Meanwhile raises $37.5 million in Bain-led round

Meanwhile raised $37.5 million from existing investors in a round led by Bain Capital Crypto, adding capital as the Bermuda-based insurer expands its Bitcoin life policies beyond the U.S. The company announced the funding on October 8, saying its total raised now exceeds $180 million. Its backers include Sam Altman, Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital, according to Meanwhile’s funding announcement.

How does Meanwhile’s Bitcoin life policy work?

With BTC Life 1-Pay, the policyholder pays one premium in Bitcoin and receives a guaranteed death benefit in Bitcoin for life. The policy’s value also grows in Bitcoin. After the first year, the owner can borrow up to 90% of that value, with no repayment schedule or margin calls, the company says. The policy can be owned by an individual, trust or company.

That structure keeps the premium, policy value and benefit in the same asset. It works like a long-term transfer plan denominated in Bitcoin: a family pays once, and the insurer promises a Bitcoin benefit when the insured person dies. Meanwhile says the product is for high-net-worth clients outside the United States. Its earlier BTC 10-Pay product was designed for U.S. taxpayers.

The insurer itself is part of the mechanism. Meanwhile Insurance Bitcoin (Bermuda) Limited holds a Class IILT license from the Bermuda Monetary Authority, granted in July 2024 after two years in the regulator’s sandbox. The company says its balance sheet, reserves and audited financial statements are denominated in Bitcoin, while regulated institutional custodians hold policyholder Bitcoin.

What is the new funding tied to?

Meanwhile linked the round to demand for its international single-premium policy. Since launching BTC Life 1-Pay in early 2026, it has signed 15 brokers serving wealthy families, including in Singapore, Hong Kong, the United Arab Emirates and Switzerland. The company said net long-term underwriting income has already passed its total for 2025 and is on track to more than double in 2026, but it did not provide an absolute figure.

The funding is from existing investors, and the announcement does not state a valuation or give a breakdown of how the money will be spent. The Block reported that this follows an $82 million round in October 2025 and a $40 million Series A in April 2025. The new raise backs an insurer that is extending a regulated life insurance model into Bitcoin, where premiums and promised benefits are both denominated in the cryptocurrency.

Sources and documents

• Meanwhile’s funding announcement — meanwhile.bm