Cryptocurrencies
169-Year-Old MassMutual Invests $100 Million in Bitcoin
- Investment represents 0.04% of its general investment account
- Insurer also makes $5 million equity investment in NYDIG
Photographer: George Frey/Bloomberg
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Massachusetts Mutual Life Insurance Co. has purchased $100 million in Bitcoin for its general investment fund, the latest mainstream firm to dabble in digit assets.
The mutual insurer also acquired a $5 million minority equity stake in NYDIG, a subsidiary of Stone Ridge that provides cryptocurrency services to institutions, according to a statement. NYDIG, which already keeps more than $2.3 billion in crypto assets for clients, will provide custody services for MassMutual’s Bitcoins.