The US publicly traded company Metromile (NASDAQ: MILE) announced that it has included Bitcoin in its balance sheet, which it bought for 1 million US dollars. However, the investment in BTC is far from over.
Metromile has previously advised its shareholders to use part of the funds to invest in cryptocurrencies. In June, it started the process by investing $ 1 million in BTC.
Metromile, the NASDAQ-listed ($ MILE) car insurance company, has purchased $ 1 Million worth of #BTC —With a goal of acquiring $ 10 Million in total this quarter.
Filing: https://t.co/Pbm0jyaOdk
– Documenting BTC 📄 (@DocumentingBTC) August 11, 2021
According to a filing with the SEC, it had approximately $ 202 million in cash at the time, indicating that it had invested about 0.5% of its funds in BTC.
Metromile announced in May this year that it gradually plans to set aside $ 10 million for the purchase of BTC. It is therefore possible that Metromile’s investment in BTC will accelerate in the coming months.
The American company specializes in car insurance – it offers its customers a pay-per-mile service, through which its customers pay premiums for mileage. Already in May, she informed them that if they were interested, they could have their insurance claim paid out in BTC as well.
