Nasdaq-listed Zhibao Technology has completed a $154.7 million private investment in public equity, or PIPE, funded entirely with 2,380 Bitcoin transferred directly to the company by a syndicate of non-U.S. investors. The Chinese insurance-technology firm documented the Bitcoin treasury addition in a 6-K filing with the U.S. Securities and Exchange Commission. The Bitcoin was valued at a reference price of $65,000 per coin based on market levels on July 30. Investors received 442 million units priced at $0.35 each, with every unit comprising a Class A ordinary share and a two-year warrant; about 396 million units were issued at closing, with the balance subject to shareholder approval. Director Botao Ma called the financing one of the most transformational moments in Zhibao’s decade-long history, saying it would strengthen the company’s financial base and support expansion of its AI-driven insurance products. The all-crypto financing structure sets Zhibao apart from companies that raise cash before buying Bitcoin, while making its corporate treasury strategy a notable move by a firm outside the crypto-native sector. Zhibao said it will file a resale registration statement with the SEC within 45 days of the July 31 effective date, covering the shares and warrants issued in the transaction. Investors will be watching whether the allocation is a one-time purchase or the beginning of further accumulation, although the available disclosures do not establish a formal treasury policy, entry price beyond the stated reference valuation, or any direct market reaction.