A pioneering life insurance company, recognized as the first to operate exclusively on Bitcoin, has successfully raised $37.5 million in its recent funding round. This announcement highlights the growing interest in cryptocurrency-based financial services.
The investment round was spearheaded by Bain Capital Crypto, alongside notable contributions from Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital. Cumulatively, the company has garnered over $180 million in funding since its inception, with notable support from prominent figures, including Sam Altman.
This influx of capital comes amid a notable rise in demand for Bitcoin life insurance products, especially in markets outside the United States, including Asia, Europe, and the Middle East. This heightened interest is largely attributed to ongoing macroeconomic instability in various regions.
“Wealthy families globally are already holding significant amounts of Bitcoin. However, they lack proper channels for transferring these assets,” stated Zach Townsend, co-founder and CEO of the company. He noted that demand from brokers has driven the need for these financial products.
In an innovative step forward, the company introduced its latest offering, BTC Life 1-Pay, in early 2026. This single-pay whole life insurance policy, tailored for high-net-worth clients outside the U.S., follows the earlier BTC 10-Pay product aimed primarily at American taxpayers.
With the BTC Life 1-Pay policy, customers can make a one-time premium payment using Bitcoin, ensuring a lifelong guaranteed death benefit also stated in Bitcoin. Additionally, after the first policy year, owners may borrow up to 90% of their policy’s value without facing a repayment schedule or margin calls.
The insurance policies provided by the company can be owned by individuals, trusts, or corporations, making them a flexible option for estate planning and wealth transfer.
Since its launch, the firm has formed partnerships with 15 brokers who cater to affluent clients in countries like Singapore, Hong Kong, the UAE, and Switzerland. Among their partnerships is Lionar, a group specializing in insurance, trusts, and family office services, with a strong presence in major global financial hubs, and the Apeiron Group, which focuses on life insurance for high-net-worth individuals.
Justin Mann, CEO of the Apeiron Group, commented on the increasing inquiries from high-net-worth clients about managing and transferring their Bitcoin and digital assets. “We are reaching a tipping point where clients are not only concerned with holding their assets but are also focused on strategically planning and transferring that wealth to future generations,” he noted.
In terms of financial performance, the company has already surpassed its previous year’s net profits from long-term insurance underwriting, with expectations of doubling these figures by 2026, although specific financial details were not disclosed.
Stephen Cohen, a partner at Bain Capital Crypto, elaborated on the synergy between regulatory frameworks and innovative growth, stating, “On one hand, we encompass all elements of a regulated insurance entity while simultaneously developing the company with an AI-enabled startup approach. This year’s growth reflects the success of this model, and we are pleased to extend our support once more.”
The operating entity, While Insurance Bitcoin (Bermuda) Limited, has attained the first Class IILT license from the Bermuda Monetary Authority after completing two years in a regulatory sandbox, receiving its operational license in July 2024.
In a secure operational model, the company’s balance sheets, reserves, and audited financial statements are all maintained in Bitcoin, ensuring that policyholders’ assets are safeguarded by regulated institutional custodians.
