Sam Altman-backed insurer that pays out in bitcoin raises $37.5 million to help wealthy families pass coins on

A life insurer that takes its premiums and pays its claims in bitcoin has raised fresh money. Meanwhile, a Bermuda-based company whose backers include Sam Altman, said on Thursday, October 8, that it raised $37.5 million from existing investors in a round led by Bain Capital Crypto. Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital also took part. The company has now raised more than $180 million.

The pitch is inheritance. Meanwhile's newest product, launched early this year for wealthy clients outside the US, is a whole life policy bought with a single bitcoin premium that pays a guaranteed death benefit in bitcoin. After the first year, the owner can borrow up to 90% of the policy's value with no repayment schedule and no margin calls, the company said. It has signed 15 brokers, including in Singapore, Hong Kong, the United Arab Emirates and Switzerland.

"What they haven't had is a regulated way to pass it on," co-founder and chief executive Zac Townsend said of wealthy families that hold bitcoin.

Meanwhile is licensed by the Bermuda Monetary Authority and keeps its balance sheet, reserves and audited accounts in bitcoin. It held 1,183 bitcoin in total assets at the end of 2025, more than five times the year before, The Block reported, citing its audited financials.

What to watch: the company said its underwriting income this year has already passed its 2025 total and is expected to more than double in 2026.