Sam Altman-Affiliated Meanwhile Group Introduces Bitcoin Private Credit Fund – Institutional Investment Rising?
Bitcoin life insurance innovator Meanwhile Group, backed by notable figures like Sam Altman and Gradient Ventures, has unveiled a new private credit fund denominated in Bitcoin.
The closed fund aims to provide investors with a “conservative” yield in Bitcoin while lending funds in BTC to institutional counterparties at the discretion of the fund managers, the company said in a recent statement.
Meanwhile Advisors, the group’s subsidiary, targets a 5% yield for the Meanwhile BTC Private Credit Fund term.
By vetting loan recipients, the fund aims to mitigate risks associated with retail platforms that primarily lend to individuals, according to the company.
Investors in the fund will contribute U.S. dollars, which will be converted into BTC at the fund’s closure.
Loans will be originated in BTC, and fees will also be charged in the cryptocurrency.
“This private credit fund offers unparalleled potential for institutional investors to unlock the full value of their BTC holdings without compromising their ownership, seizing a unique opportunity for optimized returns,” Zac Townsend, co-founder and CEO of Meanwhile Group, said.
Meanwhile Group made headlines earlier this year when it launched Meanwhile Insurance, a Bermuda-based company that accepts premiums and pays benefits exclusively in Bitcoin.
Although the service is currently limited to the United States customers, the company is in the process of expanding its services to citizens of other countries.
Meanwhile Insurance offers whole life insurance policies, which provide a cash value in BTC in addition to a death benefit.
The recent move by Meanwhile Group aligns with the growing interest from institutional investors in Bitcoin and other
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