Evertas, a leading digital asset insurance provider, has recently announced the acquisition of Bitsure, a trailblazing insurer specializing in crypto mining operations. Despite being established only in 2021, Bitsure quickly gained prominence in the industry and currently insures approximately 6% of the Bitcoin mining network. This strategic acquisition is aimed at addressing the complexities involved in insuring crypto mining operations, which present unique challenges compared to traditional data centers or hardware-intensive businesses.
The acquisition deal enables Evertas to gain access to a crypto mining policy writing authority of up to $200 million per location, a remarkable achievement that is unprecedented in the industry and twenty times more than Bitsure’s previous capacity. As the world’s first dedicated crypto insurance company, Evertas is well-positioned to strengthen its position in the market by adding Bitsure’s expertise and resources to its portfolio.
Founded in 2021, Evertas has been at the forefront of providing digital asset insurance solutions to meet the growing demands of the crypto market. With its latest acquisition, Evertas aims to bridge the gap in the market by offering specialized insurance coverage for crypto mining operations, a segment that has faced challenges in obtaining adequate insurance coverage.
The inclusion of Bitsure in the Evertas family will prove instrumental in enhancing Evertas’ capacity and knowledge base. This strategic move will be a game-changer for crypto mining operations of all sizes, filling a crucial need in the market and further establishing Evertas as a leader in the crypto insurance industry.
Bringing a wealth of experience from the crypto mining industry, Thomas Shewchuck, Co-Founder of Bitsure, will assume the position of head of underwriting at Evertas. His expertise will prove invaluable in navigating the complex risks associated with crypto mining operations and the broader Web3 ecosystem.
Evertas’ CEO and Co-Founder, J. Gdanski, praised Bitsure’s innovative approach to addressing the insurance gap in the crypto market. He acknowledged that Bitsure’s rapid growth had necessitated additional resources and scaling, which Evertas is well-equipped to provide. By integrating Bitsure’s capabilities and team into Evertas, the company can now offer enhanced insurance solutions to meet the unique needs of crypto mining operations.
Sarah Leon, Bitsure’s regulatory compliance expert and lead underwriter, will retain her role at Evertas, further contributing to the company’s strengthened position in the market. The shared vision and experience of both companies in addressing the insurance needs of the crypto market make the acquisition a natural fit.
Raymond Zenkich, Evertas’ Co-Founder and President, emphasized the shared origins of Evertas and Bitsure. Both companies were born out of a recognition of the significant insurance gap in the vibrant yet often misunderstood crypto market. The decision to build solutions for this underserved market reflects their commitment to providing reliable insurance coverage tailored to the unique risks and challenges faced by crypto mining operations.
The acquisition marks a significant milestone in the development of the crypto insurance industry, as Evertas consolidates its position as a leading provider of digital asset insurance solutions. The acquisition of Bitsure enhances Evertas’ capabilities, enabling the company to cater to the evolving needs of the crypto market with a comprehensive suite of insurance products.
The crypto market’s exponential growth and increasing adoption have underscored the importance of robust insurance solutions to protect digital assets and businesses. Evertas’ acquisition of Bitsure positions the company to play a pivotal role in the maturation of the crypto insurance sector, bringing greater security and confidence to stakeholders in the digital asset ecosystem.
As Evertas continues its journey to expand and innovate in the crypto insurance space, the acquisition of Bitsure is a testament to the industry’s potential and the shared commitment of both companies to drive progress in the digital asset insurance landscape. By combining their expertise, Evertas and Bitsure are poised to shape the future of crypto insurance and provide a solid foundation for the industry’s sustained growth and success.