Financials
Letter from the CEO
To our policyholders and partners,
Thank you for your confidence. It's been a great year.
In July, Meanwhile graduated from Bermuda's innovation sandbox and became fully licensed as the first Class IILT life insurer. With our year-end financials, we're now the first Bitcoin-denominated company to complete a statutory third-party audit.
From the beginning, our goal has been to build an enduring institution. These quiet milestones reflect the growing confidence that globally-respected regulatory bodies and institutional third parties place in our project.
Why We Exist
We built this company so that people who are saving in Bitcoin can plan for their futures and their families. We're not in the business of speculation. Our horizons are 30 and 50 years out. We're here for people who want to protect their families, grow their savings, and pass something on.
Whole life insurance has existed for centuries. What's new is denominating everything in Bitcoin—premiums, investments, reserves, and death benefits.
Our first product, Bitcoin Whole Life, does four things:
- Provides a guaranteed death benefit to protect loved ones;
- Builds savings value in Bitcoin over time;
- Allows loans against the policy's "cash value"; and
- Helps manage legacy planning for Bitcoin wealth.
On Being First
Being first often means walking a path that hasn't yet been paved—and that's certainly been true when it comes to accounting.
As of today, U.S. Generally Accepted Accounting Principles (GAAP) do not recognize Bitcoin as legal tender. That means there's no guidance on preparing financial statements in Bitcoin (especially for a regulated life insurance company).
Our statutory financial statements are prepared according to the requirements of our primary regulator, the Bermuda Monetary Authority (BMA), in accordance with the practice of the many other commercial insurers domiciled in Bermuda. We're proud to share that our external auditors have issued an "unmodified" (clean) opinion on our statutory financials.
But, because those financials couldn't be prepared under U.S. GAAP—which doesn't yet accommodate things like Bitcoin-denominated reserves or Bitcoin-based cash flows—the auditors were required to issue an "adverse opinion" when comparing our statements to U.S. GAAP. That qualification doesn't relate to the accuracy or integrity of our financials, just to the difference in accounting frameworks.
To put it simply, we're operating in a way that GAAP hasn't caught up to yet. We're confident that will change over time. Our roadmap anticipates producing GAAP-compliant financials within the next three years, as soon as the standards are clearer and the industry has matured.
For now, we've taken the right steps: we've built on a solid regulatory foundation, produced transparent statutory financials, and worked with top-tier external professional firms to validate our work. That's the right place to start, and we'll keep building.
What the Year Meant
2024 will be remembered as a turning point for Bitcoin.
With the approval of spot Bitcoin ETFs early in the year, the walls between traditional finance and the Bitcoin economy begin to come down. Institutions that once stood on the sidelines started taking meaningful steps toward adoption.
Custody improved. Liquidity deepened. The tone shifted—from curiosity to credibility. Bitcoin is being taken seriously at the highest levels of global economic policy. For long-term savers and builders, this is validation of what we've believed for years and a sign that we're aligned with the long-term arc of monetary history.
We don't know where Bitcoin's price will go in the next six months and we don't make decisions based on short-term headlines. But Bitcoin is here to stay. It's time to build the right slate of financial tools and products to support it.
We're proud to be one of the institutions helping to make that happen.
A Note on Security
Managing long-term value requires engineered security.
Our operational structure relies on multi-party controls, geographic and institutional separation, and strict governance protocols. These aren't just best practices—they're safeguards against single points of failure, coercion, or compromise.
While leadership and press often draw attention, we've deliberately removed any dependency on individuals, including myself. The result is a system where trust resides in process, not people. That's how we protect our assets—and our peace of mind.
Looking Ahead
Our job is to serve policyholders with integrity and simplicity. If we do that well, we earn the right to grow. In 2025, we'll expand our product line with new offerings serving the long-term savings and investment needs of more people across the globe.
We'll always move deliberately. Our job isn't to offer the most products—it's to offer the right ones for the right reasons.
A Final Thought
Life insurance is, at its core, a promise kept far in the future. That makes it a natural match for Bitcoin, which rewards the same thinking.
We're grateful for the policyholders who've trusted us, the partners who've stood by us, and the regulators who've worked with us in good faith to bring something genuinely new into the world.
There's a lot left to do. But as we've learned from those who came before us in this business— if you treat people fairly, invest with discipline, and stay out of trouble, you'll usually end up in a good place.
The world needs more institutions aligned with long-term values. We look forward to the decades ahead.
Zac Townsend
Chief Executive Officer