Without specifically explaining why it saw bitcoin as a reasonable investment, MassMutual told the Wall Street Journal it was seeking “measured yet meaningful” exposure to an increasingly digital world. MassMutual’s $100 million BTC bet is barely a drop in its general investment account’s hulking $235 billion money bucket. Coming from a 169-year-old insurance institution in the business of measuring risk it could wield an outsize influence on bitcoin’s perception among mainstream investors.
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.
But with its dual investment in NYDIG, the firm that facilitated this buy, MassMutual is moving to embrace the infrastructure powering institutional adoption.
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.