Zhibao Technology has closed its $154.7 million PIPE after a group of non-U.S. investors transferred 2,380 BTC to the company's designated wallet as full payment, using a reference price of $65,000 per coin. The Nasdaq-listed Chinese insurtech agreed to issue 442,000,000 units at $0.35 each, with 395,678,152 units delivered at the Aug. 17 closing and the remaining 46,321,848 due within 30 days once shareholders approve an increase in authorized share capital; each unit carries one Class A ordinary share and a two-year warrant exercisable at $0.35. The transaction was scaled back from an earlier 3,500 BTC, roughly $220 million term sheet and, if all warrants are exercised, could expand into 884 million new Class A shares, far above Zhibao's pre-deal share count. Zhibao said the Bitcoin will support operations, expansion, AI and research efforts, and its digital-asset reserve strategy, while the investor group is expected to install most of the board and new management as the company also works to regain Nasdaq's $1 minimum bid compliance by Jan. 6, 2027.