Meanwhile, Bitcoin Life Insurance Company became the first company to publish audited finance denominated in Bitcoin
Meanwhile, Insurance Bitcoin (Bermuda) Limited (“Simultaneous”) announced that it has become the first company in the world to issue external audit financial statements denominated in Bitcoin. According to the announcement, the company reported 220.4 BTC assets and 25.29 BTC in net income in 2024, a 300% year-on-year increase.
“We have just become the first company in the world to have an external audit of financial statements denominated by Bitcoin,” said Zac Townsend, meanwhile, CEO. “This is an important fundamental step in reimagining a financial system based on a global, decentralized standard outside of any government control.”
Harris & Trotter LLP and its Digital Assets Department ht.digital reviewed the financial statements. At the same time, the finances are also in line with the Bermuda Insurance Act of 1978, and state that its BTC charges are approved and comply with official guidelines. The company is fully licensed by the Bermuda Monetary Authority (BMA), operates entirely in BTC and prohibits liquidation of Bitcoin assets through policyholder claims, positioning it as a long-term holder.
“As the first regulated Bitcoin life insurance company, we believe that BTC held simultaneously is long-term in nature, primarily to support the company’s insurance liability for decades,” Townsend added. “This makes it very ‘sticky’ and resistant to market pressures compared to BTC held by other companies as part of their treasury management strategies.”
Meanwhile, the 2024 financial firm also showed investment income of 23.02 BTC and 4.35 BTC, indicating that their model not only retains Bitcoin, but also makes money. Willis Towers Watson (WTW) reviewed and approved the company’s reserves (also held at BTC).
At the same time, Bitcoin full life insurance product is also provided, which allows policyholders to save, borrow and build heritage wealth in BTC and is planned to expand globally in 2025.
At the same time, we are very proud of today’s news as it highlights the forefront of the next stage between Bitcoin and institutional financial markets. “Now that we have generated net income in BTC, we have proven that we are earning net income through a sustainable insurance company model designed for the long-term. ”
