Zhibao Technology, a China-based insurtech company listed on Nasdaq, has completed a $154.7 million private investment in public equity (PIPE) from non-U.S. investors, with the entire amount funded in 2,380 Bitcoin ($BTC). The company valued the cryptocurrency at $65,000 per coin as of July 30, according to a statement.

Deal Structure and Terms

Under the terms of the investment, participating investors will be entitled to receive up to 442 million Class A common shares, along with warrants to purchase additional shares at $0.35 each. The transaction represents one of the largest fully crypto-funded PIPE deals by a U.S.-listed company to date.

The use of Bitcoin as the sole funding vehicle underscores a growing trend of digital assets…