Insurance Company Embraces Bitcoin, Releases Its First Audit
Business/Finance

Insurance Company Embraces Bitcoin, Releases Its First Audit

Bermuda-based life insurance firm adopts bitcoin for payments and disbursements while releasing its audited financial statements.

Key Highlights:

  • Meanwhile, a Bermuda-based life insurance firm, has published its audited financial reports for 2024, marking it as one of the first companies completely converted to bitcoin to achieve this milestone.
  • Clients are able to pay for and receive life insurance benefits in bitcoin, with transactions unaffected by fluctuations in BTC’s dollar value.
  • The audit results indicate total assets of 220.4 BTC and a net income of 25.29 BTC for the fiscal year that ended December 31, 2024.

Meanwhile operates uniquely by fully adopting bitcoin as its operational currency. The CEO, Zac Townsend, during an interview with CoinDesk stated, “We adapt a reliable business model but all transactions are accounted in bitcoin.” He reflected on the historical establishment of life insurance, referencing The Amicable Society for a Perpetual Assurance Office founded in London in 1706 as a model the firm aims to emulate today.

Clients are billed for their insurance in bitcoin and receive payouts in the same currency when policies are activated, ensuring protection from the dollar’s inflationary effects.

The audit, conducted by Harris & Trotter, confirmed that Meanwhile holds 220.4 BTC in assets with a net income of 25.29 BTC for 2024. Unlike other firms seeking to magnify their bitcoin reserves through complex financial instruments, Meanwhile, described as a Bitcoin Treasury company, generates bitcoin revenue by conducting straightforward business operations. Regulatory frameworks in Bermuda restrict the company from liquidating assets as most of its bitcoin serves as client holdings.

Townsend concludes that, “Owning life insurance can be considered akin to savings,” highlighting the importance of selecting a currency not prone to significant inflation like the Argentinian peso. By offering bitcoin-denominated policies, they mitigate inflation risks, notwithstanding potential losses linked to market downturns in bitcoin value.

He further emphasized, “This audit represents a crucial foundational step in rethinking a financial system that leverages a single, global, decentralized currency outside of any government jurisdiction.”

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