This Sam Altman-Backed Life Insurer Runs Entirely on Bitcoin, and Just Raised $37.5 Million - Decrypt

In brief

• Meanwhile, which calls itself the first life insurer licensed to operate entirely in Bitcoin, raised $37.5 million from existing investors led by Bain Capital Crypto, bringing its total raised to over $180 million.
• The round follows a record year fueled by its BTC Life 1-Pay single-premium policy for high-net-worth clients abroad.
• The company is backed by Sam Altman and licensed in Bermuda since 2024.

Meanwhile, a life insurance company that operates entirely in Bitcoin, has raised $37.5 million as demand for its unusual policies climbs among wealthy families overseas.

The Bermuda-based insurer said Thursday the funding came from existing investors, led by Bain Capital Crypto, with participation from Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital.

Meanwhile, whose backers also include OpenAI CEO Sam Altman, has now raised more than $180 million in total.

The company bills itself as the first life insurer licensed to run entirely on Bitcoin, with its balance sheet, reserves, and audited financials all denominated in the cryptocurrency. It said it received the first license of its kind from the Bermuda Monetary Authority in July 2024 after two years in the regulator’s sandbox, and holds all policyholder Bitcoin with regulated institutional custodians.

The raise follows what Meanwhile called a record year, driven by international demand. In early 2026 it launched BTC Life 1-Pay, a single-premium whole life policy aimed at high-net-worth clients outside the U.S., its second product after a 10-payment version built for American taxpayers.

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Under the single-premium policy, a client pays once in Bitcoin and receives a guaranteed death benefit in Bitcoin for life, with the policy’s value growing in Bitcoin and the owner able to borrow up to 90% of it after the first year with no repayment schedule or margin calls.

Meanwhile said it has signed 15 brokers since launch, including in insurance hubs like Singapore, Hong Kong, the UAE and Switzerland, and that its net long-term underwriting income has already surpassed last year’s total.

“Wealthy families around the world already hold Bitcoin. What they haven’t had is a regulated way to pass it on,” said Zac Townsend, Meanwhile’s co-founder and CEO.

The funding reflects a broader push to weave Bitcoin into traditional financial products. Delaware Life teamed up with BlackRock last year to offer Bitcoin exposure through a fixed indexed annuity, a sign that insurers are increasingly looking to pair the volatile asset with long-term planning vehicles.

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