Meanwhile Insurance Bitcoin (Bermuda) Limited, known as Meanwhile, has made history as the first company to publish externally audited financial statements fully denominated in Bitcoin. The recent report indicates assets amounting to 220.4 BTC and a net income of 25.29 BTC for the year 2024, marking a remarkable 300% boost compared to the previous year.
Zac Townsend, CEO of Meanwhile, emphasized the significance 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 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 audit was conducted by Harris & Trotter LLP, specifically through its digital asset division, ht.digital. Notably, Meanwhile’s financial statements adhere to the Bermuda Insurance Act of 1978, affirming that their Bitcoin-based financials align with official regulations. Operating under a full license from the Bermuda Monetary Authority (BMA), the company is committed to holding Bitcoin assets predominantly for policyholder claims, positioning itself as a long-term holder of BTC.
"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, highlighting the benefits of its asset management approach compared to traditional treasury strategies.
In its 2024 reports, Meanwhile noted receiving 23.02 BTC in net premiums and 4.35 BTC from investment income, indicating a business model that not only conserves Bitcoin but also generates it. The company's reserves, also held in Bitcoin, received approval from Willis Towers Watson (WTW). Furthermore, Meanwhile offers a Bitcoin Whole Life insurance product aimed at enabling policyholders to save, borrow, and accumulate wealth entirely in BTC, with ambitions for global expansion by 2025.
Tia Beckmann, CFO of Meanwhile, expressed pride in their achievement, stating, "This underscores how Meanwhile is at the forefront of the next phase of the convergence between Bitcoin and institutional financial markets. 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."
Zac Townsend, CEO of Meanwhile, emphasized the significance 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 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 audit was conducted by Harris & Trotter LLP, specifically through its digital asset division, ht.digital. Notably, Meanwhile’s financial statements adhere to the Bermuda Insurance Act of 1978, affirming that their Bitcoin-based financials align with official regulations. Operating under a full license from the Bermuda Monetary Authority (BMA), the company is committed to holding Bitcoin assets predominantly for policyholder claims, positioning itself as a long-term holder of BTC.
"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, highlighting the benefits of its asset management approach compared to traditional treasury strategies.
In its 2024 reports, Meanwhile noted receiving 23.02 BTC in net premiums and 4.35 BTC from investment income, indicating a business model that not only conserves Bitcoin but also generates it. The company's reserves, also held in Bitcoin, received approval from Willis Towers Watson (WTW). Furthermore, Meanwhile offers a Bitcoin Whole Life insurance product aimed at enabling policyholders to save, borrow, and accumulate wealth entirely in BTC, with ambitions for global expansion by 2025.
Tia Beckmann, CFO of Meanwhile, expressed pride in their achievement, stating, "This underscores how Meanwhile is at the forefront of the next phase of the convergence between Bitcoin and institutional financial markets. 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."
