Chinese InsurTech Zhibao Joins Corporate Bitcoin Treasury Class With All-Crypto Funding

Zhibao Technology, a Nasdaq-listed Chinese insurance-technology company, has become the latest major firm to embrace Bitcoin as a strategic treasury asset, completing a $154.7 million private placement funded entirely in cryptocurrency. The Shanghai-based firm announced Monday that a syndicate of non-U.S. investors contributed 2,380 Bitcoin directly to the company wallet, bypassing the conventional cash-raise-then-purchase model entirely. Valued at a reference price of $65,000 per coin, anchored to market levels as of July 30, the transaction marks a watershed moment for how Asian corporations are approaching capital formation in the digital asset era.

Direct Crypto Funding Reshapes Capital Formation

Rather than following traditional capital-raise pathways, Zhibao enabled its investor syndicate to fund the offering by delivering Bitcoin directly to company coffers. Participants received 442 million units priced at $0.35 apiece, with each unit combining a Class A ordinary share and a two-year warrant. Approximately 396 million units were delivered at closing, while the remainder awaits shareholder approval. The structure demonstrates how market participants increasingly view cryptocurrency not just as an asset class but as a native funding mechanism equivalent to traditional cash.

Director Botao Ma characterized the financing as transformational for the company’s decade-long history, emphasizing that it strengthens Zhibao’s financial foundation while attracting sophisticated investors with specialized expertise in crypto infrastructure and markets. Zhibao, which positions itself as a pioneer in embedding digital insurance solutions for Chinese consumers, plans to deploy the capital toward expanding its artificial intelligence-powered insurance offerings. The firm will file an SEC resale registration statement within 45 days of the July 31 effective date, addressing regulatory requirements for the novel funding structure.

Corporate Bitcoin Treasuries Show Mixed Momentum

Zhibao joins an expanding roster of publicly traded companies building Bitcoin allocations into their balance sheets, though its all-crypto funding approach remains distinctive. Japan-based Metaplanet is constructing a U.S. treasury vehicle seeded with 2,100 Bitcoin worth approximately $132 million. However, the sector displays divergent trajectories: Strategy, which pioneered the corporate Bitcoin treasury playbook, has halted its regular Bitcoin acquisition program and begun selectively liquidating portions of its holdings. The firm recently raised $334 million through equity offerings while preserving its core Bitcoin reserves, then deployed those proceeds toward shareholder dividends and stock repurchases.

Companies pursuing Bitcoin treasury strategies face real volatility exposure, tying their financial fortunes to a cyclical asset. As market conditions have shifted, some newer entrants have started unwinding positions entirely, while established participants have adopted hybrid approaches using selective Bitcoin sales to fund shareholder distributions. Zhibao’s decision to embrace all-crypto funding signals confidence in sustained institutional adoption of Bitcoin, even as the broader corporate treasury sector navigates questions about long-term viability.

Institutional adoption of Bitcoin continues to evolve from passive holdings into something more consequential: a reshaping of how publicly traded corporations access capital and structure their financial operations.

Source: Decrypt. Not financial advice.