October 11, 2026 – Existing backers, led by Bain Capital Crypto, invested more in the Bermuda insurer as wealthy families abroad look for a regulated way to pass on Bitcoin.
In Summary
Meanwhile raised $37.5 million from existing investors, with Bain Capital Crypto leading the round.
The company says total funding now tops $180 million; it did not disclose a valuation.
Audited assets rose 437% to 1,183.11 BTC in 2025, worth about $97.8 million at Saturday’s price.
New capital, booked as contributed surplus, drove about 64% of that asset growth, by Catenaa’s math.
BTC Life 1-Pay lets owners borrow up to 90% of policy value after year one, with no margin calls.
A Bermuda insurer that runs entirely in Bitcoin has raised fresh capital to grow its Bitcoin life insurance business abroad. Meanwhile announced $37.5 million in new funding on Oct. 8, all from existing investors. Bain Capital Crypto led the round.
Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital also took part. The company says it has now raised more than $180 million in total. However, it did not disclose a valuation. International demand for its Bitcoin life insurance has surged, particularly in Asia, Europe, and the Middle East, the company says.
A funding path built on repeat backers
The new round extends a steady funding record. Its seed rounds raised about $20.5 million, starting in 2023. A $40 million Series A followed in April 2025. Then, in October 2025, it closed an $82 million Series B co-led by Haun Ventures and Bain Capital Crypto.
By Catenaa’s count, those four rounds total about $180 million. Notably, this round is less than half the size of the last one. Yet it came entirely from insiders, which points to steady conviction among current backers.
How this Bitcoin life insurance works
Growth now centers on BTC Life 1-Pay, which launched in early 2026. It is a single-premium whole life policy for wealthy clients outside the United States. A client pays one premium in Bitcoin and gets a guaranteed death benefit in Bitcoin for life.
The policy also offers liquidity. After the first year, the owner can borrow up to 90% of the policy’s value. There is no repayment schedule and no margin call. Individuals, trusts, or companies can own the policies, which suits estate planning.
The product sits beside BTC 10-Pay, which targets US taxpayers. In addition, the insurer has signed 15 brokers since launch. They include firms in Singapore, Hong Kong, the UAE and Switzerland. Partners include Lioner, which has offices in Hong Kong, Singapore and Zurich, and Apeiron Group. “Digital assets are moving into the mainstream of wealth planning,” said Lioner partner Giorgio Jeni.
What the audited numbers show
The insurer publishes audited statements in Bitcoin, so outsiders can track its growth. Total assets reached 1,183.11 BTC at the end of 2025, its statutory balance sheet shows. A year earlier, they stood at 220.41 BTC, so assets jumped 437%. At Saturday’s price near $82,693, based on Kraken data, those assets equal about $97.8 million.
However, new capital explains much of that jump. Contributed surplus rose to 697.99 BTC from 83.00 BTC. That 615 BTC increase covers about 64% of the asset growth, by Catenaa’s math. By contrast, policyholder funds on deposit rose to 185.23 BTC from 98.62 BTC.
Underwriting is moving faster. Net long-term underwriting income reached 49.98 BTC in 2025, the income statement shows. That was more than double the 23.02 BTC of 2024. The company now says 2026 income has already passed last year’s total. It also expects the figure to more than double this year.
Net income tells a mixed story. Profit slipped to 20.89 BTC in 2025 from 25.29 BTC as reserve building rose. Still, 2025 marked a second straight profitable audited year.
Regulation and risks
Its Bermuda unit holds the first Class IILT license that the Bermuda Monetary Authority granted, the company says. That license arrived in July 2024, after two years in the regulator’s sandbox. The insurer sells only to Sophisticated Persons, and regulated custodians hold policyholder Bitcoin.
Even so, the model carries clear risks. Bitcoin trades about 34% below its Kraken record of $126,198.10, set on Oct. 6, 2025. Because benefits pay out in Bitcoin, the dollar value of each policy swings with the market.
CEO Zac Townsend summed up the pitch. “Wealthy families around the world already hold Bitcoin. What they haven’t had is a regulated way to pass it on,” he said. Bain Capital Crypto partner Stefan Cohen added that “the growth this year proves the model.” The next test is whether its brokers can turn Bitcoin life insurance into a steady business in a weaker market.
