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Zhibao Technology has completed a $154.7 million Bitcoin PIPE financing, adding 2,380 BTC to its holdings.

2026.08.19 00:32:11

Nasdaq-listed Chinese insurance technology firm Zhibao Technology (stock code: ZBAO) has completed its previously announced Private Investment in Public Equity (PIPE) financing, with investors subscribing to the company’s newly issued shares and warrants using 2,380 Bitcoin. At the agreed reference price of $65,000 per BTC, the transaction is valued at approximately $154.7 million. According to a 6-K filing submitted by Zhibao to the U.S. Securities and Exchange Commission (SEC), investors transferred all 2,380 BTC to the company’s designated wallet at closing. In exchange, the company issued 442 million PIPE units, each priced at $0.35, comprising 1 Class A ordinary share and 1 warrant. The warrant has an exercise price of $0.35 and a two-year term. Zhibao stated it will hold Bitcoin as reserve assets, using them to support daily operations, business expansion, research and development, and AI-related applications. Following the transaction, Zhibao’s Bitcoin holdings rank 33rd among global public companies.

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Analysis: The majority of BTC sold on-chain are currently profitable, and strong buying pressure is a typical hallmark of a bull market.

Glassnode notes that Bitcoin’s entity-adjusted Spent Output Profit Ratio (SOPR) 7-day moving average has reclaimed the 1.00 break-even threshold. This means most on-chain sold tokens are in profit, yet the price has not immediately pulled back—signaling strong enough buying demand to absorb profit-taking selling pressure, a hallmark of a bull market. If the indicator remains above 1, it reflects robust demand; a drop back below 1 would indicate this supporting force is fading. The accompanying chart’s orange line is the adjusted SOPR, gray line tracks BTC price, green areas denote overall profitable sales, and red areas represent overall loss-making sales.

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