We are welcoming Meanwhile to the Fulgur portfolio. Founded in 2022 by Zac Townsend and Max Gasner and licensed in Bermuda, Meanwhile is a regulated life insurance company offering whole-life policies that are fully denominated and paid out in Bitcoin. Premiums are paid in BTC, the policy's cash value compounds in BTC, and beneficiaries receive BTC. The product is, in effect, life insurance for people who think in sats.

Whole-life insurance has been one of the most durable financial products of the last two centuries, prized for its tax-advantaged compounding, its borrowing flexibility, and its role in long-horizon estate planning. Meanwhile takes that proven structure and rebases it onto a harder unit of account. The result is an instrument that lets policyholders save and protect their families in the asset they actually believe in, without forcing them back into a depreciating fiat numeraire.

The team is unusually well suited to this build. Zac Townsend was previously Chief Data Officer at McKinsey's analytics business and a state regulator, while Max Gasner brings deep engineering leadership. They have paired that with AI-driven underwriting and a clean regulatory home in Bermuda, plus backing from Sam Altman and Gradient Ventures, an investor base that signals serious ambitions for this product category.

Meanwhile fits the Fulgur thesis precisely. As Bitcoin matures into a treasury and savings asset for both individuals and institutions, every legacy financial product will need a Bitcoin-denominated counterpart. Insurance is one of the most important. We are excited to back Zac, Max, and the team as they build the first credible Bitcoin life insurer for the long run.