MassMutual Buys $100M in Bitcoin and $5M NYDIG Stake – CoinDesk
The twin plays – both revealed in a Thursday press release – give MassMutual direct exposure to the cryptocurrency’s price swings and signal it’s betting that other big fish will follow suit. NYDIG is one of the fastest-growing institutional crypto shops with $2.3 billion under management. It provided MassMutual with the $100 million buy.
The life insurance company is the latest institutional stalwart to join bitcoin’s march into the financial mainstream this year. Since the pandemic took hold, publicly traded corporations and storied fund managers have been embracing the cryptocurrency at a pace not seen at any other point in its history.
NYDIG has been forthright in its courting of the institutional class. Wednesday, the firm hired crypto banker Patrick Sells to lead its crypto-services outreach efforts. It regularly raises tens of millions of dollars for crypto funds, including a $100 million bitcoin fund filed over Thanksgiving. That mammoth vehicle, which CoinDesk reported at the time, only had a single investor.
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