Insurance Giant MassMutual Buys $100 Million of Bitcoin
Massachusetts Mutual Life Insurance Co., a $235 billion US insurance giant, has bought $100 million worth of Bitcoin and $5 million equity stake in institutional crypto provider NYDIG.
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The move was announced in a press release on thursday. This gives MassMutual direct exposure to Bitcoin’s price swings and signals that the insurance giant believes other large companies may follow suit.
NYDIG has $2.3 billion assets under management and is one of the fastest growing crypto shops that provides services to institutional clients. MassMutual’s investment indicates they believe that NYDIG will continue to grow and that more institutions will use their services.
MassMutual did not specifically explain why it invested in Bitcoin, but told the WSJ that it was seeking ‘measured yet meaningful’ exposure to an increasingly digital world.
Mainstream investors seeing a 169-year old investment giant, which specializes in measuring risk could, investing in Bitcoin and crypto infrastructure could have a positive influence on their perception of the crypto industry.
This action continues the trend of major corporations investing into Bitcoin and building crypto infrastructure. If this trend continues we could see one of the largest rallies in crypto history.
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