Meanwhile Insurance Bitcoin (Bermuda) Restricted (“Meanwhile”) introduced it has turn into the primary firm on this planet to launch externally audited monetary statements denominated solely in Bitcoin. In keeping with the announcement, the corporate reported 220.4 BTC in belongings and 25.29 BTC in web revenue for 2024, a 300% 12 months over 12 months improve.
“We’ve just made history as the first company in the world to have Bitcoin-denominated financial statements externally audited,” stated 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.”
The monetary statements had been audited by Harris & Trotter LLP and its digital asset division ht.digital. Meanwhile’s financials additionally adjust to Bermuda’s Insurance Act 1978, noting that their BTC denominated financials had been permitted and adjust to official pointers. The agency, totally licensed by the Bermuda Financial Authority (BMA), operates solely in BTC and is prohibited from liquidating Bitcoin belongings besides by policyholder claims, positioning it as a long run holder.
“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,” Townsend added. “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.”
Meanwhile’s 2024 financials additionally revealed 23.02 BTC in web premiums and 4.35 BTC in funding revenue, exhibiting that its mannequin not solely preserves Bitcoin, however earns it. The corporate’s reserves (additionally held in BTC) had been reviewed and permitted by Willis Towers Watson (WTW).
Meanwhile additionally affords a Bitcoin Complete Life insurance coverage product that permits policyholders to save lots of, borrow, and construct legacy wealth—solely in BTC, and has plans to broaden globally in 2025.
“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,” stated Tia Beckmann, CFO of Meanwhile. “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.”
