Bitcoin Life Insurance Provider Secures $82 Million in Funding

Apollo, Northwestern Mutual, Pantera Capital, and Stillmark are partnering with Bain Capital and crypto investor Haun Ventures to support the Bitcoin life insurance firm Meanwhile in an $82 million funding round.

The Bermuda-regulated insurer claims to be the first life insurer to offer products entirely denominated in crypto, having begun to provide policies in 2023. The firm invests policyholders’ premiums by lending Bitcoin to large, regulated financial institutions. Zac Townsend, co-founder and CEO of Meanwhile, stated that the firm is now “one of the largest lenders of Bitcoin in the world at duration,” meaning over extended periods.

“We are not operating a hedge fund or trading desk, and we are not concerned about the day-to-day, week-to-week, or month-to-month fluctuations in the price of Bitcoin,” Townsend mentioned during an interview. “Our focus is on institutional B2B, private credit.”

Meanwhile’s life insurance products also offer tax benefits for Bitcoin holders. After two years, policyholders can borrow up to 90% of their policy’s Bitcoin value tax-free, as stated on the firm’s website. The borrowed Bitcoin will have a new cost basis, allowing policyholders to sell it without incurring capital gains taxes.

This fundraising effort occurred just six months after the company announced its series A funding round of $40 million in April, initially led by OpenAI’s CEO, Sam Altman. Townsend opted not to discuss the company’s latest valuation.

Townsend indicated that the firm plans to utilize the funds to expand its team’s ability to meet the growing institutional demand for Bitcoin insurance products.

“This is shaping up to be an incredible institutional year for Bitcoin,” Townsend noted. “It’s significantly transforming the Bitcoin ecosystem. Our well-regulated, highly audited approach resonates with life insurers, retirement companies, and other institutions. We are collaborating with them to introduce Bitcoin-linked or Bitcoin-denominated products to the market.”

Stefan Cohen, managing director of Bain Capital’s crypto team, expressed that Bitcoin’s development as an alternative asset suggests that there could be increasing demand for insurance products focused on Bitcoin.

“As collateral and alternative assets improve and gain wider acceptance, individuals will seek financial products like life insurance that are expressed in Bitcoin rather than fiat terms,” Cohen stated.

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