A regulated bitcoin life insurer is tapping into growing demand from high-net-worth individuals seeking ways to hold and transfer cryptocurrency as part of their estate planning. Meanwhile, the Bermuda-based firm backed by OpenAI’s Sam Altman, has closed a $37.5 million funding round led by Bain Capital Crypto, according to reporting by The Block.
The raise brings Meanwhile’s total capital to more than $180 million since its founding. The round included participation from Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital — a lineup that reflects both cryptocurrency-native investors and traditional wealth management firms placing bets on digital asset integration.
The timing signals a shift in how institutional and ultra-high-net-worth clients view bitcoin. Rather than treating cryptocurrency purely as a speculative asset, advisors and their clients increasingly want structured ways to incorporate it into long-term wealth management and succession planning.
Bitcoin on the Balance Sheet
Meanwhile’s financial performance underscores the commercial opportunity. The firm reported holding 1,183 BTC in total assets at the end of 2025, a more than fivefold increase from the prior year, according to audited figures released in April. The company also holds 759 BTC in statutory capital and surplus — meaning a material portion of its own reserves are denominated in bitcoin rather than traditional currency.
Net long-term underwriting income has already exceeded 2025’s full-year total, and the company projects it will more than double over the course of 2026. Meanwhile declined to publish absolute figures for the income, but the trajectory suggests the model is moving beyond pilot status.
This financial structure is deliberate. By maintaining its balance sheet in bitcoin, Meanwhile forces itself to operate with discipline around the asset’s volatility while signaling confidence in its long-term value to clients and regulators alike.
New Products Drive International Expansion
The company launched BTC Life 1-Pay in early 2026, a whole life policy tailored to high-net-worth clients outside the United States. The product requires a single premium payment in bitcoin and guarantees a death benefit paid in the same cryptocurrency. Policyholders can borrow up to 90% of the policy’s value after the first year without traditional margin calls or mandatory repayment schedules — a feature designed to appeal to those who want liquidity against their bitcoin holdings without triggering taxable events.
Meanwhile’s earlier BTC 10-Pay product remains focused on U.S. taxpayers, where it was engineered to fit within domestic tax and insurance frameworks.
The international pivot is gaining traction. The firm has signed 15 brokers serving wealthy families since the BTC Life 1-Pay launch, spanning Singapore, Hong Kong, the UAE, and Switzerland. Notable partners include Lioner, an insurance and wealth management group with offices across Asia and Europe, and Apeiron Group, which operates a marketplace for high-net-worth life insurance.
“Wealthy families around the world already hold bitcoin,” Meanwhile co-founder and CEO Zac Townsend said. “What they haven’t had is a regulated way to pass it on. Brokers came to us because their clients kept asking.”
The Regulatory Moat
What distinguishes Meanwhile from unregulated alternatives is its regulatory status. The firm obtained a Class IILT license from the Bermuda Monetary Authority in July 2024, following two years operating in the regulator’s sandbox. This allows it to operate as a fully licensed life insurer rather than as an alternative investment vehicle.
The regulatory approach also shapes its custody model. Rather than holding client funds directly, Meanwhile uses institutional custodians to manage policyholder assets, reducing counterparty risk and addressing the key concern that has hamstrung previous attempts at bitcoin-integrated financial products.
Stefan Cohen, a partner at Bain Capital Crypto, framed the investment as validation of Meanwhile’s execution. “The growth this year proves the model,” he said, noting that the firm “owns every layer of a regulated life insurer and builds it like an AI-enabled startup.”
That hybrid approach — combining traditional insurance infrastructure with technology-driven operations — may be the key to scaling bitcoin-native financial products beyond early adopters. As digital assets mature from speculative instruments to portfolio staples, the institutions that bridge the gap between cryptocurrency and traditional wealth management will likely command significant market share.