The Massachusetts Mutual Life Insurance corporation, known as MassMutual, invests $ 100 million in Bitcoin. Sure enough, the investment is small for the insurance company, whose bill amounted to nearly $ 235 billion as of September 30.
Very importantly, according to local media Wall Street Journal, the amount acquired represents only 0.04% of the capital reported by the firm for the end of September.
In particular, there are other companies that have entered the market. In October Square Inc. bought $ 50 million worth of Bitcoin, for its corporate treasury.
Likewise, MicroStrategy Inc. has become a proponent of Bitcoin. Investing around $ 425 million this year.
The MassMutual Company
Now, Massachusetts Mutual Life Insurance Company (MassMutual), is an insurance company based in Springfield, Massachusetts.
MassMutual, was founded in 1851, which employs more than 7,000 in the United States. And a total of 10,614 internationally.
As a fun fact, MassMutual was ranked 93rd on the 2018 Fortune 500 list as one of the largest corporations in the United States by total revenue.
The $ 100 million investment in Bitcoin
Undoubtedly, it was just announced that MassMutual is investing $ 100 million in Bitcoin, for its general investment account.
In fact, according to a story in The Wall Street Journal, MassMutual bought the coins. Theoretically, 5,470 Bitcoin, through the New York-based fund management company called NYDIG.
«The investment in Bitcoin, by MassMutual, was based on a broad strategy to take advantage of new opportunities while continuing to diversify. Mainly, giving us measured but significant exposure to a growing economic aspect of our increasingly digital world.».
Also, MassMutual acquired a $ 5 million minority stake in NYDIG, formerly known as New York Digital Investment Group.
Admittedly, NYDIG CEO Robert Gutmann said: «We are proud of this incredible moment in the history of Bitcoin and the insurance industry».
Likewise, Alexander Leishman, Founder and CEO of River Financial, referring to MassMutual, stated: “An insurance company that buys Bitcoin from your general account is one of the highest possible seals of approval.».
In the same vein, Mike novogratz, CEO of Galaxy Digital, referring to the MassMutual investment, said: «This could be the biggest Bitcoin news. An insurance company buys Bitcoin for your general account. It’s a huge deal».
New York Digital Investments Group (NYDIG)
As is known, NYDIG is one of the fastest growing institutional cryptocurrency stores. Basically with $ 2.3 billion under management.
Additionally, the firm hired Patrick Sells, a tech-savvy banker, to lead its crypto outreach efforts.
Finally, this investment could exert a huge influence on the perception of Bitcoin among major investors. What do you think about MassMutual investing in Bitcoin? Let us know in the comment box.
I say goodbye with this phrase from Warren Buffett: «Much of the success can be attributed to inactivity. Most investors can’t resist the temptation to constantly buy and sell».