Meanwhile (Company)

Meanwhile

Type	Private
Industry	Life insurance, Cryptocurrency
Founded	2022 (2022)
Founder	Zac Townsend, Max Gasner
Headquarters	Hamilton, Bermuda
Products	Bitcoin-denominated life insurance
Revenue	23.02 BTC (2024)
Net income	25.29 BTC (2024)
Total assets	220.4 BTC (2024)
Website	meanwhile.bm

Meanwhile is a Bermuda-based life insurance company founded in 2022 that operates exclusively in Bitcoin (BTC), offering the world's first life insurance policies fully denominated in cryptocurrency.. Licensed by the Bermuda Monetary Authority (BMA) as a Class IILT insurer, Meanwhile allows policyholders to pay premiums and receive payouts in BTC, targeting long-term cryptocurrency holders.

Meanwhile was the first company globally to issue externally audited financial statements denominated entirely in BTC, reporting 220.4 BTC in total assets and 25.29 BTC in net income for the year ending December 31, 2024, a 300% year-over-year increase.

Meanwhile has raised seed and Series A funding from investors including Sam Altman (CEO of OpenAI), Lachy Groom (early Stripe team member), Framework Ventures, Fulgur Ventures, and Wences Casares (founder of Xapo)

History

Meanwhile was founded in 2022 by Zac Townsend (CEO) and Max Gasner (CTO), with the goal of creating a life insurance provider that operates entirely in Bitcoin to hedge against inflation and currency volatility. The founders identified a gap in the cryptocurrency ecosystem, noting that while exchanges, payment networks, and digital wallets were rapidly evolving, traditional financial services like life insurance remained unchanged. The company secured its initial funding in January 2022 and began operations in Bermuda's regulatory sandbox, a framework designed to support innovative financial services. The development process took nearly two years, with the first year focused on securing regulatory approval and the second year dedicated to building infrastructure and designing products in close collaboration with regulators and advisors. In July 2024, Meanwhile graduated from the sandbox and received a full Class IILT license from the BMA, becoming the first life insurer to operate solely in Bitcoin under this designation. The company wrote its first life insurance policy in November 2023.

Funding

Meanwhile has raised significant capital to support its growth across multiple funding rounds totaling approximately $61 million. In 2022, the company secured $19 million across two seed funding rounds, led by investors including Sam Altman (CEO of OpenAI) and Lachy Groom (former Stripe executive) valuing the company at $100 million. In April 2025, Meanwhile raised $40 million in a Series A round led by Framework Ventures and Fulgur Ventures, with participation from Wences Casares (founder of Xapo), bringing its valuation to $190 million. The funds are intended to support global expansion and compliance with international regulations.

Products and services

Meanwhile offers Bitcoin Whole life insurance, a ten-pay product where premiums, cash value, and death benefits are denominated in BTC. This structure allows policyholders to pay premiums from Bitcoin wallets over ten years, after which the policy is fully funded, accumulate tax-efficient growth, borrow against the policy's cash value without selling BTC, and plan for legacy transfers in cryptocurrency. The policies offer fixed Bitcoin payouts regardless of market volatility. For example, a typical policy structure involves paying one bitcoin annually for ten years with a guaranteed payout of 15 bitcoins to beneficiaries. The company targets long-term BTC holders, offering a hedge against inflation and fiat currency devaluation. Meanwhile plans to expand its product offerings to include additional insurance options and annuities tailored for cryptocurrency investors.

Business model and operations

Unlike traditional insurers, Meanwhile operates exclusively in Bitcoin, avoiding fiat currency to minimize inflation risk and currency volatility exposure. Policyholders pay premiums in BTC, which the company lends to institutional clients, such as cryptocurrency exchanges and market makers, for short-term periods of one to two years at approximately 3% return. These loans generate revenue to fund policy payouts while maintaining BTC-denominated assets. The company is prohibited from selling its Bitcoin holdings except through policyholder claims or surrenders, ensuring resilience against market volatility and positioning it as a long-term Bitcoin holder. Meanwhile leverages artificial intelligence for underwriting, claims processing, and risk assessment, streamlining operations and aiming to serve customers more efficiently than traditional insurers.

Regulation and financials

Meanwhile is regulated by the Bermuda Monetary Authority, which granted it a full Class IILT license in July 2024 after operating in the BMA's regulatory sandbox. The company complies with capital reserve and solvency standards aligned with Europe's Solvency II framework. In June 2025, Meanwhile achieved a historic milestone by becoming the first company in the world to publish audited financial statements denominated entirely in Bitcoin. For 2024, the company reported total assets of 220.4 BTC, net income of 25.29 BTC (a 300% increase year-over-year), net premiums of 23.02 BTC, and investment income of 4.35 BTC. The audits were conducted by Harris & Trotter LLP and their digital asset division ht.digital, with actuarial reviews by Willis Towers Watson.

Market position and competition

Meanwhile operates in a unique position with no direct competition in the fully regulated, Bitcoin-denominated insurance space. While other companies such as BitcoinIRA offer cryptocurrency-related financial planning services for retirement accounts, Meanwhile is the first and only life insurer to operate entirely in Bitcoin.

Reception and industry impact

Meanwhile has been recognized for its approach to integrating Bitcoin into institutional finance, appealing to cryptocurrency enthusiasts and investors seeking inflation-resistant financial products. Industry observers note its potential to legitimize cryptocurrency in traditional financial services and serve as infrastructure for the emerging Bitcoin economy. The company has been particularly noted for addressing the needs of long-term Bitcoin holders who previously lacked financial products suited to their cryptocurrency-focused wealth strategies. Meanwhile's pioneering audited Bitcoin-denominated financial statements have been viewed as establishing important precedent for institutional Bitcoin adoption and regulatory acceptance of cryptocurrency in traditional financial services.

Challenges and considerations

While Meanwhile has received generally positive reception, the company operates in an inherently challenging environment due to Bitcoin's price volatility. Some industry experts have expressed concerns about the risks of holding insurance reserves entirely in a volatile asset class. The company's niche focus limits its immediate market to existing Bitcoin holders, though this represents a growing demographic with cryptocurrency adoption reaching approximately 28% of U.S. adults. Meanwhile's business model assumes continued long-term appreciation of Bitcoin, which carries inherent market risk despite historical performance trends.

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