US-based popular insurance company Lemonade has added $1 million worth of BTC to its balance sheet, according to the documents submitted to the SEC.
However, it was revealed that the company did not purchase the bitcoins directly, rather it bought a company that purchased bitcoins in the fall of 2021.
Last month, Lemonade made its first acquisition after buying out California-based car insurance company Metromile. According to SEC documents, Metromile has included a cumulative total of $1 million in Bitcoin in its balance sheet as of the end of September. As it turned out, Metromile had unaudited digital assets as part of its financial statements.
Lemonade is now one of the several Nasdaq-listed companies to hold Bitcoins in its balance sheet. Amongst them, software intelligence company Microstrategy and EV giant Tesla hold the most amount of bitcoins, with Microstrategy holding as many as 122,478 BTC, worth more than $6 billion.