Bitcoin Bounces Toward $18,400 as MassMutual Unveils $100m BTC Purchase
Bitcoin underwent a strong plunge yesterday evening to $17,700. The cryptocurrency crashed as the stock market faced a correction and as the U.S. dollar showed a bit of strength after a brutal showing over the past few weeks. But, BTC is already bouncing back. After falling to those lows, the cryptocurrency has bounced toward $18,400 […]
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The company reportedly hopes to achieve "measured yet meaningful exposure to a growing economic aspect of our increasingly digital world." 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....
Leading life insurance company Massmutual has become the latest big company to invest a huge sum of money in bitcoin. Massmutual believes that having a bitcoin position in its investment account will help the company deliver long-term value to its insurance policyholders. Massmutual Buys Bitcoin Worth $100 Million Massachusetts Mutual Life Insurance Company (Massmutual) announced on Thursday that it has purchased $100 million worth of bitcoin and also a $5 million equity investment in Nydig, a provider of institutional investment and technology solutions for bitcoin. Founded in 1851,....
MassMutual becomes the latest announced institutional buyer of bitcoin, and this one could be even more significant in terms of precedent.
2020 has seen institutions buy into bitcoin at a record pace. The latest, major insurance company MassMutual, just made a nine-figure entry. The post MassMutual Buys $100 Million Worth Of Bitcoin appeared first on Bitcoin Magazine.
Massachusetts Mutual has made a $100 million investment in bitcoin and a $5 million equity stake in New York Digital Investments Group.