MassMutual buys $100 million in bitcoin, invests in cryptocurrency firm – Pensions & Investments


Massachusetts Mutual Life Insurance Co. has purchased $100 million in bitcoin and a minority stake in NYDIG, a firm that provides institutional investment and custodial services for cryptocurrency, the companies announced Thursday.

MassMutual made a $5 million equity investment in NYDIG along with the $100 million bitcoin purchase for its general investment account in a transaction facilitated by NYDIG, according to a news release.

MassMutual’s general investment account had nearly $235 billion in assets as of Sept. 30.

«We believe that having an equity stake in NYDIG as well as a bitcoin position in our general investment account will help us deliver long-term value to our policyowners,» said Tim Corbett, chief investment officer at MassMutual, in the news release. «We look forward to further exploring additional ways to work with NYDIG, consistent with our ongoing focus on innovation and diversification.»

NYDIG now has more than $2.3 billion of digital asset balances under custody.

Robert Gutmann, co-founder and CEO of NYDIG, said in the news release that the MassMutual investment underscores his company’s role as a leading provider of bitcoin solutions to institutions, banks and private clients. «This reflects the expansion of bitcoin to insurance company general investment accounts, as well as NYDIG’s unique ability to meet the complex needs of the most demanding institutional investors,» Mr. Gutmann said.

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