Tags: massmutual | invests | 100 million | bitcoin

169-Year-Old MassMutual Invests $100 Million in Bitcoin

169-Year-Old MassMutual Invests $100 Million in Bitcoin

Thursday, 10 December 2020 05:50 PM

Massachusetts Mutual Life Insurance Co. has purchased $100 million in Bitcoin for its general investment fund, the latest mainstream firm to dabble in digit assets.

The mutual insurer also acquired a $5 million minority equity stake in NYDIG, a subsidiary of Stone Ridge that provides cryptocurrency services to institutions, according to a statement. NYDIG, which already keeps more than $2.3 billion in crypto assets for clients, will provide custody services for MassMutual’s Bitcoins.

MassMutual, which has been around since 1851, is the latest company to invest in the largest cryptocurrency. MicroStrategy Inc. has expanded its investments into the coin, and Square Inc. has poured money into the world’s most popular cryptocurrency as well amid talk of growing institutional adoption and demand.

The investment in Bitcoin will represent 0.04% of the general investment account of nearly $235 billion as of Sept. 30, MassMutual said. “We see this initial investment as a first step, and like any investment, may explore future opportunities,” spokeswoman Chelsea Haraty said in a email.

Bitcoin has more than doubled in price this year, and hit an all-time high earlier this month. Advocates say that Bitcoin is a kind of digital gold, likely to retain its value during times of turmoil and as a hedge against inflation despite the historical volatility of the cryptocurrency.

© Copyright 2021 Bloomberg News. All rights reserved.


Markets
Massachusetts Mutual Life Insurance Co. has purchased $100 million in Bitcoin for its general investment fund, the latest mainstream firm to dabble in digit assets.
massmutual, invests, 100 million, bitcoin
216
2020-50-10
Thursday, 10 December 2020 05:50 PM
Newsmax Media, Inc.
 
Newsmax TV Live
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved