Bermudian life insurer Meanwhile, whose policies are denominated and settled in bitcoin, has closed a new $37.5 million funding round led by Bain Capital Crypto. The company reaches a $350 million valuation, underscoring the rise of digital asset-backed financial products for wealthy clients.
🔑 Key takeaways
- $37.5M round led by Bain Capital Crypto values Meanwhile at $350M
- Total funding now exceeds $180M, with Sam Altman among historical backers
- 1,183 BTC in total assets at end-2025, up more than 500% year-over-year
- BTC Life 1-Pay (non-US) and BTC 10-Pay (US taxpayers) products are operational
- Class IILT license granted by the Bermuda Monetary Authority in July 2024
A crypto-native round for a Bermudian insurtech
The deal was led by Bain Capital Crypto, joined by Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital, according to several sources familiar with the matter. Sam Altman, CEO of OpenAI, has been on Meanwhile’s cap table since earlier rounds.
With this latest raise, the company’s total funding now exceeds $180 million. The $350 million valuation was confirmed by Dealroom and Axios, citing co-founder and CEO Zac Townsend. The investor lineup reflects strong appetite from crypto-native venture capital for bitcoin-backed financial infrastructure, a segment long overlooked by institutional flows.
A life insurance product denominated in bitcoin end-to-end
Meanwhile’s business model rests on issuing whole life policies whose premiums and death benefits are denominated and settled in bitcoin (BTC). The company primarily targets internationally mobile wealthy families that already hold digital assets but struggle to pass them on within a regulated framework.
In early 2026, Meanwhile launched BTC Life 1-Pay, a single-premium whole life policy for high-net-worth clients outside the United States. Insureds pay a premium in bitcoin and receive a guaranteed death benefit in the same unit. After the first year, policyholders can borrow up to 90% of their policy’s value, with no fixed repayment schedule and no margin calls — a structure reminiscent of a Lombard loan (a collateralized advance) built on top of bitcoin.
A separate product, BTC 10-Pay, has been designed for US taxpayers, whose tax treatment rules out single-premium structures. This segmentation lets Meanwhile address both core client pools without bypassing local rules.
Distribution anchored in international wealth managers
Distribution relies on a network of fifteen brokers across key geographies. Partners include Lioner, a wealth and insurance group with offices in Hong Kong, Singapore and Zurich, as well as Apeiron Group, which runs a marketplace for high-net-worth life insurance. Covered territories span Singapore, Hong Kong, the United Arab Emirates and Switzerland.
“We’re reaching a tipping point where more and more wealthy clients aren’t just asking how to hold bitcoin and digital assets — they’re asking how to plan around them and ultimately transfer that wealth to the next generation.”
Giorgio Jeni, Partner at Lioner
Justin Man, CEO of Apeiron Group, added: “As bitcoin and other digital assets become part of the wealth landscape, high-net-worth individuals with international interests and ties are increasingly thinking broadly about how they manage their wealth for the future.” The signal is clear: demand now originates from wealth advisors themselves, pressured by their clients.
A balance sheet held entirely in bitcoin
On the regulatory front, Meanwhile secured its Class IILT license (long-term life insurer) from the Bermuda Monetary Authority in July 2024, after two years in the regulator’s sandbox. The company keeps its balance sheet, reserves and audited financials in bitcoin, with policyholder funds held by regulated institutional custodians.
Financial indicators published last April show clear scaling:
| Metric | End of 2025 | Year-over-year change |
|---|---|---|
| Total assets (BTC) | 1,183 | +500% |
| Statutory capital and surplus (BTC) | 759 | n/a |
| Long-term net premium income | Above full-year 2024 | Expected to more than double in 2026 |
Stefan Cohen, Partner at Bain Capital Crypto, summarized the appeal of the model: “Meanwhile owns every layer of a regulated life insurer and builds it like an AI-enabled startup. This year’s growth proves the model.”
“Wealthy families around the world already hold bitcoin. What they were missing was a regulated way to pass it on. Brokers came to us because their clients kept asking. This funding round lets us keep pace with them.”
Zac Townsend, co-founder and CEO of Meanwhile
Conclusion: bitcoin takes root in estate planning
With 1,183 BTC on its balance sheet and a broker network covering the main wealth management hubs, Meanwhile shows that a bitcoin-denominated life insurance product can reach sufficient scale to attract marquee crypto venture capital names. The growth trajectory — a tripling of assets in 2024-2025 — points to acceleration in 2026, provided bitcoin volatility does not destabilize the liability structure.
For internationally mobile wealthy families, the stakes extend beyond simple exposure: the goal is to embed bitcoin in an estate planning and financing strategy, something the Lioner/Apeiron distribution network now operationalizes. Meanwhile’s bet is to transform bitcoin from a speculative asset into a structured wealth component — much as gold played that role in prior decades’ structured products.
Sources
This article is published for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decisions.
