MassMutual Buys $100 Mln Bitcoin From the NYDIG As an Investment
On Dec 11, 2020
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MassMutual joins the companies just as MicroStrategy and Grayscale. The company bought $100 million worth of Bitcoin as an investment.
The company made a significant step to the cryptocurrencies by buying $100 million worth of Bitcoin. According to the press release from the Massachusetts Mutual Life Insurance (MassMutual), the company purchased those bitcoins from the New York Digital Investments Group (NYDIG). Previously MassMutual had $5 million worth of investment at NYDIG, and they add additional $100 mln in Bitcoin. Bitcoin will be audited, stored, and insured in the custody platform.
One of the reasons for investment in Bitcoin is to diversify the funds that MassMutual has. The price of Bitcoin is high enough for about more than two weeks. A significant increase attracted other companies to invest in cryptocurrencies. Institutions such as MicroStrategy and Grayscale, both buy large amounts of Bitcoin and Ethereum recently. MicroStrategy bought Bitcoin before the price increase, and they continue buying as Bitcoin experienced a dip in price.
Co-founder, and CEO of NYDIG, Robert Gutmann, commented:
“The strategic equity investment of MassMutual underscores NYDIG’s role as the leading provider of Bitcoin solutions to institutions, banks, and private clients.” and also highlighted the significance of the investment of institutions to the cryptocurrencies:
“We are proud of this incredible moment in the history of both Bitcoin and the insurance industry. This reflects the expansion of Bitcoin to insurance company general investment accounts, as well as NYDIG’s unique ability to meet the complex needs of the most demanding institutional investors.”
About the MassMutual
The creation of the MassMutual goes back to May 15 of 1851. MassMutual is a mutual financial services company, which means that they do not have stakeholders. Members and other participating parties have a role in the management system by participating in the meetings of the Board of Directors. If you own that participating policy, you may even claim dividends.
About the NYDIG
NYDIG is a leading financial services firm dedicated to Bitcoin. The firm provides asset management, trading, and technology services for institutions, private clients, and banks. It has $2 billion in assets under custody.
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