China insurtech firm Jbao Technology has received 2,380 BTC directly into the company’s wallet, closed a $154.7 million private investment in public equity (PIPE) and begun a bitcoin treasury strategy.

On Aug. 19 local time, blockchain media outlet Decript reported that the core of the deal was its structure of taking the investment itself in cryptocurrency, unlike the typical corporate treasury model of raising cash and then buying bitcoin.

Jbao, which is listed on Nasdaq, said a syndicate of non-U.S. investors contributed bitcoin instead of cash. The company calculated the total amount raised by applying a bitcoin price of $65,000 per coin based on the market price on July 30.

In return, investors received 442 million units priced at $0.35 per unit. Each unit consists of 1 share of Class A common stock and a 2-year warrant. About 396 million units were issued at the close of the deal, with the remainder to be issued after shareholder approval.

Jbao described the deal as strengthening its financial base to expand its insurance business, not as a separate pivot away from its existing business. Director Botao Ma (보타오 마) said the fundraising was “one of the most transformative moments” in the company’s 10-year history and would help strengthen its financial base and expand artificial intelligence-based insurance products. He also said he expects investors’ deep expertise in the crypto market and infrastructure could open new opportunities for the company.

The deal puts Jbao among listed companies that add bitcoin to their balance sheets. The structure is unusual. Many companies raise cash through equity or bonds and then buy bitcoin, but Jbao received bitcoin directly at the fundraising stage.

Markets are also highlighting risks alongside the spread of corporate bitcoin treasury strategies. Japan’s Metaplanet is putting 2,100 BTC into a U.S. treasury entity. Strategy, long seen as a leading player in this approach, has stopped weekly bitcoin purchases and has begun selling some holdings to improve its financial structure. Strategy recently raised $334 million through stock sales without disposing of bitcoin.

A structure that ties corporate finance to bitcoin price volatility can be expected to expand assets in upswings, but can turn into a financial burden in downturns. Strategy is now shifting to a “capital management framework” and is using funds from bitcoin sales for dividends and share buybacks. Some latecomer companies have moved to reduce positions as related deals cool.

Jbao said it plans to file a resale registration statement with the U.S. Securities and Exchange Commission within 45 days from the effective date of July 31 in relation to the deal. The filing will cover the shares and warrants issued in the transaction. As a result, Jbao’s bitcoin treasury strategy is expected to move beyond simple holding and take shape in step with capital market procedures.