What's Hot

    The new hunting ground for cryptocurrency scammers

    June 25, 2022

    Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High

    June 25, 2022

    Ava Labs launches a handy new feature

    June 25, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    THECRYPTNEWS
    • Home
    • News
    • Guides
    • NFT
    • Analysis
    THECRYPTNEWS
    Home » Insurance Company Lemonade Bets On Bitcoin To Diversify Assets
    News

    Insurance Company Lemonade Bets On Bitcoin To Diversify Assets

    AdminBy AdminDecember 15, 2021No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Source: AdobeStock / piter2121

    In another example of a business that seeks to diversify its portfolio with crypto assets, US insurance company Lemonade has purchased bitcoin (BTC) for its balance sheet, as indicated by a recent regulatory filing.

    During the first nine months of this year, the firm acquired a total of USD 1m in digital assets comprised solely of bitcoin. Lemonade reported the purchase in an S-4 form that US publicly traded companies file with the Securities and Exchange Commission (DRY).

    “The Company currently accounts for these digital assets as indefinite-lived intangible assets in accordance with ASC 350, Intangibles-Goodwill and Other,” Lemonade said in the statement.

    “The Company has ownership of and control over the purchased bitcoin asset and uses third-party custodial services to secure it. The digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheets at cost, net of any impairment losses incurred since acquisition, ”it stated.

    The insurance business said that there were no realized gains or losses recognized during the nine months ended on September 30, 2021. As of that day, the fair market value of the purchased crypto is USD 1.2m, indicating a 20% increase on the investment’s initial value.

    Lemonade is a public benefit corporation organized under Delaware law. In addition to its activities in the US market, the company owns a number of subsidiary companies in support of its European operations in The Netherlands, as well as an offshoot in Israel that provides technology and research and development to other entities that are part of the group.

    The latest development further signals that investing company assets in bitcoin and other cryptocurrencies is gaining popularity among smaller businesses that wish to join the trend started by large companies such as You’re here and MicroStrategy.

    At 10:48 UTC, BTC is trading at USD 48,266. It’s up 2% in a day and down 4.7% in a week.

    ____

    Learn more:

    – Visa Doubles Down on Its Crypto Bet, Launches Crypto Consulting Service
    – PayPal, Visa & Other Investors Double Down On Their Crypto Investments

    – Mastercard, Bakkt Team Up To Integrate Bitcoin In Global Payments Network
    – ‘Time Has Come to Embrace Crypto,’ Says South Korea Stock Exchange Chief

    – Robinhood is Working On Crypto Gift Transfers – Report
    – Myanmar’s Exiled Government Embraces Tether To Combat Military Regime

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    Work on a Multi-CBDC Platform Has Revealed ‘More Questions Than Answers’ – BIS

    March 22, 2022

    Japan’s Crypto Exchanges Set to Speed ​​Up and Simplify Crypto Listing Process

    March 22, 2022

    Crypto Donations To ‘Freedom Convoy’ Evade Government Seizure

    March 22, 2022

    DeFiance Founder’s USD 1.76M Loss is a Lesson For NFT Investors

    March 22, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts

    • The new hunting ground for cryptocurrency scammers
    • Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High
    • Ava Labs launches a handy new feature
    • Dogecoin, a cryptocurrency of choice for criminals?
    • Crypto.com receives regulatory green light in Singapore

    Recent Comments

    No comments to show.

    Subscribe to Updates

    Get the latest sports news from THECRYPTNEWS.

    Advertisement

    Archives

    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021

    Categories

    • Analysis
    • Guides
    • News
    • NFT

    The leader in news and information on cryptocurrency, digital assets and the future of money, THECRYPTNEWS is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube WhatsApp Reddit
    Top Insights

    The new hunting ground for cryptocurrency scammers

    June 25, 2022

    Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High

    June 25, 2022

    Ava Labs launches a handy new feature

    June 25, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from THECRYPTNEWS

    Facebook Twitter Instagram Pinterest
    • Home
    Copyright © 2021 Thecryptnews.com

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT

    DMCA - Terms and Conditions - Privacy Policy