MassMutual Buys $100M in Bitcoin, Bets on Institutional Adoption With $5M NYDIG Stake

December 10, 2020
The Last Cryptocurency
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Dec 10, 2020 at 7:21 p.m. UTCUpdated Dec 10, 2020 at 7:34 p.m. UTC

MassMutual Buys $100M in Bitcoin, Bets on Institutional Adoption With $5M NYDIG Stake

Massachusetts Mutual Life Insurance Co. is jumping into the institutional bitcoin game with a $100 million investment in bitcoin and a $5 million equity stake in New York Digital Investments Group (NYDIG).

The twin plays – both revealed in a Thursday press release – give MassMutual direct exposure to the cryptocurrency’s price swings and signal it’s betting that other big fish will follow suit. NYDIG is one of the fastest-growing institutional crypto shops; it provided MassMutual with the $100 million buy.

A NYDIG spokesperson did not immediately respond to a request for comment.

This story will be updated.

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MassMutual Buys $100M in Bitcoin, Bets on Institutional Adoption With $5M NYDIG Stake

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