin flows:Governance, compliance, and next steps
Zhibao says it will file a resale registration statement with the SEC within 45 days of July 31, covering the shares and warrants from this deal. Shareholder approval is still needed for the remaining units. Investors should expect more disclosures on custody, risk management, and treasury accounting in upcoming filings. Policies to watch include:What investors should track
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FAQ
Q: What did Zhibao do in its recent financing?
A: Zhibao raised $154.7 million in a private placement paid with 2,380 Bitcoin sent directly to the company wallet at a $65,000 reference price. Investors received 442 million units at $0.35 each pairing a Class A ordinary share with a two-year warrant, and roughly 396 million units were delivered at closing with the remainder pending shareholder approval. The Zhibao Bitcoin treasury now holds the 2,380 BTC from this transaction.
Q: How was the private placement structured?
A: The deal was structured as a PIPE where non-U.S. investors contributed 2,380 BTC valued at $65,000 per coin in exchange for 442 million units priced at $0.35 each. Each unit paired one Class A ordinary share with a two-year warrant, and about 396 million units were delivered at closing with the rest subject to shareholder approval. The company said it will file a resale registration with the SEC within 45 days of the July 31 effective date for the Zhibao Bitcoin treasury issuance.
Q: Why did Zhibao accept Bitcoin directly instead of raising cash then buying BTC?
A: By accepting Bitcoin directly, Zhibao cut out the cash leg and the spot-market buy, which reduces execution risk and trading slippage. The Zhibao Bitcoin treasury approach also aligns the company with investors who share a long-term crypto view and signals operational readiness around custody and digital assets.
Q: How will Zhibao use the funds from the crypto-funded raise?
A: Zhibao said it will use the capital to strengthen its financial base and scale AI-driven embedded insurance products, funding AI models, distribution expansion, claims automation, and talent hires. The Zhibao Bitcoin treasury-backed funding is meant to buy time and flexibility so product roadmaps can proceed without waiting for traditional cash cycles.
Q: What are the main risks associated with holding Bitcoin on Zhibao’s balance sheet?
A: Holding Bitcoin exposes Zhibao to volatility that can swing book value and earnings via fair-value accounting, as well as added accounting and disclosure noise. The Zhibao Bitcoin treasury strategy also raises custody and operational risks, regulatory uncertainty, dilution from the new units and warrants, and potential overhang from future warrant exercises.
Q: What governance and custody measures did Zhibao indicate are important after the deal?
A: The Zhibao Bitcoin treasury requires strict custody controls such as multi-signature procedures, authorized signers, third-party custody arrangements, and insurance coverage, along with clear rules for selling, lending, or pledging BTC. The company also plans filings and disclosures, including a resale registration with the SEC within 45 days of July 31 and shareholder approval for the remaining units.
Q: How does Zhibao’s approach compare with other corporate Bitcoin holdings?
A: Unlike the common two-step model where firms raise cash and then buy Bitcoin, Zhibao accepted BTC directly into its balance sheet, eliminating the intermediate market purchase. The Zhibao Bitcoin treasury move contrasts with peers such as Metaplanet, which is seeding a U.S. treasury vehicle with 2,100 BTC, and Strategy, which has paused weekly buys and sold holdings while raising cash via stock sales.
Q: What should investors monitor after Zhibao’s Bitcoin-funded raise?
A: Investors should watch Bitcoin’s price relative to the $65,000 reference level, AI product launches and distribution partnerships, warrant exercises and total share count, and custody audits or insurance coverage. Clear communication on the Zhibao Bitcoin treasury policy in SEC filings and earnings calls and progress on profitability metrics will also be key indicators of execution.
* The information provided on this website is based solely on my personal experience, research and technical knowledge. This content should not be construed as investment advice or a recommendation. Any investment decision must be made on the basis of your own independent judgement.
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