US insurer MassMutual is taking a double stake in Bitcoin (BTC)
Massachusetts Mutual Life Insurance Company (MassMutual) has acquired shares in both a Bitcoin service provider and BTC for $100 million.
The US life insurer Massachusetts Mutual Life Insurance Company (MassMutual) has invested twice in Bitcoin. First, MassMutual acquired a minority stake in NYDIG for five million US dollars. NYDIG is a subsidiary of investment giant Stoneridge, which provides BTC services to Crypto Legacy institutional clients. Clients, which now include MassMutual. MassMutual acquired BTC for $100 million as part of the share purchase. The transaction was processed through NYDIG, which is also the custodian of BTC.
A milestone for the insurance industry and for Bitcoin, said NYDIG CEO Robert Gutmann:
We are proud of this incredible moment in the history of both Bitcoin and the insurance industry. This reflects the expansion of Bitcoin into insurance company investment accounts […].
In view of the $2.3 billion managed by MassMutal, the BTC position is still a relatively small share at $100 million, but the simultaneous investment in the Bitcoin service provider NYDIG makes future acquisitions likely.
The “Instis” discover Bitcoin
MassMutual’s entry is a further indication that digital gold is becoming increasingly popular with institutional investors. The BTC coup of the US IT service provider Microstrategy recently gave a decisive boost to this development (and to the company’s share price). A side effect of Micrsostrategy’s massive BTC reserve: Norway’s state pension fund, the largest of its kind in the world, was able to indirectly enter Bitcoin through an investment in Microstrategy.