A BITCOIN LIFE INSURER RAISED $37.5 MILLION — IT REPORTS 1,183 BTC AND PAYS DEATH BENEFITS IN BITCOIN — THE POLICYHOLDERS’ FUNDS SIT WITH CUSTODIANS NOBODY NAMED

Meanwhile, a Bermuda life insurer that writes its policies in bitcoin, raised $37.5 million on October 9, 2026, in a round led by Bain Capital Crypto. That takes it past $180 million raised. Its BTC Life 1-Pay policy takes one premium in bitcoin and pays a guaranteed death benefit in bitcoin. After the first year you can borrow up to 90% of the policy’s value, per The Block, with no repayment schedule and no margin calls.

The Block cites audited financials Meanwhile released in April: 1,183 BTC in total assets at the end of 2025 and 759 BTC of statutory capital and surplus. CEO Zac Townsend’s pitch is short. “Wealthy families around the world already hold bitcoin. What they haven’t had is a regulated way to pass it on.”

For anyone who already holds keys, one detail stands out. Regulated institutional custodians hold the policyholder funds, The Block says. Which custodians, neither report says. So the coin you pay in becomes the insurer’s asset and the insurer’s promise, sitting with a custodian you didn’t pick.

There’s an older way to pass bitcoin on: a written plan and a multisig your heirs can actually open, no one’s permission required. Harder, sure. Meanwhile is betting plenty of rich families would rather have a policy number. At the time of this writing, bitcoin was $82,540.