The rumor that surfaced earlier today that Lemonade bought Bitcoin isn’t exactly accurate. But it’s also not fake news.  Covered: Lemonade Buys Bitcoin? SEC Filing: Form-4 Metromile And Crypto Lemonade Buys Bitcoin? Rumors circulated around crypto Twitter today that insurance company Lemonade bought 1 million worth of Bitcoin for its balance sheet. The truth is, […] The post Did Lemonade Actually Buy Bitcoin? appeared first on CryptosRus.

Did Lemonade Actually Buy Bitcoin?

The rumor that surfaced earlier today that Lemonade bought Bitcoin isn’t exactly accurate. But it’s also not fake news. 

Covered:

  • Lemonade Buys Bitcoin?
  • SEC Filing: Form-4
  • Metromile And Crypto

Lemonade Buys Bitcoin?

Rumors circulated around crypto Twitter today that insurance company Lemonade bought 1 million worth of Bitcoin for its balance sheet. The truth is, Lemonade didn’t buy Bitcoin to put on its balance sheet, it bought a company that bought Bitcoin to put on its balance sheet.

The confusion stems from an SEC form-4 filing from Lemonade announcing its merger with car insurance company Metromile.

SEC Filing: Form-4

 

 

 

 

According to the SEC filing, Metromile has unaudited digital assets (F-65) as part of their financial statements.

The rumor spread thanks to a screenshot from the filing. Matt Walsh of CastleIsland Investments tweeted along with the screenshot, “Looks like $LMND is on the bitcoin balance sheet bandwagon. Paging Michael Saylor.” Michael Saylor never replied. Probably because it was taken out of context. 

Some of the confusion is understandable out of context. But even looking at the SEC filing doesn’t exactly help: Metromile is referred to as The Company in section (F-65). Thankfully, the table of contents dispels the confusion. See: screenshot above.

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Lemonade Bitcoin: Metromile And Crypto

Metromile previously announced that they bought Bitcoin. Not to mention, they announced that they would pay claims in Bitcoin, and accept insurance premium payments in the cryptocurrency as well. 

“We believe in the transformative potential of blockchain technology,” said Dan Preston CEO of Metromile. “We are still in the early days of realizing how this shift to decentralized finance and cryptocurrency will create enduring advantages in insurance, but we believe that offering bitcoin as an option for premium and claims payments would be an important first step.”

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