Bitcoin Life Insurance Firm Meanwhile Reports 25.29 BTC Net Income

Meanwhile, a Bermuda-based life insurance firm that operates entirely in bitcoin, released its 2024 audited financial statements on Thursday. This makes it one of the first companies fully operating in bitcoin to ever release a financial audit. The firm follows a traditional business model but denominates everything in bitcoin. The CEO of Meanwhile, Zac Townsend, highlighted that the first life insurance company, The Amicable Society for a Perpetual Assurance Office, was founded in London in 1706, and Meanwhile essentially follows the same blueprint today.

Clients of Meanwhile pay for their life insurance in bitcoin and receive a bitcoin payment once the insurance kicks in. Payouts aren’t impacted by any shifts in the dollar value of a bitcoin. The audit, performed by Harris & Trotter, shows that Meanwhile had 220.4 BTC in total assets and had net income of 25.29 BTC for the year ended December 31, 2024.

Meanwhile is a Bitcoin Treasury company, but it differs from firms such as Strategy or Metaplanet, which use elaborate financial products to grow their bitcoin stash. Meanwhile accumulates bitcoin by operating a bitcoin business and generating bitcoin revenue. Bermuda regulation prohibits Meanwhile from selling its assets, since most of the firm’s bitcoin is held on behalf of its clients.

Townsend noted that owning life insurance is a bit like having savings, and it matters to pick a currency that won’t suffer from strong inflation. A bitcoin-denominated life insurance eliminates that risk, although policyholders may suffer losses if, say, bitcoin’s value crashes and fails to recover. Townsend added that this audit is an important, foundational step in reimagining the financial system based on a single, global, decentralized standard outside the control of any one government.