Meanwhile raises $37.5 million for Bitcoin-only insurance

Meanwhile, the first licensed life insurance company to operate exclusively with Bitcoin (BTC), has raised an additional $37.5 million in a funding round led by Bain Capital Crypto. This brings the company’s total funding to over $180 million. Notable existing investors include OpenAI CEO Sam Altman.

Operating under a ‘Class IILT’ license from the Bermuda Monetary Authority, the company maintains its entire balance sheet, reserves, and audited financial statements in Bitcoin. Meanwhile offers products such as ‘BTC Life 1-Pay’, a single-premium whole life insurance policy designed for high-net-worth individuals outside the United States. The product allows policyholders to pay premiums in BTC and receive BTC-denominated death benefits.

CEO and co-founder Zac Townsend stated that while many wealthy individuals already hold Bitcoin, they previously lacked a regulated mechanism to transfer those assets to the next generation. The company reports that long-term subscription net income has already exceeded the total from the previous year and is expected to double this year.