Meanwhile, a Bermuda-based life insurer that keeps its balance sheet and reserves in bitcoin, said Thursday it had raised $37.5 million from existing investors, led by Bain Capital Crypto. Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital also participated.
The round follows an $82 million raise in October 2025, co-led by Bain Capital Crypto and Haun Ventures, and a $40 million Series A in April 2025. The company's backers include Sam Altman.
Meanwhile reported 1,183 BTC in total assets at the end of 2025, up more than fivefold from a year earlier, according to audited figures released in April. It also reported 759 BTC in statutory capital and surplus. The company said its net long-term underwriting income has already exceeded the total recorded last year and is on track to more than double in 2026, though it did not provide an absolute figure.
"Meanwhile owns every layer of a regulated life insurer and builds it like an AI-enabled startup," said Stefan Cohen, partner at Bain Capital Crypto. "The growth this year proves the model."
The company introduced BTC Life 1-Pay in early 2026 for high-net-worth clients outside the US. The whole life policy requires a single premium paid in bitcoin and provides a guaranteed death benefit in the cryptocurrency. Policyholders can borrow up to 90% of the policy's value after the first year, without a repayment schedule or margin calls. Its earlier BTC 10-Pay product was developed for US taxpayers.
Since launching BTC Life 1-Pay, Meanwhile has signed 15 brokers serving wealthy families, including in Singapore, Hong Kong, the UAE and Switzerland. Partners include Lioner, an insurance and wealth management group, and Apeiron Group, which operates a marketplace for high-net-worth life insurance.
"Wealthy families around the world already hold bitcoin. What they haven't had is a regulated way to pass it on," said co-founder and CEO Zac Townsend. "Brokers came to us because their clients kept asking. This round lets us keep up with them."
"As Bitcoin and other digital assets become part of the wealth landscape, high-net-worth individuals with international interests and ties are thinking more broadly about how they manage wealth for the future," said Lioner Partner Giorgio Jeni.
Apeiron Group CEO Justin Man added: "We're reaching a turning point where more high-net-worth clients are asking not just how to hold bitcoin and digital assets, but how to plan around them and ultimately transfer that wealth to the next generation."
Meanwhile received its Class IILT license from the Bermuda Monetary Authority in July 2024 after spending two years in the regulator's sandbox.