Massachusetts Mutual Life Insurance (MassMutual) has invested $ 100M in BTC through the New York Digital Investments Group (NYDIG) crypto fund.
MassMutual also got a $ 5M stake in NYDIG. NYDIG is one of the fastest-growing investment companies in the cryptocurrency market with $ 2.3 billion under management.
In a commentary to WSJ, MassMutual said it wanted “substantial” access to the digital asset market. The $ 100M investment is a relatively small amount for MassMutual, which was founded in 1851 and now manages $ 235 billion in insurance accounts.
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Earlier this month, NYDIG, which targets institutional investors, raised $ 150 million for two new crypto funds. Only two unnamed investors invested in the $ 50 million bitcoin fund NYDIG, and the $ 100 million funds received all the money from just one. NYIDG declined to name the investors in these funds.