Massachusetts-based insurance coverage agency MassMutual simply introduced that it has bought $100 million in Bitcoin for its common funding accoun
Massachusetts-based insurance coverage agency MassMutual simply introduced that it has bought $100 million in Bitcoin for its common funding account.
In response to a report from The Wall Road Journal, the corporate bought the cash — purportedly 5,470 Bitcoin (BTC) given the present worth of $18,279 — by way of New York-based fund administration firm NYDIG. MassMutual additionally reportedly purchased a $5 million fairness stake within the agency, which holds $2.three billion in crypto.
The report states that the funding is a part of MassMutual’s technique to benefit from new alternatives whereas remaining diversified, offering “measured but significant publicity to a rising financial facet of our more and more digital world.”
The acquisition comes as main institutional gamers are adopting Bitcoin for the primary time and going longer on crypto investments. In September, enterprise intelligence agency MicroStrategy bought greater than $425 million in Bitcoin as a reserve asset. Earlier this week, the corporate introduced it might make investments the proceeds from a $400 million securities providing into Bitcoin as nicely.
MassMutual reportedly oversees greater than $235 billion in its common funding account as of Sept. 30.
This story is creating and will probably be up to date.