Metromile, the San Francisco-based auto-insurer, invests $1 million in Bitcoin.

Metromile, the San Francisco-based auto-insurer that sells pay-by-mile car insurance via a digital platform, invested $1 million in its first cryptocurrency.

According to the SEC filing the filing, the firm acquired digital gold in the first half of 2021. It did not sell any digital assets during that period.

The company said it uses a third-party service to custody its cryptocurrency.

In May Metromile announced the addition of the ability to pay for insurance and receive reimbursements in Bitcoin. At the time, the company said it planned to acquire its first cryptocurrency worth $10 million to underpin its plan.

Metromile is required to file with the SEC, as it became public in February 2021 through a reverse merger.

Earlier, MicroStrategy became the first public company to invest in Bitcoin. In August 2020 the firm bought cryptocurrency for $250 million.

Subsequently, MicroStrategy used not only its own capital but also debt financing to purchase the digital gold.

After purchasing an additional 13 005 BTC in June, the amount of cryptocurrency owned by the company rose to 105 085 BTC.

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