The American insurance giant with 169 years of experience, MassMutual, acquired 5.5 thousand BTC for $100 million for its investment fund.
Massachusetts Mutual Life Insurance Co. is another large company that has entered the crypto market. Its investment in BTC represents 0.04% of its total $235 billion investment account.
Company spokeswoman Chelsea Harati said:
We view this initial investment as a first step, and as with any investment, we will explore future opportunities.
The company also announced the acquisition of a minority stake worth $5 million in New York-based NYDIG. providing cryptocurrency services to institutions. NYIDG manages over $2.3 billion in crypto assets and will now provide custodial services for MassMutual's BTC.
Ross Stevens, founder and executive chairman of NYDIG noted:
Interest rates hovering near zero and a falling dollar have made Bitcoin more attractive.
Analyst Mati Greenspan called the investment “a small step for an insurance company, a giant leap for digital assets.”
Mike Novogratz, founder of Galaxy Digital, commented:
This could be the most important news about BTC in 2020. An insurance company buys bitcoins for its general account. This is a HUGE deal.
Subscribe to ForkNews on Telegram to always stay up to date with the latest news from the world of cryptocurrencies
You May Also Like
The Ukrainian official could not confirm the fact of ownership of 77 military-technical vehicles
Alexey Kucher, head of the State Regulatory Service (SRS), included in the declaration data on digital assets worth more than 13 million hryvnia.
Traders lost $810 million per day after BTC collapse
At night, Bitcoin updated its three-month low. Exchanges liquidated $810 million worth of traders' positions.
