Meanwhile, a Bermuda-based life insurer that bills itself as the first licensed to operate entirely in Bitcoin, has raised $37.5 million in fresh capital from existing investors led by Bain Capital Crypto, as demand for its unconventional policies climbs among wealthy families outside the United States.

The company announced the round on Thursday, saying participating investors included Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital. With the new capital, Meanwhile has now raised more than $180 million in total. Its backers also include OpenAI CEO Sam Altman.

Meanwhile bills itself as the first life insurer licensed to run entirely on Bitcoin, with its balance sheet, reserves, and audited financials all denominated in the cryptocurrency. The company said it received the first license of its kind from the Bermuda Monetary Authority in July 2024, after two years in the regulator's sandbox, and holds all policyholder Bitcoin with regulated institutional custodians. Bermuda is one of the world's largest insurance and reinsurance domiciles, giving the startup a regulatory home with long experience supervising life business.

The raise follows what Meanwhile described as a record year for the company, fueled by international demand. In early 2026, it launched BTC Life 1-Pay, a single-premium whole life policy aimed at high-net-worth clients abroad. It is Meanwhile's second product, following a 10-payment version built for American taxpayers. Single-premium whole life is a familiar format in traditional insurance, where one upfront payment funds lifetime coverage; the difference here is that every leg of the contract — the premium, the death benefit, and the policy's value — is denominated in Bitcoin.

Under the terms of the single-premium policy, a client pays once in Bitcoin and receives a guaranteed death benefit denominated in Bitcoin for life. The policy's value grows in Bitcoin, and the owner can borrow up to 90% of that value after the first year, with no repayment schedule and no margin calls. The borrowing feature echoes the policy loans long available in conventional whole life products, where owners tap accumulated cash value — except that here the reference value is Bitcoin rather than a fiat currency.

Meanwhile said it has signed 15 brokers since the product's launch, including in established global insurance hubs such as Singapore, Hong Kong, the UAE, and Switzerland. The company added that its net long-term underwriting income has already surpassed the total recorded last year.

"Wealthy families around the world already hold Bitcoin. What they haven't had is a regulated way to pass it on," said Zac Townsend, Meanwhile's co-founder and chief executive officer.

The funding reflects a broader push by insurers to weave Bitcoin into traditional financial products. Last year, Delaware Life teamed up with BlackRock to offer Bitcoin exposure through a fixed indexed annuity, a sign that insurers are increasingly looking to pair the volatile asset with long-term planning vehicles. Meanwhile's approach goes a step further, making the asset itself the currency of the insurance contract rather than an underlying exposure inside a dollar-denominated product.