On August 19, Zhibao Technology Inc. (ZBAO), an insurance technology company based in Shanghai, China, completed its previously announced private investment in public equity (PIPE) financing transaction, acquiring 2,380 BTC as part of the financing consideration. Based on a fixed reference price of $65,000 per BTC, the transaction size is approximately $154.7 million. According to the Form 6-K filed by Zhibao Technology with the U.S. Securities and Exchange Commission (SEC) and the announcement released on August 17, investors transferred all 2,380 BTC to the company's designated wallet upon completion of the transaction. In exchange, Zhibao Technology issued 442 million PIPE units at a price of $0.35 per unit. Each PIPE unit consists of one share of Class A common stock and one warrant to purchase additional Class A common stock at $0.35, with an exercise period of two years. At the completion of the transaction, the company delivered 395,678,152 PIPE units, while the remaining 46,321,848 units will be delivered after shareholder approval for an increase in authorized capital, without requiring additional payment from investors. This transaction originated from a non-binding letter of intent signed by Zhibao Technology at the end of July, initially planning to raise approximately 3,500 BTC. Subsequently, both parties signed a final agreement on July 31, adjusting the transaction size to 2,380 BTC based on the $154.7 million financing target and the $65,000 reference price per BTC. Zhibao Technology stated that the acquired BTC will be held as a long-term asset reserve to support the company's daily operations, business expansion, research and development investments (including AI applications integrated with insurance technology), and a digital asset reserve strategy centered around Bitcoin. With the addition of 2,380 BTC to its asset reserves, Zhibao Technology is now ranked 33rd globally among publicly listed companies in terms of Bitcoin holdings, and is the second-highest publicly listed company in China holding BTC, following Next Technology Holding. Notably, the BTC was not purchased on the open market using cash from the financing; instead, it was directly used as payment by investors for subscribing to shares, entering the company's balance sheet. By issuing equity in exchange for BTC, Zhibao Technology has secured a substantial digital asset reserve from the completion of the transaction while also expanding its equity scale.