MassMutual Invests $100 Million in Bitcoin: Bloomberg
The 169-Year-Old Massachusetts Mutual Life Insurance Co. aka MassMutual which has been in the industry since 1851 is the latest mainstream firm to adopt Bitcoin into their investment portfolio.
MassMutual has purchased $100 million in Bitcoin for its general investment fund. The company has also acquired a $5 million minority equity stake in NYDIG which is a subsidiary of Stone Ridge that facilitates crypto services to institutions. NYDIG boasts as a leading financial services firm dedicated to Bitcoin. NYDIG has over $2.3 billion of digital asset balances under its custody.
Tim Corbett, Chief Investment Officer of MassMutual said, “We believe that having an equity stake in NYDIG as well as a Bitcoin position in our general investment account will help us deliver long-term value to our policy owners. We look forward to further exploring additional ways to work with NYDIG, consistent with our ongoing focus on innovation and diversification.”
MassMutual’s investment account has a value closer to $235 billion as of 30th September. The investment in Bitcoin will represent 0.04% of MassMutual’s general investment account.
The price volatility and high liquidity of digital assets attract more and more investors towards digital currencies. BitcoinFT reported MicroStrategy’s investment in Bitcoin last week. MicroStrategy said Wednesday it anticipates raising $537.2 million in net proceeds from a debt offering to buy more Bitcoin.
Bitcoin achieved its all-time high of $19,857, bringing its year-to-date gain to 177%. The bitcoin community believes it is digital gold and sees it as a hedge against inflation.
What are your thoughts on MassMutual ‘s latest investment on Bitcoin? Leave a comment on the comments section below.
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