Meanwhile, Bitcoin insurance (Bermudas) Limited (“Meanwhile”) announced It has become the first company in the world to publish audited financial statements externally called completely in Bitcoin. According to the announcement, the company reported 220.4 BTC in assets and 25.29 BTC in net income by 2024, an increase of 300% year after year.
“We have just made history as the first company in the world to have financial statements called by Bitcoin audited externally,” Zac Towsend saidCEO in the meantime. “This is an important fundamental step to reinvent the financial system based on a unique, global and decentralized standard outside the control of any government.”
The financial statements were audited by Harris & Trotter LLP and their digital asset division HT.Digital. Meanwhile, finance also meet 1978 Bermuda Insurance Lawpointing out that their finances called BTC were approved and complied with official guidelines. The firm, totally licensed by the Bermuda monetary authority (BMA), operates completely in BTC and is prohibited from liquidating Bitcoin assets, except through claims of policy holders, positioning it as a long -term holder.
“As the first regulated Bitcoin life insurance company, we see the BTC that remains in the inherently in the long -term nature, which mainly maintains to support the company’s insurance liabilities for decades,” Towsend added. “This makes it significantly more sticky and resistant to market pressures compared to the BTC held by other companies as part of their treasure management strategies.”
Meanwhile, the finance of 2024 also revealed 23.02 BTC in net premiums and 4.35 BTC in investment income, which shows that its model not only retains bitcoin, but it wins. The company’s reserves (also held in BTC) were reviewed and approved by Willis Towers Watson (WTW).
Meanwhile, it also offers a Bitcoin full life insurance product that allows policy holders to save, borrow and develop inherited wealth, generately in BTC, and has plans to expand worldwide in 2025.
“We are incredibly proud of today’s news, since it emphasizes how in the meantime it is at the forefront of the next phase of convergence between institutional financial and financial markets,” said Tia Beckmann, CFO of the measure in “now, having generated net income in BTC, we have shown that we are winning it through a sustainable insurance business model designed in the long term.”
