Massmutual, the leading life insurance company, has become the latest major company to invest huge sums of money in Bitcoin. Massmutual believes that having a Bitcoin position in its investment account will help the company provide long-term value to its insurance policy holders.
Massmutual buys $100 million worth of Bitcoin
Massachusetts Mutual Life Insurance Company (Massmutual) announced on Thursday that it has purchased USD 100 million worth of Bitcoin and also provided NYDIG with USD 5 million in equity investment.
Founded in 1851, Massmutual is one of the largest and most highly rated life insurance companies in the United States. NYDIG is a Bitcoin-centric financial services company founded in 2017 and is a digital asset subsidiary of Stone Ridge Holdings Group. It also owns the New York State Department of Financial Services’ Bitlicense and limited purpose trust charter.
In a transaction facilitated by the New York Stock Exchange (NYDIG), Massmutual also purchased $100 million in Bitcoin for its general investment account.
The insurer added that “its Bitcoin position is held on NYDIG’s secure, audited and insured custody platform.”
NYDIG CEO Robert Gutmann commented: “We are proud of this incredible moment in the history of Bitcoin and the insurance industry.” “This reflects the general investment account of Bitcoin to insurance companies. Extension.”
Tim Corbett, Chief Investment Officer of Massmutual, said: “We believe that owning NYDIG’s equity and the Bitcoin position in our ordinary investment account will help us bring long-term value to policyholders.”
Ross Stevens, founder of Stone Ridge Holdings Group and NYDIG, commented:
For Massmutual, it is not surprising for me to once again see the long-term value of the Bitcoin currency risk premium of its policyholders and take action.
What do you think of Massmutual’s investment of $100 million in Bitcoin? Let us know in the comments section below.
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