Insurance company MassMutual invested $100 million in Bitcoin

Insurance company MassMutual invested $100 million in Bitcoin

Massachusetts Mutual Life Insurance has invested $100 million in BTC and $5 million in a share in the authorized capital of New York Digital Investments Group (NYDIG).

According to the press release, both investments give MassMutual a direct entry into the cryptocurrency industry. NYDIG is one of the fastest growing institutional cryptocurrency investment companies with $2.3 billion under management. NYDIG has provided MassMutual with the opportunity to invest $100 million in BTC.

MassMutual told the Wall Street Journal that it aims for a “measured but meaningful” impact on the emerging digital world. The rich history of the company, which was founded in 1851 and has a large pool of clients, can have a serious impact on the perception of BTC among ordinary investors.

The life insurance company has become another institutional player to join the bitcoin investment. According to CoinShares, over the past week, institutional investors have invested
$429 million in cryptocurrency funds and other exchange-traded products. The total value of crypto assets under management has reached $15 billion.

NYDIG recently raised
$150 million to launch two new cryptocurrency funds. The money was received from three institutional investors. In addition, recently, the private German bank Hauck & Aufhauser announced plans to launch a cryptocurrency fund in January 2021. The HAIC Digital Asset Fund will target institutional clients.