Bitcoin Price Rises as Zhibao Funds Deal With BTC

The price of Bitcoin rallied 2.92% to $66,633 and surpassed critical resistance levels following extended sideways trading in BTC.
Zhibao Technology raised $154.7 million in proceeds via a placement financed by 2,380 BTC from some investors.
Bitcoin rallied to reach around $66,822 and RSI around 79.6 indicated strong bullish momentum with correction probability.

Bitcoin climbed sharply to $66,633 after breaking out of several hours of sideways trading, with the move coinciding with news that Nasdaq-listed Zhibao Technology had completed a $154.7 million private placement funded entirely with Bitcoin.

The cryptocurrency rose 2.92% as buyers pushed the price from around $64,500 to an intraday high near $66,822.

At the same time, Zhibao said investors contributed 2,380 BTC directly to its company wallet instead of providing cash, adding the Chinese insurance-technology company to the group of public companies holding Bitcoin as a corporate treasury asset.

Bitcoin Breaks Above Key Technical Levels

Bitcoin’s four-hour chart showed a decisive move above the recent trading range, which had extended from approximately $62,700 to $65,000. The latest candle moved above the upper Bollinger Band, positioned near $65,813, as the price reached approximately $66,822.

The move placed Bitcoin above its recent range and above the major exponential moving averages displayed on the chart. The 20 EMA was near $64,302, while the longer-term averages were clustered between approximately $63,933 and $63,998.

Source: Trading View

The technical setup also showed elevated momentum. The relative strength index stood near 79.5 to 79.6, placing the indicator in overbought territory. The four-hour Bollinger middle band was approximately $64,078.

A sustained move above $66,800 would leave $67,000 as the next stated level to watch. A rejection from the current area could instead bring the price back toward $65,800, followed by the $64,300 to $64,100 region.

A move below the 20 EMA near $64,302 would expose the broader EMA cluster around $64,000.

Zhibao Technology Funds Placement With Bitcoin

Zhibao Technology said it completed a $154.7 million private placement through contributions of Bitcoin from a syndicate of non-U.S. investors. The Shanghai-based company reported that the investors transferred 2,380 BTC directly to its corporate wallet.

For purposes of the transaction, the Bitcoin was valued at a reference price of $65,000 per coin, based on market levels on July 30. The structure differed from a conventional cash-funded placement because the investors supplied cryptocurrency rather than U.S. dollars or another cash equivalent.

The company said investors received 442 million units priced at $0.35 each. Every unit combined a Class A ordinary share with a two-year warrant. Approximately 396 million units were issued at closing, while the remaining units were subject to shareholder approval.

Zhibao said the transaction would strengthen its financial base and support the expansion of its AI-driven insurance products.

Director Botao Ma described the financing as a significant development in the company’s history and said the participating investors have experience in cryptocurrency markets and infrastructure.

Bitcoin Treasury Strategy Gains Another Public-Company Participant

Zhibao’s transaction places the company alongside other public companies using Bitcoin as a treasury asset. The company’s approach differs from the cash-raising model used by some other firms because the cryptocurrency was contributed directly as part of the financing.

Japan’s Metaplanet is also pursuing a Bitcoin treasury strategy and is seeding a U.S. treasury vehicle with 2,100 BTC, valued at approximately $132 million based on the figures provided.

Strategy, which established the corporate Bitcoin-buying model referenced in the source material, has taken a different approach. The company recently raised $334 million through stock sales without selling its Bitcoin holdings. It has also shifted toward a capital-management framework and has used Bitcoin sales to fund dividends and share buybacks.

The developments involving these companies show different approaches to managing Bitcoin on corporate balance sheets.

Zhibao used BTC as the funding asset for its private placement, while other companies have used equity financing or changes in their holdings to manage corporate capital.

Risks and Regulatory Filing

The SEC also identified risks associated with corporate Bitcoin holdings. Strategy has changed its approach to Bitcoin purchases and has begun selling portions of its holdings. Some newer digital-asset treasury companies have also started reducing or unwinding their Bitcoin positions.

Zhibao said it plans to file a resale registration statement with the U.S. Securities and Exchange Commission within 45 days of the July 31 effective date. The filing is expected to cover the shares and warrants issued through the transaction.

For Bitcoin, the immediate technical focus remains on whether the price can maintain levels above $66,000 and challenge the $66,800 area. The chart also shows support around $65,800 and the 64,300-to-64,000 region if the recent advance loses momentum.