Meanwhile, a bitcoin-denominated life insurance provider regulated in Bermuda, has raised $82 million in a new funding round led by a heavyweight group of investors including Apollo, Northwestern Mutual, Pantera Capital, Stillmark, Bain Capital, and Haun Ventures. The round comes just six months after the company closed a $40 million Series A in April, bringing total funding to over $120 million since its 2023 debut.
Innovative Bitcoin-Denominated Policies
Launched in 2023, Meanwhile was the first insurer to operate entirely in crypto. Its policies are fully denominated in bitcoin and offer unique tax and borrowing advantages. After two years, policyholders can borrow up to 90% of their bitcoin policy value tax-free, with the borrowed BTC adopting a new cost basis, allowing holders to sell later without triggering capital gains taxes.
How Premiums Are Deployed
The company invests premiums by lending bitcoin to large, regulated financial institutions. CEO Zac Townsend says this has made Meanwhile “one of the largest long-term bitcoin lenders in the world.”
“This is an institutional year for bitcoin. Our particular breed of well-regulated [products] resonates with life insurers, retirement companies, and institutions. We are working with them to bring bitcoin-denominated products to market.” – Zac Townsend
Institutional Demand Fuels Expansion
Bain Capital’s Stefan Cohen noted that the investment reflects a growing trend: as bitcoin matures into a recognized asset class, financial products like life insurance will increasingly be “expressed in bitcoin terms, not fiat.” The new funds will expand Meanwhile’s ability to meet rising institutional demand for bitcoin-based insurance products.