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Metromile Notifies US Securities and Exchange Commission (SEC) of $ 1 Million Investment in Major Cryptocurrency.
The insurance company Metromile has submitted its financial report to the Securities and Exchange Commission (SEC) for the second quarter of this year.
In the document, the company notified the regulator of the purchase of bitcoin for $ 1 million.
Metromile is listed on the Nasdaq under the ticker MILE. As of 11:10 AM ET on August 11, Metromile stock price on the US premarket is $ 5.4.
In May Metromile reported plans to acquire Bitcoin $ 10 million in the second quarter of 2021. The company planned to become the first insurance company in the world to pay insurance in bitcoin.
Metromile is an auto insurance company that calculates policy payouts based on miles driven, not an average. The company claims that using their insurance products saves about 47% per year.