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
What is the future of bitcoin based on?
The “roller coaster” of the Bitcoin price no longer frightens exchanges and retail traders. Experts note more and more new factors shaping market price fluctuations. However, regulators' positions on key issues continue to dominate.
Will the Lightning Network launch?
Recently, news surrounding the Bitcoin network has remained relatively quiet. After Bitcoin's epic rise and subsequent fall at the turn of the year, holders around the world watched it quietly stagnate. There were some serious dives into bear territory; there were several false starts to what many hoped would be a price recovery.
