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BFD Expert Voices - Private Credit

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Meanwhile, a Sam Altman-backed company offering life insurance in bitcoin, raised $37.5 million in funding, CEO Zac Townsend tells Axios exclusively.

Why it matters: Bitcoin-denominated insurance offers customers access to a portion of crypto's gains, without the hefty capital gains tax.

How it works: Customers buy the policy in bitcoin-denominated terms, and are paid out a certain yield at the end of that policy's lifetime.

Meanwhile earns this yield by lending out crypto to financial institutions, taking collateralized or senior tranche positions.

Follow the money: Insiders financed the round that valued the business at $350 million — nearly 2x its $190 million valuation from April 2025.

Bain Capital Crypto led, and was joined by Haun Ventures, Framework, Apollo and Northwestern Mutual Future Ventures.

The company says its revenue is on track to increase 2.5x this year, compared to the year prior.

Zoom out: Investors see life insurance as a relatively untouched area for tech investment — with plenty of room for upgrades.

"Using this as a wedge to build a tech-enabled life insurance business is really attractive," says Bain Capital's Stefan Cohen. "It is really hard to disrupt the insurance business."

Zoom in: The startup is seeing a boom from international investors looking for a less risky way to access bitcoin, amid concerns about the dollar's dominance.

What they're saying: Rising geopolitical tensions and concerns about the U.S. dollar's role as the global reserve currency have bolstered adoption of bitcoin-denominated life insurance.

"We saw a lot of uptake internationally in response to the global macro environment this last year," says Townsend.

The big picture: Customers are legally allowed to borrow against the cash value of their life insurance policy, tax-free. 

Long-term, federal capital gains tax in the U.S. reaches as high as 20%. 

Japan, where the tax on crypto income can reach as high as 55%, has been one of the fastest-growing markets for Meanwhile. The country recently approved a plan that would bring that figure down to a flat 20% starting in 2028.

Meanwhile also offers annuities, which come with tax-deferred growth in certain jurisdictions.

What's next: Currently focused on bitcoin, the company has plans to expand into stablecoins, too.

Meanwhile's customer base is largely high-net-worth individuals. Townsend also has a vision of bringing life insurance to the underserved.

What we're watching: The Bermuda-based insurer can't solicit U.S. customers — its growth so far has relied on customers coming to it. Though it has hopes to change that further down the road.

Exclusive: Sam Altman-backed Meanwhile raises $37.5M at $350M valuation

Bitcoin-based life insurance offers a way for owners to access returns on bitcoin gains, tax-free.

Illustration of a hand plucking a golden coin with a bitcoin logo of a chain of other bitcoins

Meanwhile, a Sam Altman-backed company offering life insurance in bitcoin, raised $37.5 million in funding, CEO Zac Townsend tells Axios exclusively.Why it matters: Bitcoin-denominated insurance offers customers access to a portion of crypto&#x27;s gains, without the hefty capital gains tax.

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Exclusive: Sam Altman-backed Meanwhile raises $37.5M at $350M valuation

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