San Francisco-based technology house Metromile has used x% of the funds information technology previously said would be allocated towards crypto to buy Bitcoin (BTC).

Co-ordinate to Tuesday's filing from the United States Securities and Exchange Commission, or SEC, Metromile reported that information technology had purchased $1 meg in Bitcoin in June. However, the house recorded a loss of $100,000 in the original crypto buy, holding roughly $900,000 in Bitcoin every bit of June 30, or 25.6 BTC at the time.

Metromile'due south fiscal report for the second quarter of 2022 says the visitor held $202.six million in cash and cash equivalents every bit of June 30, meaning its Bitcoin investment was roughly 0.v% of funds available. Some experts advocate allocating from 1% to three% of ane'south net worth into crypto.

The SEC filing follows the company saying in May it intended to classify $10 million towards Bitcoin in the second quarter of 2022. At the time, Metromile said information technology would allow its policyholders — Metromile offers pay-per-mile car insurance — to pay for its services and receive bounty from claims in Bitcoin.

Related: MassMutual Bitcoin purchase proves crypto demand is rise, JPMorgan says

In the second quarter of 2022, Metromile announced the number of its policies in force had been "roughly flat" compared to that of Q1 due to "industry-wide unexpected regulatory delays." However, the firm'southward insurance revenue increased more than 22% over that of the same period last year.

Shares of Metromile stock trading nether the Nasdaq ticker MILE dropped sharply on Mon, having stayed above $7.00 since May. The price fell roughly 25% in the last two days from $6.97 to reach $5.24 at the time of publication, making its market capitalization now $660 million.