US insurance firm spends $100 million on Bitcoin -- WSJ Report

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Avatar for WhiskeyJack
3 years ago

The Lumpsum Bitcoin investment by big US corporations is becoming a common phenomenon. Recently, Massachusetts Mutual Life Insurance Co., a large American insurance corporation was the buyer, which invested $100 million in Bitcoin.

As of 31 December 2019, MassMutual, a company founded in 1851, manages assets worth $567 billion. It's a large corporation with 5 million clients.

The corporation has made the investment through the US investment company "New York Digital Investment Group (NYDIG)". It has a 5% vested interest in NYDIG as well.

The head of the Mass Mutual claimed that Bitcoin investment would be a meaningful exposure to the growing economy of the digital ecosystem for the firm. MassMutual is always encouraging creativity, and we'll be leading the way in investing in Bitcoin in the insurance market.

  • In October, Stone Ridge Revealed $115 Million Bitcoin Investment As Part Of Billion-Dollar Spinoff.

  • Microstrategy has so far raised $650 Million Capital to Fund More Bitcoin Investment.

  • Square, Inc. also Invested $50 Million in Bitcoin in October.

Reference: WSJ

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