Zhibao Tech Raises $154.7M in PIPE, Paid in 2,380 BTC

The notable detail is not the raise itself but the denomination: an equity-linked private placement settled in Bitcoin signals that some issuers and investors now treat BTC as usable balance-sheet currency rather than a speculative side position. It matters most for corporates holding digital assets and for the intermediaries structuring such deals, since settlement mechanics, custody and disclosure treatment become the practical friction points. Whether paying for equity in crypto remains a one-off structure or spreads to other private rounds is the open question.