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Insurance Company Lemonade Bets On Bitcoin To Diversify Assets
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cryptonews.comIn another example of a business that seeks to diversify its portfolio with crypto assets, US insurance company Lemonade has purchased bitcoin (BTC) for its balance sheet, as indicated by a recent regulatory filing.
During the first nine months of this year, the firm acquired a total of USD 1m in digital assets comprised solely of bitcoin. Lemonade reported the purchase in an S-4 form that US publicly traded companies file with the Securities and Exchange Commission (SEC).
“The Company currently accounts for these digital assets as indefinite-lived intangible assets in accordance with ASC 350, Intangibles-Goodwill and Other,” Lemonade said in the statement.
“The Company has ownership of and control over the purchased bitcoin asset and uses
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