ZK Tech Completes $154.7 Million Bitcoin PIPE Financing, Adding 2,380 BTC to its Holdings

BlockBeats News, August 19th, Chinese insurtech company Zhibao Technology (ticker: ZBAO), listed on Nasdaq, has completed the previously announced private investment in public equity (PIPE) financing, with investors subscribing to the company's newly issued shares and warrants with 2380 bitcoins. Calculated at a reference price of $65,000 per BTC as agreed upon, the transaction size is approximately $154.7 million.

According to Zhibao Technology's 6-K filing with the U.S. Securities and Exchange Commission (SEC), investors have transferred all 2380 BTC to the company's designated wallet at the transaction closing. In exchange, the company has issued 442 million PIPE units at a price of $0.35 per unit, with each unit containing 1 share of Class A common stock and 1 warrant. The exercise price of the warrants is also $0.35, with a validity period of two years.

Zhibao Technology has stated that it will hold bitcoin as a corporate treasury asset to support its daily operations, business expansion, research and development, and AI-related applications. Following this transaction, Zhibao Technology's BTC holdings rank 33rd among publicly traded companies worldwide.