MassMutual invests $100 million in Bitcoin

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.

Insurer MassMutual is the latest financial institution to invest in Bitcoin, buying $100 million worth of the digital token.

Massachusetts Mutual Life Insurance has invested $100m in BTC and $5m in an equity stake in New York Digital Investments Group (NYDIG). According to a press release, both investments give MassMutual direct entry into the cryptocurrency industry. NYDIG is one of the fastest growing institutional cryptocurrency investment companies with $2.3 billion under management. NYDIG provided MassMutual with the opportunity to invest $100 million in BTC.

MassMutual aims to have a “measured but meaningful” impact on the evolving digital world. The rich history of the company, which was founded in 1851 and has a large pool of clients, could have a major impact on the perception of BTC among ordinary investors.

The life insurance company has become another institutional player that has joined Bitcoin investing. According to CoinShares, institutional investors invested $429 million in cryptocurrency funds and other exchange-traded products last week. The total value of crypto-assets under management reached $15bn.

NYDIG recently raised $150 million to launch two new cryptocurrency funds. The money came from three institutional investors. In addition, private German bank Hauck&Aufhauser recently announced plans to launch a cryptocurrency fund in January 2021. The HAIC Digital Asset Fund will target institutional clients.

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