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New institutional player — MassMutual purchases $100M Bitcoi...
Bitcoin, News

New institutional player — MassMutual purchases $100M Bitcoin



Massachusetts-based insurance firm MassMutual just announced that it has purchased $100 million in Bitcoin for its general investment account.

According to a report from The Wall Street Journal, the company purchased the coins — purportedly 5,470 Bitcoin (BTC) given the current price of $18,279 — through New York-based fund management company NYDIG. MassMutual also reportedly bought a $5 million equity stake in the firm, which holds $2.3 billion in crypto.

The report states that the investment is part of MassMutual’s strategy to take advantage of new opportunities while remaining diversified, providing “measured yet meaningful exposure to a growing economic aspect of our increasingly digital world.”


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The purchase comes as major institutional players are adopting Bitcoin for the first time and going longer on crypto investments. In September, business intelligence firm MicroStrategy purchased more than $425 million in Bitcoin as a reserve asset. Earlier this week, the company announced it would invest the proceeds from a $400 million securities offering into Bitcoin as well.

MassMutual reportedly oversees more than $235 billion in its general investment account as of Sept. 30.

This story is developing and will be updated.

Source: Cointelegraph.com

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