TL:DR Breakdown:
- US-based MassMutual now lists as a corporate Bitcoin investor after buying $100 million worth of Bitcoin.
- The company also bought a $5 million stake in NYDIG, a crypto company that facilitated the purchase.
MassMutual, a mutual life insurance company in Massachusetts, United States, has become the latest corporate Bitcoin investor. According to a recent report by The Wall Street Journal, the US insurance company acquired Bitcoin (BTC) worth about $100 million on Thursday. By investing in Bitcoin, the company intends to gain a “measured yet meaningful exposure to a growing economic aspect of our increasingly digital world.”
MassMutual goes into crypto
The $100 million Bitcoin purchase was facilitated by the New York Digital Investment Group (NYDIG), a digital currency trading and custody platform. Additionally, the insurance company purchased a $5 million stake in the cryptocurrency firm, according to the WSJ report. NYDIG has seen notable growth in business for years. Reportedly, it has about $2.3 billion of digital assets under custody.
Besides investing in Bitcoin, MassMutual sees over $600 billion in assets under management (AUM). The company’s revenue is estimated to be around $30 billion. The insurance company was established in 1851 and accounted for more than five million clients. As MassMutual becomes the latest Corporate Bitcoin investor, the management expects to deliver more value to its policy owners. The Chief Investment Officer at MassMutual, Tim Corbett, precisely said:
“We believe that having an equity stake in NYDIG as well as a Bitcoin position in our general investment account will help us deliver long-term value to our policyowners. We look forward to further exploring additional ways to work with NYDIG, consistent with our ongoing focus on innovation and diversification.”
Global corporate Bitcoin investors
The crypto industry has seen an increase in corporate Bitcoin investors some months ago. The publicly-traded business intelligence company, MicroStrategy took the first-bold move and currently has more than 40,000 Bitcoin in its crypto reserve. Many other popular companies such as Square Inc., Galaxy Digital Holdings, etc., now have millions of dollars invested in the leading cryptocurrency.
