The insurer that finally speaks crypto - paying claims in the same coins it covers.
Somewhere in a back office, a compliance officer is reading an insurance contract for a digital asset fund. The remarkable part is what is missing: there is no asterisk explaining that a stolen Bitcoin will be reimbursed at last quarter's dollar price. The policy is written in Bitcoin. A coin lost is a coin returned. This is Soter Insure, a Bermuda-licensed carrier built for an asset class that traditional insurers spent fifteen years politely declining to underwrite.
Soter is not trying to reinvent insurance. It is trying to make insurance show up to a market it kept ghosting. The company writes institutional-grade coverage - theft, crime, smart contract failure, directors and officers liability, and staking slashing - for the people moving real money through blockchains. The twist is denomination: policies settle in fiat, Bitcoin, or Ethereum, so the cover matches the risk instead of quietly drifting away from it.
Our mission at Soter is to set a new standard for risk management in the digital assets space.- Henson Orser, Founder & CEO
Here is the quiet irony of the last crypto cycle. Everyone argued about price. Few noticed that the real bottleneck for serious capital was duller than that. A pension fund cannot hold an asset it cannot insure. A custodian cannot win a mandate without coverage. And the insurance simply was not there - or when it was, it came capped in dollars while the loss came denominated in coins.
That mismatch sounds like a footnote. It is not. If your policy pays out $10 million for a stolen 100 BTC, and Bitcoin doubles before the claim settles, you have been made whole on paper and robbed in practice. Traditional insurers treated digital assets as an exotic edge case. Soter treats the mismatch itself as the product to kill.
Coverage that is native to the protocol is a natural and important evolution for the ecosystem.- Chris Ferraro, President & CIO, Galaxy
Founder and CEO Henson Orser made a contrarian wager: the way to make crypto insurable was not more crypto cleverness, but more old-fashioned discipline. So Soter went to Bermuda - the global reinsurance capital, regulator of serious carriers - and applied for a real license under the Insurance Act of 1978. Incubated by Further Ventures and WebN Group, with Further's Mohamed Hamdy chairing Soter Holdings, the company built for credibility first and growth second.
The bet attracted believers. When Soter raised its Series A in February 2025, the round was led by Galaxy, with Brevan Howard Digital, Karatage, Token Bay and Pharsalus joining. These are not tourists in digital assets. They were buying the thesis that boring, regulated, crypto-native insurance is the missing infrastructure layer.
Pictured above in spirit: five sophisticated investors agreeing that the most exciting thing in crypto is an actuarial table.
Soter's catalogue reads like a list of every nightmare a digital asset CFO has had. The difference is in the settlement currency - native where it counts.
Protection against theft and loss of digital assets - including world-first BTC-denominated crime cover that pays claims in Bitcoin.
The world's first ETH-denominated slashing policy. Premiums and claims settle in ETH, covering isolated and network-wide slashing events.
Coverage for losses arising from smart contract bugs and failures - the code-level risk Web3 runs on.
Liability protection for executives and boards navigating an unforgiving regulatory frontier.
Errors & omissions cover for digital asset service providers and the people who trust them.
A menu where every dish is a disaster you'd rather not order - which is precisely why you keep the menu handy.
The Bermuda Monetary Authority grants Soter initial approval - the first regulatory handshake.
Soter receives full licensing approval under the Bermuda Insurance Act 1978, advised by Carey Olsen.
Galaxy leads the round, joined by Brevan Howard Digital, Karatage, Token Bay and Pharsalus. Funds go to underwriting and technology.
Soter launches Bitcoin-denominated crime coverage, ending the dollar-vs-coin mismatch for theft claims.
Built with Galaxy Digital, the first slashing policy settled in native ETH - insurance that finally speaks the protocol's language.
Consider a 100 BTC theft claim. A traditional policy caps the payout in dollars at the moment cover was bound. If Bitcoin's price climbs before the claim settles, the insured is "made whole" - in name only. A BTC-denominated Soter policy returns 100 BTC, full stop. The chart shows what the insured actually recovers, in BTC, under different price moves.
Illustrative example for explanation, not a quote of policy terms. The point: a fiat cap erodes coin recovery exactly when the asset is winning.
By collaborating with Galaxy Digital, we have engineered a capital-efficient solution that eliminates the currency risk inherent in traditional indemnity.- Henson Orser, Founder & CEO
Series A lead and co-architect of the ETH-denominated slashing product.
Incubated Soter; Mohamed Hamdy chairs Soter Holdings.
Co-incubator backing Soter's build-out.
Partner on innovative digital asset risk coverage solutions.
A guest list assembled less for the canapes than for the balance sheets.
Soter takes its name from the Greek spirit of safety, preservation and deliverance from harm. It is a heavy name for a company in a market that often confuses recklessness with conviction. But the mission is plain: make digital asset risk something an institution can underwrite, sign off on, and explain to its own board without flinching.
The company is small - around fourteen people - and operates across Bermuda, Abu Dhabi, London and New York. It is compliance-first by design, which in crypto is either deeply unfashionable or quietly revolutionary, depending on the week. Soter is betting it is the second.
Their tailored approach to risk management meets a crucial industry need.- Mike Novogratz, Founder & CEO, Galaxy
The direction of travel is clear. Staking is becoming an institutional product. Custody is becoming a regulated business. Tokenized assets are leaking into mainstream finance. Each of those steps multiplies the demand for coverage that understands slashing, smart contract failure, and theft as native risks rather than curiosities. Soter built for that future before most of the market admitted it was coming.
Back in that back office, the compliance officer finishes the Bitcoin policy and does something rare for a crypto document: nothing dramatic. No asterisk to flag, no currency gap to hedge, no memo to legal. The coin is covered by the coin. That quiet - the absence of a problem that used to be load-bearing - is exactly what Soter set out to manufacture. In an industry that sells excitement, it turns out the most valuable product is the boring certainty that someone has your back when the worst happens.
Reporting compiled from public press releases and trade coverage. Illustrative figures are labeled as such. Where a number wasn't disclosed, we left the blank honest.