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Car insurance company Buys $1 Million in Bitcoin

While reporting its statistics for the second quarter of this year, a San Francisco-based pay-per-mile automotive insurance firm reported a Bitcoin transaction. The corporation is traded on the Nasdaq under the ticker MILE.

 

Metromile has stated that it has purchased a total of $1 million in digital currencies. According to the form Metromile filed with the U.S. Securities and Exchange Commission, this acquisition was made entirely of Bitcoin, the dominant cryptocurrency on the nascent market.

 

Forbes reported in May of this year that Metromile planned to begin allowing policyholders to pay premiums in Bitcoin and get claim settlements in Bitcoin as well.

 

In an SEC filing this afternoon Metromile , the car insurance company, stated:

 

“During the six months ended June 30, 2021, the Company purchased an aggregate of $1.0 million in digital assets, comprised solely of bitcoin.”

 

MicroStrategy, the business software behemoth, was the first public corporation to buy Bitcoin, led by Bitcoin evangelist Michael Saylor. They bought their first Bitcoin hoard in August 2020 and have been adding more Bitcoin to their balance sheet ever since. They purchased the main cryptocurrency on multiple occasions both last year and this year.

 

Saylor stated in a recent interview that the corporation does not intend to sell its BTC and will keep it for at least ten years, if not longer.