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Sam Altman-Backed Meanwhile Group Starts Bitcoin Private Credit Fund for Institutional Investors
The fund, offered by the startup's investment management arm, Meanwhile Advisors, aims to attract institutional investors with a 5% yield.
Bitcoin-focused financial services company Meanwhile Group, backed by OpenAI CEO Sam Altman, has started a bitcoin [BTC] private credit fund, the firm announced Thursday.
The closed-end fund seeks to entice institutional investors in part by offering a "conservative" 5% yield denominated in bitcoin, the press release said. Investors will contribute U.S. dollars to the fund, which will be converted to bitcoin, with fees being also charged in the cryptocurrency.
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Private credit – where non-bank institutions lend money to enterprises and individuals – is already a massive business in traditional financial markets, and BlackRock forecasts the sector will grow to $3.5 trillion by 2028.
“A thriving Bitcoin economy is inevitable, but to realize this future and maximize its potential, robust capital markets are essential,” Zac Townsend, co-founder and CEO of Meanwhile Group, said in the press release. “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.”
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Our insurance company works by taking in premiums, investing them along our own solvency capital, and getting steady, conservative returns in BTC. We have done that with no credit losses to date. Today we're launching a credit fund directly built on top of that experience. https://t.co/NZSSqLrCE6
— Zac Townsend (@ztownsend) December 7, 2023
The fund aims to raise $100 million from investors, The Block reported.
The company set up a bitcoin-based, artificial intelligence (AI)-aided life insurance business called Meanwhile Insurance and raised $19 million in an investment round earlier this year, Townsend said in an interview with CoinDesk TV this June. Investors included OpenSam Altman and Google's AI-focused Gradient Ventures, according to the press release.
Meanwhile also plans to develop a wide range of financial offerings denominated in crypto, including term life insurance and accidental death coverage in BTC.
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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