US-based cryptoasset insurance company Evertas has acquired an insurance company Bitsure, which focuses on crypto mining.
The companies have not disclosed the financial details of the deal.
Bitsure was founded in 2021 and its first mining policy was carried out in June 2022.
The policies of the crypto mining insurer currently insure approximately 6% of the Bitcoin mining network.
As part of the deal, Bitsure co-founder Thomas Shewchuck will join Evertas as underwriting head.
The acquisition is expected to make Evertas Web3 a key crypto mining cover provider.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Evertas CEO and co-founder J Gdanski said: “Bitsure is a product of smart and eager entrepreneurs who built a great company fulfilling a critical yet mostly unmet need.
“As a result, Bitsure quickly grew to the point where they needed help scaling—not just from an insurance capacity perspective but also from a team and resources perspective.
“In joining forces, Evertas benefits from the addition of key personnel and their deep understanding of mining, mining risks, and the broader Web3 ecosystem.”
This company is said to possess the authority to make crypto mining policies of up to $200m per site, which is 20-fold more capacity than Bitsure had earlier.
In June 2023, Evertas expanded its crypto insurance coverage limits across various policy types and included mining operations in its coverage portfolio.