Massachusetts Mutual Life Insurance Co. purchased $ 100 million in bitcoin for its general investment account, according to a press release.
The purchase was facilitated by the financial services company NYDIG, which specializes in managing bitcoin and other cryptocurrencies.
Robert Gutmann, CEO of NYDIG, said: “We are proud of this incredible moment in the history of bitcoin and the insurance industry.
MassMutual also acquired a $ 5 million stake in NYDIG – a distinct vote of confidence in the cryptocurrency market, even though it is a relatively small investment for the insurance giant.
The Wall Street Journal quotes an unidentified spokesman for the company, who says it expects investment in Bitcoin to provide "a measured but significant exposure to a growing economic aspect of our increasingly digital world."