Major Insurer Massmutual Invests $100 Million in Bitcoin for Long-Term Value

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 is one of the largest and most highly rated life insurance companies in the United States. Nydig is a bitcoin-centric financial services firm founded in 2017 as the digital asset subsidiary of Stone Ridge Holdings Group. It holds both a Bitlicense and a limited purpose trust charter from the New York State Department of Financial Services.