Leading life insurance company Massmutual has become the latest big company to invest a huge sum of money in bitcoin. Massmutual believes that having a bitcoin position in its investment account will help the company deliver long-term value to its insurance policyholders.
Massmutual Buys Bitcoin Worth $100 Million
Massachusetts Mutual Life Insurance Company (Massmutual) announced on Thursday that it has purchased $100 million worth of bitcoin and also a $5 million equity investment in Nydig, a provider of institutional investment and technology solutions for bitcoin.
Founded in 1851, Massmutual is one of the largest and most highly rated life insurance companies in the United States. Nydig is a bitcoin-centric financial services firm founded in 2017 as the digital asset subsidiary of Stone Ridge Holdings Group. It holds both a Bitlicense and a limited purpose trust charter from the New York State Department of Financial Services.
The announcement details:
Massmutual has also purchased $100 million in bitcoin for its general investment account in a transaction facilitated by Nydig.
The insurer added that its “bitcoin position is held on Nydig’s secure, audited, and insured custody platform.”
“We are proud of this incredible moment in the history of both bitcoin and the insurance industry,” Nydig CEO Robert Gutmann commented. “This reflects the expansion of bitcoin to insurance company general investment accounts.”
Massmutual Chief Investment Officer Tim Corbett said: “We believe that having an equity stake in Nydig as well as a bitcoin position in our general investment account will help us deliver long-term value to our policyowners.”
The founder of Stone Ridge Holdings Group and Nydig, Ross Stevens, commented:
There is nothing surprising to me about Massmutual leading their industry yet again by both seeing, and acting on, the long-term value of the bitcoin monetary risk premium for their policyowners.
What do you think about Massmutual investing $100 million in bitcoin? Let us know in the comments section below.
The post Major Insurer Massmutual Invests $100 Million in Bitcoin for Long-Term Value appeared first on Bitcoin News.