Bain Capital Crypto led a round that brought in no new investors and put no price on the company. The Bermuda license behind the business covers only clients the regulator counts as sophisticated persons.
The bitcoin life insurer Meanwhile said on Thursday that it had raised $37.5 million. Bain Capital Crypto led the round in the Bermuda-licensed company, which writes policies denominated in bitcoin. Every investor in it already held a stake in the company, and no valuation was disclosed.
The other participants were Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital. Sam Altman is among the company's backers. The round takes the total raised past $180 million, following an $82 million round in October 2025 co-led by Bain Capital Crypto and Haun Ventures and a $40 million Series A in April 2025, according to The Block.
The licensed entity is Meanwhile Insurance Bitcoin (Bermuda) Limited, which holds what the company describes as the first Class IILT license granted by the Bermuda Monetary Authority. It received the license in July 2024, after two years in the regulator's sandbox. The license covers long-term business with sophisticated persons only, so the general public falls outside its scope.
The main product is BTC Life 1-Pay, launched in early 2026 for high-net-worth clients outside the United States. A client pays a single premium in bitcoin and the policy pays a guaranteed death benefit in bitcoin for life. The policy's value grows in bitcoin, and after the first year the owner can borrow up to 90% of it. A policy can be owned by an individual, a trust or a company, which is what makes it usable for succession and estate planning. An earlier line, BTC 10-Pay, was built for United States taxpayers.
The borrowing terms are the unusual part. Meanwhile says the loan carries no repayment schedule and no margin calls, which means a policyholder who borrows against a bitcoin-denominated policy is not forced to post more collateral if the price falls. The company's announcement does not say how the insurer manages the exposure that creates, and gives no figure for how much has been lent.
Writing both sides of the contract in bitcoin is what separates the structure from a dollar insurer that simply holds bitcoin. Because the premium, the reserves and the death benefit are denominated in the same unit, the company's reported capital position is measured against obligations in that unit rather than against a dollar value for bitcoin. The price risk does not disappear. It sits with the policyholder, whose benefit is fixed in bitcoin and therefore unfixed in every national currency.
Meanwhile says its balance sheet, reserves and audited financial statements are all denominated in bitcoin, and that policyholder bitcoin sits with regulated institutional custodians. It does not name them. That kind of custody has been expanding in the markets the insurer sells into. Standard Chartered said on Thursday that it intends to hold digital assets in Singapore for institutional clients and accredited-investor corporate clients, leaving retail out. In the United States, whose taxpayers the earlier BTC 10-Pay line was built for, the Securities and Exchange Commission's proposed custody rule for investment advisers treats a permitted custodian as the default and makes self-custody a narrow last resort.
Distribution runs through brokers rather than direct sales. Fifteen have signed since BTC Life 1-Pay launched, serving families in Singapore, Hong Kong, the United Arab Emirates and Switzerland. The company named two: Lioner, an insurance, trust and family office group with offices in Hong Kong, Singapore and Zurich, and Apeiron Group, a marketplace for high-net-worth life insurance. "Wealthy families around the world already hold Bitcoin," Zac Townsend, the company's co-founder and chief executive, said in the announcement. Stefan Cohen, a partner at Bain Capital Crypto, said: "The growth this year proves the model, and we're glad to back them again."
On performance, the company said net long-term underwriting income "has already passed last year's total and is on track to more than double in 2026." It gave no figure for either year, and the announcement supplies nothing to check the projection against. The claim is the insurer's own, and the second half of it is a forecast rather than a result.
For scale, The Block, citing audited financial statements published in April, reported total assets of 1,183 bitcoin at the end of 2025, more than five times the level a year earlier, with statutory capital and surplus of 759 bitcoin. They are stated in bitcoin rather than converted to dollars.
The announcement does not say how many policies Meanwhile has written, or what they are worth.
