Lemonade to own $1m of Bitcoin after Metromile deal

The New York Stock Exchange-listed insurer Lemonade has agreed to acquire competitor Metromile, which had previously invested in Bitcoin.

As a public company, Lemonade filed with the U.S. Securities and Exchange Commission (SEC) a Form S-4 informing the regulator of the terms of the deal.

A screenshot from it became the source of some confusion in the cryptocurrency community.

CastleIsland Investments general partner Matt Walsh, who posted it on Twitter, wrote:

«Looks like $LMND is on the bitcoin balance sheet bandwagon. Paging Michael Saylor»

Anthony Pompliano, co-founder of Morgan Creek Digital, kicked off his YouTube podcast with this news.

However, the quoted excerpt relates to the Metromile acquisition.

«During the nine months ended September 30, 2021, the company acquired digital assets worth $1 million, consisting solely of Bitcoin,» the paragraph states.

Metromile accounts for cryptocurrency as intangible assets and uses a third-party custodial service for its storage.

About the purchase of Bitcoin for $1 million, the company reported to the SEC in August. Before this, Metromile announced to customers the ability to pay bills and receive insurance payouts in digital gold.

The aforementioned Michael Saylor, cited by Walsh, is the founder and CEO of MicroStrategy, which was among the first public companies to invest in Bitcoin.

Back in December, after the purchase of an additional 1,434 BTC for about $82.4 million, MicroStrategy raised its digital-asset balance to 122,478 BTC. According to Saylor, the firm may store digital gold “forever”.

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