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Meanwhile, a Bermuda-based life insurer licensed to operate entirely in Bitcoin, has raised $37.5 million in new funding led by Bain Capital Crypto, Cointelegraph reported. The round takes the company’s total capital raised to more than $180 million, according to the company’s October 8, 2026 announcement.
The insurer’s backers include OpenAI chief executive Sam Altman, who participated in earlier financing but was not identified in the latest round. Bain Capital Crypto led the raise alongside Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital, all existing investors. Blockchainreporter reported that Meanwhile plans to direct the new capital toward BTC Life 1-Pay, the single-premium product it launched in early 2026 for high-net-worth clients outside the United States.
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Key facts
- Meanwhile raised $37.5 million from existing investors, led by Bain Capital Crypto, bringing total funding past $180 million.
- The round was announced on October 8, 2026, and follows increased demand for Bitcoin-denominated life policies in Asia, Europe and the Middle East.
- The company has signed 15 brokers serving wealthy families, including operations in Singapore, Hong Kong, Switzerland and the UAE, with partners such as Lioner and Apeiron Group.
- Meanwhile Insurance Bitcoin (Bermuda) Limited holds the first Class IILT license granted by the Bermuda Monetary Authority, received on July 25, 2024, after roughly two years in the regulator’s sandbox.
- Net long-term underwriting income has already exceeded last year’s total and is on track to more than double in 2026, the company said, without disclosing precise figures.
How the policies work
BTC Life 1-Pay lets a client pay one premium in Bitcoin and receive 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 with no repayment schedule and no margin calls, according to Crypto.news. Policies can be owned by individuals, trusts or companies, a structure the company frames as suited to succession and estate planning.
The product is Meanwhile’s second line, following BTC 10-Pay, which is designed for US taxpayers and allows premiums to be paid over ten years. Crypto.news noted that because the policy is denominated in BTC, the guaranteed benefit is expressed in Bitcoin units while its dollar value still moves with the cryptocurrency’s market price. The company has not disclosed how many BTC Life 1-Pay policies have been sold or the total Bitcoin value of premiums received.
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Meanwhile’s balance sheet, reserves and audited financial statements are all denominated in Bitcoin, with policyholder Bitcoin held with regulated institutional custodians. The insurer is authorized to transact long-term insurance business with sophisticated persons under Bermuda’s regulatory framework, and Crypto.news reported that product availability remains subject to local rules, with policies distributed only through appropriately licensed intermediaries where permitted.
Co-founder and chief executive Zac Townsend said brokers approached the company because their clients kept asking, and that the round lets Meanwhile keep up with them. Bain Capital Crypto partner Stefan Cohen said Meanwhile owns every layer of a regulated life insurer and builds it like an AI-enabled startup, describing the company’s 2026 performance as the reason for renewing the investment.
Why it matters
The raise signals that venture investors still see a market for regulated financial products built on Bitcoin rails, even as crypto prices remain volatile. For wealthy holders, the pitch is inheritance: a way to pass on Bitcoin through a licensed insurer rather than through exchanges or self-custody keys. Distribution partners describe the same shift. Lioner partner Giorgio Jeni said transparency, sound governance and strong regulation would remain important as new solutions emerge, while Apeiron Group chief executive Justin Man pointed to high-net-worth clients increasingly asking how to plan around digital assets, not just how to hold them. Meanwhile’s expansion follows its earlier rounds, which Crypto.news reported included $82 million in October 2025, jointly led by Bain Capital Crypto and Haun Ventures, and a $40 million Series A in April of that year.
What to watch
Meanwhile has not provided a timetable for entering additional jurisdictions beyond the markets it already serves through broker relationships, so new licensing announcements are the next concrete signal to track. Its forecast that net long-term underwriting income will more than double in 2026 depends on performance over the remaining months.
This article is not financial advice, and crypto and insurance markets are volatile and uncertain.
Reported by cointelegraph.com.
Sources: Cointelegraph, Blockchainreporter, Crypto.news