Company currently holds 220 BTC and reported a 300% year-over-year increase in net income and 25% return on BTC capital and surplus
HAMILTON, Bermuda, June 05, 2025 (GLOBE NEWSWIRE) -- Meanwhile Insurance Bitcoin (Bermuda) Limited (“Meanwhile” or the “Company”), the world’s first life insurance company fully denominated in Bitcoin (“BTC”), today announced the completion and public release of its 2024 audited financial statements as required by statute. Notably, this marks the first time globally that a company has ever released audited statements of its financial details denominated entirely in BTC.
Licensed by the Bermuda Monetary Authority (“BMA”), Meanwhile operates entirely in Bitcoin, blending insurance and cryptocurrency in a groundbreaking way. The public audited financials, prepared in accordance with Bermuda’s Insurance Act 1978 and reviewed by Harris & Trotter LLP and their dedicated digital asset arm which trades as ht.digital, showcase Meanwhile’s robust financial position: 220.4 BTC in total assets and a net income of 25.29 BTC (a 300% increase year-on-year) for the year ended December 31, 2024. These results reflect Meanwhile’s disciplined approach to building a sustainable, Bitcoin-based business, with all operations and financials denominated in BTC.
“We’ve just made history as the first company in the world to have Bitcoin-denominated financial statements externally audited,” said Zac Townsend, CEO of Meanwhile. “This is an important, foundational step in reimagining the financial system based on a single, global, decentralized standard outside the control of any one government. As the first regulated Bitcoin life insurance company, we view the BTC held by Meanwhile as inherently long-term in nature—primarily held to support the Company’s insurance liabilities over decades. This makes it significantly “stickier” and resistant to market pressures compared to the BTC held by other companies as part of their treasury management strategies.”
Unlike other companies, including famous “BTC Treasury”-style companies, Meanwhile is prohibited by regulation from selling its assets regardless of market conditions. Most of Meanwhile’s BTC is held on behalf of its policyholders as part of their life insurance policies and is subject to strict regulatory rules. Disposals of BTC can only happen when policyholders redeem their BTC through claims or surrenders, which can take decades to become eligible under life insurance policies. Meanwhile, therefore, offers a preferred method for policyholders to optimize their holdings for the long term, because it is also required to keep Bitcoin in its treasury permanently.
Tia Beckmann, Meanwhile’s CFO, added, “We are incredibly proud of today’s news as it underscores how Meanwhile is at the forefront of the next phase of the convergence between Bitcoin and institutional financial markets. And, now having generated net income in BTC, we have demonstrated that we are earning it through a sustainable insurance business model designed for the long term and providing a critical financial service to our policyholders.”
Key Highlights of Meanwhile’s 2024 Audited Financials:
- Global First: Harris & Trotter completed the first-ever external audit of a fully BTC-denominated balance sheet, a milestone not just in insurance but across all industries.
- Financial Strength: Total assets reached 220.4 BTC, driven by prudent investments in Bitcoin-based investments, including collateral loans and bonds, alongside disciplined underwriting of Bitcoin Whole Life policies.
- Profitability: Net income of 25.29 BTC reflects strong underwriting performance, with 23.02 BTC in net premiums and 4.35 BTC in net investment income, underscoring Meanwhile’s ability to generate BTC through its business operations.
- Regulatory Milestone: The BMA’s approval of Meanwhile’s use of BTC as the reporting currency in its statutory financial statements sets a precedent for regulators worldwide, affirming Bitcoin’s legitimacy as a financial asset and functional currency within a licensed and regulated financial services regime.
- Actuarial Innovation: An Approved Actuary from WTW reviewed and approved Meanwhile’s Bitcoin-based reserves, a first in the insurance sector, ensuring actuarial rigor in a crypto context.
Meanwhile’s Bitcoin Whole Life product protects policyholders’ families, builds savings in Bitcoin, enables loans against policy cash value, and supports legacy planning—all denominated in BTC. As a Class IILT insurer, Meanwhile graduated from Bermuda’s innovation sandbox in July 2024, becoming the first fully licensed Bitcoin-denominated life insurer.
Meanwhile plans to expand its product offerings in 2025, continuing to serve long-term savers and investors globally with integrity and simplicity. By operating exclusively within the crypto ecosystem, Meanwhile remains insulated from traditional currency volatility while aligning with the growing institutional adoption of cryptocurrency.
About Meanwhile Insurance Bitcoin (Bermuda) Limited
Meanwhile is the world’s first life insurance company to operate entirely in Bitcoin, offering innovative products like Bitcoin Whole Life to policyholders worldwide. Licensed by the Bermuda Monetary Authority, Meanwhile combines the stability of traditional insurance with the potential of cryptocurrency, providing long-term financial solutions for Bitcoin savers. For more information, visit meanwhile.bm.
Media Contact:
Dukas Linden Public Relations
Meanwhile@dlpr.com
