Massachusetts Mutual Life Insurance Co. has acquired $100 million worth of Bitcoin, according to a Dec. 10 report by The Wall Street Journal.
Advertisement
MassMutual now also holds a $5 million stake in New York Digital Investment Group, the crypto asset management firm that was responsible for carrying out the purchase.
NYDIG founder Ross Stevens claims that a "depreciating dollar" was the main impetus behind the investment.
Wed, 12/02/2020 - 06:07
CEO of $7.43 Trillion Asset Manager Changes His Tune on Bitcoin
Crypto Market Prediction: Ethereum (ETH) Squeezed on Verge of Explosion, XRP's Attempt to End Bearish Dominance, Will Bitcoin Break Through $90,000 in Third Attempt?
Leading ETH Treasury Firm Reaches Tremendous Milestone
Shiba Inu Sell Wall Stalls Price Rally, Ripple’s Stablecoin Cuts Token Supply, Cardano Founder Takes Jab at XRP and SOL — Crypto News Digest
Strategy Buys 0 BTC, Boosts USD Reserve
Even though $100 million is just a drop in the bucket compared to its $235 billion investment account, the company — which was founded back in 1851 — claims that it provides "measured yet meaningful exposure" in the age of digitalization.
Advertisement
Dan Burgin
Vladislav Sopov
U.Today Editorial Team