Leading life insurance company Massmutual has become the latest large company to invest a huge amount of money in bitcoin. Massmutual believes that having a bitcoin position in its investment account will help the company provide long-term value to its insurance policyholders.
Massmutual Buys Bitcoin Worth $ 100 Million
Massachusetts Mutual Life Insurance Company (Massmutual) announced Thursday that it has purchased $ 100 million worth of bitcoin and also a $ 5 million equity investment in Duck, 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 has a Bitlicense trust charter and a limited purpose charter from the New York State Department of Financial Services.
Publication details:
Massmutual has also purchased $ 100 million in bitcoin for its overall 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 bitcoin and the insurance industry,” said Nydig’s CEO, Robert Gutmann. “This reflects the expansion of bitcoin into insurance companies’ general investment accounts.”
Tim Corbett, Massmutual’s Chief Investment Officer, said: “We believe having an equity stake in Duck as well as a bitcoin position in our overall investment account will help us deliver long-term value to our policy owners.”
Stone Ridge Holdings Group and Nydig founder Ross Stevens said:
It comes as no surprise to me about Massmutual leading their industry once again by seeing, and acting on, the long-term value of the bitcoin financial risk premium to their policy owners.
What do you think of Massmutual investing $ 100 million in bitcoin? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.