The Massachusetts-based insurance company MassMutual has just announced that it has purchased $100 million in Bitcoin for its general investment account.
According to a report in The Wall Street Journal, MassMutual purchased 5,470 Bitcoins (BTC) at a unit price of US$18,279 through NYDIG, a New York fund management company. According to reports, MassMutual also purchased USD 5 million equity in NYDIG, which holds USD 2.3 billion in cryptocurrency.
Wantong told Cointelegraph that this investment is part of the company’s overall strategy, and its goal is to “be prudent in gaining meaningful exposure to the growing economy in this increasingly digital world.” The company clarified:
“Our $100 million investment in Bitcoin through NYDIG will account for 0.04% of the total GIA, less than 0.1%.”
This purchase coincides with the first adoption of Bitcoin by mainstream institutions and extends the time for crypto investment. In September, the business intelligence company MicroStrategy purchased more than $425 million in Bitcoin as a reserve asset. Earlier this week, MicroStrategy announced that it would also invest the proceeds from the US$400 million securities issuance in Bitcoin.
Wantong told Cointelegraph that as of September 30, its company’s general investment accounts under management exceeded $235 billion.
