2025: Letter from the CEO

Our mission

We exist so that anyone, anywhere can build, save, and protect their wealth through digital money.

"Anyone, anywhere" is about access. A family in Buenos Aires and a saver in Lagos should have the same tools as anyone in New York.

"Build, save, and protect" is about patience. Wealth gets compounded, stewarded, and handed down over time.

"Through digital money" is about the medium. The next century of financial promises should run on rails that are open, global, and built to outlast any one institution.

Bitcoin Whole Life is the first of many innovative products we believe will fulfill our mission.

Now and Meanwhile

There are two halves of finance.

One half is about now. Instant payments, real-time trading, same-day settlement, on-demand credit. Fintech spent two decades perfecting this half. Tap, swipe, trade, transfer, done. Those are real wins.

The other half is about meanwhile. Savings, retirement, insurance, annuities, trusts, long-term debt. This is where cash turns into capital and time turns into prosperity. It's where wealth compounds quietly, where families protect each other, where promises get kept across generations.

That second half has had less attention, and in much of the world it has weakened.

Meanwhile exists to rebuild it. Payments solve synchronization. Insurance, annuities, and trusts solve duration. One moves value through space. The other moves it through time.

Our first bet is that Bitcoin, because it's designed to last centuries without counterparty risk or debasement, is the right reserve asset for long-duration promises. Digital stone. You can build on it.

Payments move money. Promises move civilization. We're in the promise business.

A Good Year 2

2025 was a year of consolidation.

In our second year as a fully licensed Class IILT life insurer under the BMA, we completed another statutory audit of our Bitcoin-denominated financials. Policyholder count grew. Reserves grew. Assets under management grew.

Our operational security proved itself through another year of real use: multi-party controls, geographic and institutional separation, strict governance, no single point of failure (including me).

We also started the work that will define year 3. Broader product line. Deeper institutional relationships. A bigger team doing ambitious things, just as carefully.

The Accounting Opinion, Again

As we flagged last year, there isn't yet an established U.S. GAAP framework for Bitcoin-denominated life insurance.

And so we prepared one set of statutory financial statements on the regulatory basis set by the Bermuda Monetary Authority. That is consistent with how commercial insurers domiciled in Bermuda typically report.

Our external auditors then formed two opinions on the same set of statutory financial statements. On the regulatory basis, the framework the BMA requires us to report on, their opinion is unmodified. Measured against U.S. GAAP, their opinion is adverse: the differences between the two frameworks are material and pervasive enough that the statements, as prepared, don't present fairly under U.S. GAAP. That is a considered professional judgment about how far the two frameworks diverge, not a finding that the numbers are misstated within their own framework. Our numbers are clean.

Our auditors also draw attention to the fact that the BMA has not yet formally finalized year-end reporting requirements for the Class IILT license class under which we operate. We are reporting against our current understanding of what is expected, and the format of future reporting may evolve as the BMA publishes further guidance. That's a reality of being early in a new standard, not a problem.

We still expect the U.S. GAAP picture to resolve over time. The plan hasn't changed: GAAP-compliant financials within the next several years as the standards catch up and the industry matures alongside them.

Until then, we will keep doing what we did this year. Transparent statutory reporting. Top-tier external validation. Patience.

What's Next

Our job is to serve policyholders with integrity and simplicity. If we do that well, we earn the right to grow.

In 2026 we'll broaden the product line, harden the infrastructure, and keep building the institutional relationships a long-duration business needs. We'll move deliberately. The goal is to ship the right products, for the right reasons, to people planning decades out.