Sam Altman's Bitcoin Life Insurance Raises 6 Billion Yen, Demand Grows Among Wealthy

Key Points of This Article

• Meanwhile's total fundraising amount exceeds $180 million
• Projected pure long-term underwriting revenue is expected to double this year

Bitcoin Life Insurance

Meanwhile, the world's first life insurance company licensed to operate solely in Bitcoin (BTC), based in Bermuda, announced on the 8th that it has raised $37.5 million (approximately 6 billion yen) from existing investors. Led by Bain Capital Crypto, a total of seven companies, including Houn Ventures and Pantera Capital, participated in this round, bringing the company's total fundraising amount to over $180 million, which includes investment from Sam Altman.

The background of this fundraising is a surge in demand for Bitcoin life insurance in Asia, Europe, and the Middle East due to macroeconomic instability. Since launching the one-time payment whole life insurance "BTC Life 1-Pay" for wealthy individuals outside the U.S. in early 2026, Meanwhile has contracted with 15 brokers, including those based in Singapore, Hong Kong, the United Arab Emirates, and Switzerland.

"BTC Life 1-Pay" guarantees a death benefit in Bitcoin for customers who pay their premiums in Bitcoin once. The contract value also increases in Bitcoin, and after one year, up to 90% of the contract value can be borrowed without a repayment schedule or additional collateral.

According to Meanwhile, the growth of the business is reflected in its performance, with pure long-term underwriting revenue already exceeding last year's full-year results, and it is expected to more than double in 2026, although the company has not disclosed absolute figures. Regarding the expansion of contracts with brokers, co-founder and CEO Zach Townsend stated that brokers have approached the company in response to customer requests, and this fundraising will enable them to meet the demand.

Additionally, regarding the business foundation, Meanwhile Insurance Bitcoin (Bermuda), which handles the insurance business, obtained a Class IILT license from the Bermuda Monetary Authority in July 2024 after two years in a regulatory sandbox. The balance sheet, reserves, and audited financial statements are all in Bitcoin, and the Bitcoin of policyholders is held by regulated custodians for institutional investors.

Background of Altman's Investment

Sam Altman, CEO of OpenAI, co-led the first round of a $19 million seed funding announced by Meanwhile in June 2023. The co-lead was Lucky Groom, former head of the issuing department at payment giant Stripe, and the second round was led by Gradient Ventures, Google's AI investment fund.

Meanwhile stated in its announcement at the time that the funds would be used for obtaining a license from the Bermuda Monetary Authority, initial hiring, and launching its first product, a Bitcoin-denominated whole life insurance.

CEO Townsend, in the same announcement, stated that Bitcoin is on a trajectory to become a global store of value and functional currency, and that by combining it with AI, there is potential to build a life insurance company that could reach over a billion people.

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