Meanwhile raises $37.5M in Bain-led Bitcoin insurance round

Meanwhile raised $37.5 million from existing investors led by Bain Capital Crypto, adding funds as the Bermuda-based insurer expands Bitcoin-denominated life insurance for clients outside the US. The company announced the round on October 8, 2026, in its funding announcement. It said the raise takes its total funding above $180 million. Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital also took part.

How does Meanwhile’s Bitcoin life policy work?

Its BTC Life 1-Pay policy starts with a single premium paid in Bitcoin. In return, the policy promises a guaranteed death benefit, also paid in Bitcoin, for the insured person’s lifetime. The policy’s value grows in Bitcoin, according to the company. After the first year, the owner can borrow up to 90% of that value without a repayment schedule or margin calls. Policies can be owned by individuals, trusts or companies.

The payment and benefit use the same asset, so families can plan to transfer Bitcoin through a life insurance policy. Think of the policy as a container with rules: the premium goes in, its value accrues in Bitcoin, and the contract specifies a Bitcoin benefit for beneficiaries. Meanwhile says the product is designed for high-net-worth clients outside the US. Its earlier BTC 10-Pay product was designed for US taxpayers.

Who holds the Bitcoin, and what backs the insurer?

Meanwhile says its balance sheet, reserves and audited financial statements are denominated in Bitcoin, while regulated institutional custodians hold policyholder Bitcoin. The company’s insurer, Meanwhile Insurance Bitcoin (Bermuda) Limited, received a Class IILT license from the Bermuda Monetary Authority in July 2024, after two years in the regulator’s sandbox. The company describes it as the first life insurer licensed to operate entirely in Bitcoin.

The Block’s report on the funding says the raise follows an $82 million round in October 2025 and a $40 million Series A in April 2025. Meanwhile says it signed 15 brokers serving wealthy families after launching BTC Life 1-Pay, including brokers in Singapore, Hong Kong, the UAE and Switzerland.

What is the new funding meant to support?

Meanwhile says the round follows increased demand for its Bitcoin policies in Asia, Europe and the Middle East, and that it plans further international growth. The company said its net long-term underwriting income had already passed its 2025 total and was on track to more than double in 2026, without giving an absolute figure. The funding supports the insurer’s expansion; the announcement does not specify how the money will be allocated.

Sources and documents

• funding announcement — meanwhile.bm
• report on the funding — theblock.co