Policies Priced in Bitcoin: Meanwhile Lands $37.5M to Fuel Overseas Expansion

A life insurance policy where you pay premiums in bitcoin and collect the death benefit in bitcoin too — that's not a gimmick bolted on later, it's how Meanwhile was built from day one. The Bermuda-headquartered insurer announced last Thursday that it closed a $37.5 million funding round led by Bain Capital Crypto, with existing investors Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital all participating. Combined with previous rounds, the company has now raised more than $180 million in total.

This round follows an $82 million raise in October 2025 co-led by Bain Capital Crypto and Haun Ventures, and before that, a $40 million Series A in April 2025. The investor list also includes OpenAI founder Sam Altman.

Earlier this year the company launched BTC Life 1-Pay, a whole-life insurance product aimed at high-net-worth clients outside the U.S.: policyholders pay the premium in a single lump sum of bitcoin, and the death benefit is also paid out in bitcoin, with no conversion to fiat. Once the policy has been active for a year, holders can borrow up to 90% of the policy's cash value — with no repayment schedule and no margin calls triggered. Compared to traditional life insurance policy loans, this effectively turns bitcoin into a pledgeable asset that can be tapped on demand, rather than something that just sits there waiting for a payout.

The company's earlier product, BTC 10-Pay, was designed specifically for U.S. taxpayers. According to audited figures released in April, Meanwhile's total assets stood at 1,183 bitcoin at the end of 2025, more than five times the prior year's figure, while statutory capital and surplus came to 759 bitcoin. The company said its net long-term underwriting income so far this year has already exceeded its full-year total for last year, and it expects that figure to more than double in 2026 — though it didn't disclose exact numbers.

"Meanwhile has every layer of a regulated life insurer, but runs like an AI startup," said Stefan Cohen, partner at Bain Capital Crypto, in a statement. "This year's growth proves the model works."

Overseas broker network expands to 15

Since launching BTC Life 1-Pay, Meanwhile has signed on 15 brokerages serving high-net-worth families, with a footprint spanning Singapore, Hong Kong, the UAE, and Switzerland. Partners include Lioner, an insurance and wealth management group with offices in Hong Kong, Singapore, and Zurich, and Apeiron Group, which runs a trading platform for high-net-worth life insurance.

"Wealthy families all over the world already hold bitcoin — what they're missing is a regulated way to pass it down," said Zac Townsend, co-founder and CEO of Meanwhile. "Brokerages have been coming to us because their clients keep asking. This round lets us keep pace with that demand."

Giorgio Jeni, a partner at Lioner, said bitcoin and other digital assets are becoming part of the wealth landscape, and high-net-worth individuals with cross-border interests and relationships are starting to think more broadly about how to manage that wealth for the future. Justin Man, CEO of Apeiron Group, noted that client questions have shifted from "how do I hold bitcoin" to "how do I plan for it and pass this wealth on to the next generation."

Meanwhile obtained a Class IILT license from the Bermuda Monetary Authority in July 2024, after operating in a regulatory sandbox for two years prior. The company's balance sheet, reserves, and audited financial statements are all denominated in bitcoin, while policyholder funds are held by regulated institutional custodians.