Meanwhile adds $37.5 million as bitcoin insurance expands

Meanwhile raised $37.5 million from existing investors led by Bain Capital Crypto, backing the Bermuda-based insurer as it expands bitcoin-denominated life insurance outside the United States. The company said in its funding announcement on Oct. 8 that the round also included Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital. It brings Meanwhile’s total funding to more than $180 million.

The increase follows an $82 million round in October 2025 and a $40 million Series A in April of that year, according to The Block’s report. The latest raise comes as the company shifts its growth focus toward international clients: it says demand is strongest in Asia, Europe and the Middle East, and that it has signed 15 brokers since launching a new policy for clients outside the U.S.

How does the new policy differ from Meanwhile’s earlier product?

BTC Life 1-Pay, launched in early 2026, lets a client pay one premium in bitcoin for a guaranteed death benefit in bitcoin. Meanwhile’s earlier BTC 10-Pay product was designed for U.S. taxpayers; the new policy targets high-net-worth clients outside the country. The distinction is partly about payment structure and customer base: one product spreads premiums over 10 payments, while the other takes a single premium.

The 1-Pay policy’s value grows in bitcoin, and after the first year its owner can borrow up to 90% of that value without a repayment schedule or margin calls, the company says. The bitcoin denomination keeps the benefit tied to the asset families intend to pass on, rather than converting it to a traditional currency. That also leaves its value in conventional-currency terms exposed to bitcoin’s price movements. The policy can be owned by individuals, trusts or companies, allowing for estate and succession planning.

What does the raise say about demand—and what remains unproven?

Meanwhile says broker partners in Singapore, Hong Kong, the UAE and Switzerland serve wealthy families seeking ways to transfer bitcoin holdings. The expansion addresses a specific problem for those clients: a bitcoin-denominated death benefit can pass on bitcoin directly, while a policy priced and paid in conventional currency would not preserve that denomination. The trade-off is a narrower product, available only through appropriately licensed intermediaries where permitted.

The company holds a Bermuda Monetary Authority Class IILT license, granted in July 2024 after two years in the regulator’s sandbox, and says policyholder bitcoin is held with regulated institutional custodians. Its balance sheet, reserves and audited financial statements are denominated in bitcoin. The license and custody arrangements provide a regulated framework, but do not remove bitcoin price exposure or make the policy broadly available: Meanwhile says it transacts with “Sophisticated Persons” and does not offer products in every jurisdiction.

What should investors watch next?

The capital raise is a signal of continued backing from existing investors, but the next test is whether broker signings translate into policies and sustained underwriting results. Meanwhile says its net long-term underwriting income has already passed last year’s total and is on track to more than double in 2026; it did not disclose an absolute figure. That claim, the pace of international distribution and future audited figures will show whether the new single-premium policy can support growth while the insurer manages bitcoin-denominated liabilities.

Sources and documents

• funding announcement — meanwhile.bm
• The Block’s report — theblock.co