Meanwhile, an insurer that runs its entire business in Bitcoin, raised $37.5 million of new funding. Bain Capital Crypto led the round, and total investment in the company has passed $180 million. It is an interesting signal, because wealthy families are looking for a legal way to pass Bitcoin on to heirs.
Who put in how much?
The new $37.5 million came from existing investors. Alongside Bain Capital Crypto, the round included Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital. The Bermuda-based company announced it on Thursday, October 8.
For comparison, in October 2025 Meanwhile raised $82 million, and in April of that year it closed a $40 million Series A. Many of the funds keep coming back.
Bain Capital Crypto partner Stefan Cohen explained the bet this way: Meanwhile owns every layer of a regulated life insurer, yet builds it like an AI-enabled startup. Investors, in other words, are paying not only for Bitcoin but for the speed at which the company ships products.
How does insurance in Bitcoin work?
To understand the model, start with the license. The Bermuda Monetary Authority (BMA) granted it in July 2024 after two years in the regulatory sandbox. The balance sheet, reserves and audited financials are denominated in Bitcoin, and client coins are held by regulated institutional custodians.
The flagship product, BTC Life 1-Pay, is built like this.
- A single premium: the client pays once, in Bitcoin.
- The guaranteed death benefit is also denominated in Bitcoin, and the policy value grows in the same currency.
- A year after issue, the owner can borrow up to 90% of the policy value.
- There is no repayment schedule, and no margin calls either.
The loan exists so the owner can raise cash without having to sell Bitcoin for dollars for everyday expenses.
Who buys this, and why now?
The policy targets wealthy clients outside the US. For American taxpayers there is an older product, BTC 10-Pay. The owner can be a person, a trust or a company, so the policy fits estate planning.
According to Meanwhile, demand is growing in Asia, Europe and the Middle East because of macroeconomic instability. Since launching 1-Pay, the company has signed 15 brokers, for example in Singapore, Hong Kong, the UAE and Switzerland. Partners include Lioner and Apeiron Group.
Lioner partner Giorgio Jeni describes client demand this way: they no longer ask only how to hold Bitcoin, but how to plan its transfer to the next generation. Apeiron chief Justin Man says almost the same, and Meanwhile adds that brokers came to it on their own because clients kept asking.
"Wealthy families around the world already hold Bitcoin. What they haven't had is a regulated way to pass it on."
- Zac Townsend, Meanwhile co-founder and CEO, from the company statement of October 8, 2026
Does growth show up in the numbers?
Partly. At the end of 2025 the company held 1,183 BTC in assets, more than five times the year before, according to audited figures from April. Statutory capital and surplus came to 759 BTC. Net long-term underwriting income, meaning the gap between premiums and claims costs, has already topped last year's total and is expected to more than double.
The company gave no absolute figure, and that matters. A claim to "double" without a base says nothing about scale. At a current price near $83,000, 1,183 BTC comes to roughly $98 million. This is a niche, not billions.
Who else is entering this niche?
Meanwhile is not alone. Last year Delaware Life teamed up with BlackRock to offer Bitcoin exposure through a fixed indexed annuity. Insurers increasingly look for a way to pair a volatile asset with long-term planning. The difference is that Delaware Life gives a client price exposure, while Meanwhile keeps its whole books in Bitcoin, from the premium to the reserves.
The practical takeaway is simple. Bitcoin is slowly turning from a speculative asset into part of an inheritance portfolio, and regulated intermediaries appear exactly where the money is: in Asia, the Middle East and Switzerland.
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