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Lemonade’s $1M Worth of BTC Purchase Rumors Clarified -Breaking

by Mike Robinson

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© Reuters. Lemonade’s $1M Worth of BTC Purchase Rumors Clarified
  • Lemonade’s $1 million worth of BTC purchase was a rumor.
  • The company hasn’t added bitcoin to its balance sheet.
  • Lemonade bought only a company with trades to add on its balance sheets.

A report surfaced on Twitter (NYSE:) today that America’s top-rated insurance company Lemonade has purchased $1 million worth of bitcoins to its balance sheet. The news is a hoax. The company actually purchased Bitcoin worth $1,000,000 to trade on its balance sheets.

The tale of the company’s rumor spread swiftly from a screenshot of Lemonade and Metromile partnership announcement from SEC filing. In detail, Castle Island’s Co-Founder Matt Walsh tweeted that it “looks like $LMND is on the bitcoin balance sheet bandwagon. Paging Michael Saylor never replied.”

Even, the rising confusion and claim that Lemonade has added BTC to its balance sheet are even out of context, as the SEC filing clearly identifies Metromile as “The Company” in section (F-65).

On the other hand, speculations could be that the crypto space misunderstood the content in the SEC’s filing that might have dispelled the confusion. Metromile has recently purchased Bitcoin.

Dan Preston, CEO

We are convinced of the revolutionary potential blockchain technology. While we’re still in the beginning stages of understanding how decentralized financial and crypto-currency will impact insurance in the long term, offering bitcoin for claim payments and premium payment would be a significant first step.

According to the company, it plans to accept Bitcoin insurance premium payments and pay for claims made in Bitcoin.

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