Massachusetts Mutual Life Insurance coverage Co. has bought $100 million in bitcoin and a minority stake in NYDIG, a agency that gives institutional funding and custodial providers for cryptocurrency, the businesses introduced Thursday.
MassMutual made a $5 million fairness funding in NYDIG together with the $100 million bitcoin buy for its normal funding account in a transaction facilitated by NYDIG, based on a information launch.
MassMutual’s normal funding account had almost $235 billion in belongings as of Sept. 30.
“We consider that having an fairness stake in NYDIG in addition to a bitcoin place in our normal funding account will assist us ship long-term worth to our policyowners,” mentioned Tim Corbett, chief funding officer at MassMutual, within the information launch. “We stay up for additional exploring further methods to work with NYDIG, according to our ongoing deal with innovation and diversification.”
NYDIG now has greater than $2.3 billion of digital asset balances below custody.
Robert Gutmann, co-founder and CEO of NYDIG, mentioned within the information launch that the MassMutual funding underscores his firm’s position as a number one supplier of bitcoin options to establishments, banks and personal shoppers. “This displays the enlargement of bitcoin to insurance coverage firm normal funding accounts, in addition to NYDIG’s distinctive skill to fulfill the complicated wants of probably the most demanding institutional buyers,” Mr. Gutmann mentioned.