This article first appeared on GuruFocus.

Institutional capital is quietly turning to Bitcoin (BTC-USD)and this time, it’s not through miners or ETFs. Bermuda-based Meanwhile, a life insurer that writes policies entirely in Bitcoin, has raised $82 million from a powerhouse roster including Apollo (NYSE:APO), Northwestern Mutual, Pantera Capital, Stillmark, Bain Capital, and Haun Ventures. Founded in 2023, the firm lends clients’ Bitcoin to large, regulated financial institutions instead of speculating on price. CEO Zac Townsend said Meanwhile is now one of the largest lenders of Bitcoin in the world at duration, meaning over longer time periods rather than short-term trades.

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What makes Meanwhile stand out is how it blends traditional insurance design with the tax efficiency and autonomy of digital assets. Policyholders can borrow up to 90% of their Bitcoin value after two yearstax-freewhile resetting the asset’s cost basis to sidestep capital gains on future sales. Townsend described the firm as an institutional private credit player, not a hedge fund, positioning its Bitcoin-denominated policies as a bridge between crypto liquidity and old-world finance. This is such an institutional year for Bitcoin, he said, adding that demand is now coming from life insurers and retirement platforms seeking regulated, audited crypto exposure.

The latest round follows a $40 million Series A announced just six months ago, led by OpenAI CEO Sam Altman, bringing total capital raised to over $120 million. Townsend declined to share a new valuation but said the funds will help expand institutional servicing capacity. Bain Capital’s Stefan Cohen said the timing couldn’t be better. As Bitcoin evolves into a more mature collateral asset, he noted, investors will increasingly want financial productslike life insuranceexpressed not in fiat, but in Bitcoin. Meanwhile’s rise could mark the start of a new asset class: Bitcoin-based financial protection for a digital wealth generation.