Nasdaq-Listed Chinese Firm Mimics Michael Saylor, Launches $154.7 Million Bitcoin Treasury

Zhibao Technology completed a $154.7 million Bitcoin financing private placement on Tuesday, establishing a corporate treasury reserve containing 2,380 BTC.

New Bitcoin Treasury Firm

The Shanghai-based digital insurance broker issued 442 million units at $0.35 per unit, with each unit consisting of one Class A ordinary share and a two-year warrant with an exercise price of $0.35.

"Investors have fully paid the purchase price by contributing 2,380 bitcoins to the company's designated wallet account, calculated at a reference price of $65,000 per bitcoin," the company stated in a press release.

The company plans to use the funds for general business expenses, business expansion, research and development, AI projects supporting its operations, and advancing its digital asset reserve strategy.

ZBAO Shares Decline

According to bitcointreasuries.net data, Zhibao Technology is now the 33rd largest corporate Bitcoin holder, surpassing companies such as Core Scientific Inc. and Cipher Digital Inc.

Michael Saylor's Strategy Inc. leads the industry, holding over $53 billion in Bitcoin on its balance sheet.

Price action: At the time of writing, BTC was trading at $64,265.99, up 0.31% over the past 24 hours.

Zhibao Technology shares fell $1.63 in after-hours trading, closing down 4.58% at $0.2084 during Tuesday's regular session. Year-to-date, the stock has declined nearly 77%.

According to Edge stock rankings, ZBAO shares continue to exhibit weak price momentum in the short, medium, and long term.