Bitcoin Life Insurer, Meanwhile, Makes Cryptocurrency History
Cryptocurrency enthusiasts and financial analysts have marked a historic milestone as Meanwhile Insurance Bitcoin (Bermuda) Limited (“Meanwhile”) has become the first company worldwide to publish audited financial statements denominated entirely in Bitcoin. In a bold move that aligns with the growing acceptance of cryptocurrencies in traditional financial systems, the company reported a substantial 300% year-over-year increase, boasting 220.4 BTC in assets and 25.29 BTC in net income for the year 2024.
CEO Zac Townsend of Meanwhile expressed the groundbreaking nature of this achievement, stating, “We’ve just made history as the first company in the world to have Bitcoin-denominated financial statements externally audited.” This move signifies a transformative step towards reimagining the financial landscape under a decentralized global standard beyond the influence of any single government entity.
The audited financial statements of Meanwhile were meticulously reviewed by Harris & Trotter LLP and their digital asset branch ht.digital, ensuring compliance with Bermuda’s Insurance Act 1978. This validation reinforces the legitimacy of BTC-denominated financials and solidifies Meanwhile’s commitment to upholding official regulatory standards. As a fully licensed entity under the Bermuda Monetary Authority (BMA), Meanwhile operates exclusively in Bitcoin, except for instances where Bitcoin assets may be liquidated for policyholder claims.
Furthermore, the financial data unveiled by Meanwhile showcased 23.02 BTC in net premiums and 4.35 BTC in investment earnings, highlighting a sustainable business model that not only safeguards Bitcoin assets but also generates income from them. The company’s reserves, held in Bitcoin as well, were scrutinized and approved by the respected firm Willis Towers Watson (WTW), ensuring the utmost financial integrity.
In addition to its financial achievements, Meanwhile offers a unique Bitcoin Whole Life insurance product that empowers policyholders to manage, borrow, and accumulate wealth in Bitcoin. With plans for global expansion in the pipeline for 2025, the company shows no signs of slowing down in its innovative approach to merging Bitcoin with traditional financial practices.
CFO Tia Beckmann remarked on the significant progress made, stating, “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.” The company’s attainment of net income in Bitcoin reflects a sustainable business model geared towards long-term success and financial viability.
The groundbreaking initiative by Meanwhile signals a pivotal moment in the evolution of cryptocurrency integration into mainstream financial operations. With a commitment to transparency, compliance, and innovation, Meanwhile sets a new standard for companies looking to embrace the future of finance powered by cryptocurrencies.
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