Fun

Nasdaq-Listed Metromile Invests $1 Million in Bitcoin — Sees Rapid Growth in Global Cryptocurrency Adoption

News Feed - 2021-08-12 08:08:08

Nasdaq-Listed Metromile Invests $1 Million in Bitcoin — Sees Rapid Growth in Global Cryptocurrency Adoption


The Nasdaq-listed auto insurance company Metromile has purchased $1 million in bitcoin. The company plans to “become the first insurance company to allow policyholders the option to pay for insurance and receive payment for eligible claims in either bitcoin or dollars.” Auto Insurance Platform Adds Bitcoin to Balance Sheet


The Nasdaq-listed insurance company Metromile Inc. disclosed its bitcoin purchase in a filing with the U.S. Securities and Exchange Commission (SEC) dated Aug. 10. Metromile is a digital insurance platform and pay-per-mile auto insurer.


The filing states: In June 2021, the company purchased and received $1.0 million of bitcoin. During the three months and six months ended June 30, 2021, the company recorded $0.1 million of impairment losses on bitcoin.


“There were no realized gains or losses recognized during the three months and six months ended June 30, 2021,” the filing details. “As of June 30, 2021, the carrying value of the company’s bitcoin digital assets held was $0.9 million, which reflects cumulative impairments of $0.1 million. The fair market value of bitcoin held as of June 30, 2021 was $0.9 million.”


Metromile announced in May that “it will soon allow policyholders the option to pay for insurance and receive payment for eligible and approved insured claims in bitcoin or dollars.” Metromile aims be the first insurance company to both accept premiums and pay claims in cryptocurrency.


In its Q1 2021 letter to shareholders, the company said: As the adoption of cryptocurrency grows rapidly worldwide, it is becoming clear that the decentralization of finance has the potential to shift consumer behavior and financial infrastructure … We believe that allowing cryptocurrency payment is fully aligned with our commitment to innovation, equitability, and promoting financial resilience.


The auto insurer joins a growing list of companies that have purchased bitcoin for their corporate treasuries, including Michael Saylor’s Microstrategy, Elon Musk’s Tesla, and Jack Dorsey’s Square.


What do you think about Metromile buying bitcoin? Let us know in the comments section below. Personal Finance Guru Advises Dollar-Cost Averaging Into Bitcoin FEATURED | 13 hours ago Youtube Superstar KSI "JJ" Says "I"m Really Into Crypto, Bitcoin Is the Future" FEATURED | 3 days ago Tags in this story auto insurance, bitcoin balance sheet, bitcoin treasury, car insurance, car insurance company, car insurer, metromile, metromile bitcoin, metromile crypto, metromile cryptocurrency


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Tom Mitchelhill3 hours agoCrypto lender Delio warns normal operations in jeopardy after asset seizuresThe South Korean crypto lender has had to halt certain interest payments after a recent investigation resulted in the
World’s Largest Asset Manager Blackrock Launches Bitcoin Private Trust Citing ‘Substantial Interest’ From Clients
World"s Largest Asset Manager Blackrock Launches Bitcoin Private Trust Citing "Substantial Interest" From Clients The world’s largest asset manager, Blackrock, has launched
53% Of Binance Traders Are Shorting Bitcoin – What Does This Mean For Price Action?
Este artículo también está disponible en español. After several weeks of sustained upward momentum, Bitcoin is currently holding above $66,000. The price has recently enc
Biggest Movers: DOGE Hits 1-Month High to Start the Weekend
Biggest Movers: DOGE Hits 1-Month High to Start the Weekend Dogecoin rallied to a one-month high to start the weekend, as markets marginally rebounded on Saturday. The token rose b
Ethereum’s Hashrate Surpasses Lifetime High as The Merge Gets Closer
Ethereum"s Hashrate Surpasses Lifetime High as The Merge Gets Closer Following the all-time high (ATH) recorded in May, Ethereum’s hashrate has been breaking records again,
RBI Governor Discusses Crypto and Central Bank Digital Currency
RBI Governor Discusses Crypto and Central Bank Digital Currency The governor of the Reserve Bank of India (RBI), Shaktikanta Das, spoke about cryptocurrency during a press confer
Gibraltar Stock Exchange Receives Purchase Proposal by Blockchain Firm
Gibraltar Stock Exchange Receives Purchase Proposal by Blockchain Firm The stock exchange of Gibraltar, a British territory, has received a purchase offer by a blockchain firm call
Ripple Labs Is ‘Interested’ in Bankrupt Crypto Lender Celsius and Its Assets, Company Spokesperson Says
Ripple Labs Is "Interested" in Bankrupt Crypto Lender Celsius and Its Assets, Company Spokesperson Says According to a Ripple Labs spokesperson, the distributed ledger company is i
While You’re Under Quarantine, Check These Sites for Remote Crypto Jobs
While You"re Under Quarantine, Check These Sites for Remote Crypto Jobs If you are on the lookout for a job in these pressing times, when the coronavirus pandemic has limited pub
Apple wins antitrust suit over Venmo, Cash App fees after judge tosses case
Tristan Greene4 hours agoApple wins antitrust suit over Venmo, Cash App fees after judge tosses caseThe judge said the case would be dismissed “with prejudice” barring any last-minute amendments.3678 Total views35 To
Biggest Movers: MATIC Slips on Saturday, RUNE and LUNA Over 5% Lower
Biggest Movers: MATIC Slips on Saturday, RUNE and LUNA Over 5% Lower MATIC fell to its long-term support level on Saturday, following a surge in price during Friday’s sessio
Cardano whale verkoopt miljoenen tokens, ADA koers daalt – wat gaat Cardano doen?
Este artículo también está disponible en español. De recente verkoop van miljoenen ADA-tokens door een Cardano-whale heeft de koers stevig doen dalen, met een verlies van