{"id":322078,"date":"2021-08-11T21:45:00","date_gmt":"2021-08-11T18:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/digital-insurer-metromile-follows-through-with-1m-bitcoin-purchase\/"},"modified":"2021-08-11T21:45:00","modified_gmt":"2021-08-11T18:45:00","slug":"digital-insurer-metromile-follows-through-with-1m-bitcoin-purchase","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/digital-insurer-metromile-follows-through-with-1m-bitcoin-purchase\/","title":{"rendered":"# Digital insurer Metromile follows through with $1M Bitcoin purchase"},"content":{"rendered":"

“# Digital insurer Metromile follows through with $1M Bitcoin purchase <\/strong>”
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San Francisco-based technology<\/a> firm Metromile has used 10% of the funds it previously said would be allocated towards crypto to buy Bitcoin.<\/p>\n

According to an Aug. 10 filing from the U.S. Securities and Exchange Commission, or SEC, Metromile reported<\/a> it had purchased $1 million in Bitcoin (BTC) in June. However, the firm recorded a loss of $100,000 in the original crypto buy, holding roughly $900,000 in Bitcoin as of June 30, or 25.6 BTC at the time.<\/p>\n

Metromile\u2019s financial report<\/a> for the second quarter of 2021 says the company held $202.6 million in cash and cash equivalents as of June 30, meaning its Bitcoin investment was roughly 0.5% of funds available. Some experts advocate allocating from 1% to 3% of one\u2019s net worth into crypto. <\/p>\n

The SEC filing follows the company saying in May it intended to allocate $10 million towards Bitcoin in the second quarter of 2021. At the time, Metromile said it would allow its policyholders \u2014 it offers pay-per-mile car insurance \u2014 to pay for its services and receive compensation from claims in Bitcoin. <\/p>\n

Related: <\/em><\/strong>MassMutual Bitcoin purchase proves crypto demand is rising, JPMorgan says<\/em><\/strong><\/p>\n

In the second quarter of 2021, Metromile announced the number of its policies in force had been \u201croughly flat\u201d compared to that of Q1 due to \u201cindustry-wide unexpected regulatory delays.\u201d However, the firm\u2019s insurance revenue increased more than 22% over that of the same period last year. <\/p>\n

Shares of Metromile stock trading under the Nasdaq ticker MILE dropped sharply on Monday, having stayed above $7.00 since May. The price fell roughly $25% in the last two days from $6.97 to reach $5.24 at the time of publication, making its market capitalization now $660 million.\u00a0<\/p>\n