Bitcoin Life Insurer Meanwhile Raises $82 Million from Apollo, Bain, and Pantera

Meanwhile, a bitcoin-denominated life insurance provider regulated in Bermuda has raised $82 million from a heavyweight group of investors, including Apollo, Northwestern Mutual, Pantera Capital, Stillmark, Bain Capital, and Haun Ventures.

The funding marks a significant step for the company, which launched its life insurance products in 2023 as the first insurer to operate entirely in crypto. The raise comes just six months after Meanwhile closed a $40 million Series A round in April, bringing its total funding to over $120 million since its 2023 debut, when OpenAI CEO Sam Altman led its initial investment.

Meanwhile’s policies are fully denominated in bitcoin and offer unique tax and borrowing advantages. After two years, policyholders can borrow up to 90% of their bitcoin policy value tax-free, with the borrowed BTC adopting a new cost basis, allowing holders to sell later without triggering capital gains taxes.

The company invests premiums by lending bitcoin to large, regulated financial institutions, which CEO Zac Townsend says has made Meanwhile “one of the largest long-term bitcoin lenders in the world.”

This is an institutional year for bitcoin. Our particular breed of well-regulated [products] resonates with life insurers, retirement companies, and institutions. We are working with them to bring bitcoin-denominated products to market.

Townsend noted the new funding will expand the team’s ability to meet rising institutional demand for bitcoin-based insurance products. Bain Capital’s Stefan Cohen said the investment reflects a growing trend: as bitcoin matures into a recognized asset class, financial products like life insurance will increasingly be “expressed in bitcoin terms, not fiat.”

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