Major Insurer Massmutual Invests $100 Million in Bitcoin for Long-Term Value
Leading life insurance company Massmutual has become the latest big company to invest a huge sum of money in bitcoin. Massmutual believes that having a bitcoin position in its investment account will help the company deliver long-term value to its insurance policyholders.
Massmutual Buys Bitcoin Worth $100 Million
Massachusetts Mutual Life Insurance Company (Massmutual) announced on Thursday that it has purchased $100 million worth of bitcoin and also a $5 million equity investment in Nydig, a provider of institutional investment and technology solutions for bitcoin.
Founded in 1851, Massmutual is one of the largest and most highly rated life insurance companies in the United States. Nydig is a bitcoin-centric financial services firm founded in 2017 as the digital asset subsidiary of Stone Ridge Holdings Group. It holds both a Bitlicense and a limited purpose trust charter from the New
Institutional Bitcoin Provider NYDIG Announces Minority Stake Purchase by MassMutual
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NEW YORK, Dec. 10, 2020 /PRNewswire/
NYDIG, a leading provider of institutional investment and technology solutions for Bitcoin, announced today that Massachusetts Mutual Life Insurance Company (MassMutual) has purchased a minority stake in the company.
Along with a $5 million equity investment in NYDIG, MassMutual has also purchased $100 million in Bitcoin for its general investment account in a transaction facilitated by NYDIG. The firm s Bitcoin position is held on NYDIG s secure, audited, and insured custody platform.
Robert Gutmann, co-founder and CEO of NYDIG, said, The strategic equity investment of MassMutual underscores NYDIG s role as the leading provider of Bitcoin solutions to institutions, banks, and private clients. It also accelerates our white-label business segment, which provides bespoke implementations of our core custody, execution,