Zhibao Technology
ZBAO · NASDAQTreasury vehicleMediumChina (Cayman Islands holding company)
BTC held
2,380
as of Aug 17, 2026 · 0.011% of 21M
Value now
$182M
at BTC $76,392
Basic mNAV
0.40×
mkt cap $74M as of Aug 28, 2026
Sats per share
554
430M shares as of Aug 17, 2026
Cost basis
- Average cost per BTC
- $65,000
- Total invested
- $155M
- Unrealized gain
- $27M (+17.5%)
Treasury debt
- No convertible debt found. The BTC treasury was funded via an all-equity PIPE: 442M units at $0.35 (one Class A share + one 2-year warrant at $0.35 exercise), of which 395,678,152 units were issued at the Aug 17, 2026 closing; the balance of 46,321,848 units awaits shareholder approval. Investors paid entirely in bitcoin on-chain.—
Recent activity
On August 17, 2026, the Chinese digital insurance brokerage closed a $154.7M PIPE paid entirely in bitcoin, receiving 2,380 BTC on-chain at a $65,000/BTC reference price (SPA signed July 31, 2026). The deal replaced the CEO, CFO, and four of five board seats with investor appointees, effectively pivoting the company to a bitcoin treasury strategy.
Risk notes
Extreme dilution: ~395.7M new shares versus ~34.1M prior shares outstanding, and the quoted $5.83M market cap still reflects the pre-PIPE share count (post-PIPE shares at the $0.17 price imply roughly $74M). Nasdaq issued a minimum bid-price deficiency notice on July 15, 2026 (compliance deadline Jan 6, 2027); complete management turnover, undisclosed Reg S investors, unclear BTC custody arrangements, and a PRC-operating/Cayman-holdco structure add governance risk. Shares-outstanding figure is computed (pre-PIPE 34.06M + 395.68M PIPE shares) pending the F-1 due ~Sept 14, 2026. Post-PIPE: 395.7M new Class A shares delivered Aug 17, 2026 against 2,380 BTC contributed; a further 46.3M units plus 442M warrants at $0.35 await shareholder approval.
Sources
- https://www.newsfilecorp.com/release/309888/Zhibao-Technology-Inc.-Announces-Closing-of-154.7-Million-PIPE-Financing
- https://www.tftc.io/zhibao-technology-154-million-bitcoin-pipe-2380-btc-treasury
- https://decrypt.co/375935/china-zhibao-bitcoin-treasury-pivot
- https://www.cryptopolitan.com/zhibao-closes-154-million-bitcoin-2380-btc/
- https://www.cryptotimes.io/2026/08/19/chinese-nasdaq-firm-zhibao-just-bought-2380-bitcoin-in-154-7m-deal/
- https://stockanalysis.com/stocks/zbao/
- https://bitcointreasuries.net/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding ZBAO securities.