MassMutual Invests $100M In Bitcoin; ‘Other Return-Hungry Insurance Companies’ Buying BTC: NYDIG Chairman

The 169-year old mutual insurer, MassMutual, purchased $100 million in Bitcoin for its general investment fund. This bitcoin investment is part of the company's broad strategy to take advantage of new opportunities that give it “measured yet meaningful exposure to a growing economic aspect of our increasingly digital world.”

Massachusetts Mutual Life Insurance Co. is the latest mainstream firm to jump on the Bitcoin bandwagon, with its BTC investment representing 0.04% of the general investment account of about $235 billion.

“We see this initial investment as a first step, and like any investment, may explore future opportunities,” said spokeswoman Chelsea Haraty.

Analyst Mati Greenspan called this “one small step for an insurance company and a giant leap for digital assets.”


The company also announced a $5 million minority equity stake in New York-based fund management company NYDIG, a Stone Ridge subsidiary that provides cryptocurrency services to institutions.

As we reported, the institutional manager bought 10k BTC in October as its “primary treasury reserve asset.”

NYIDG has more than $2.3 billion in bitcoin and other crypto assets under management and will now provide custody services to MassMutual’s Bitcoin too. Ross Stevens, the founder and executive chairman of NYDIG told, Wall Street Journal,

“Other return-hungry insurance companies have also bought bitcoin for their general accounts through his firm. Interest rates that are hovering near zero and a depreciating dollar have made bitcoin appear more attractive.”

The insurance behemoth, which has been around since 1851, has joined MicroStrategy and Square's ranks that poured money into the world’s largest cryptocurrency amidst its growing institutional adoption.

Earlier this month, Bitcoin made an all-time high and is currently on a pullback, trading under $18,000, after the 100% run-up in 4Q20. Mike Novogratz, the founder of Galaxy Digital, commented,

“This might be the most important BTC news of 2020. An insurance company buys bitcoin for its general account. This needs fed approval. It’s a HUGE deal.”

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide