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December 11, 2020

MassMutual invests in institutional bitcoin provider NYDIG

By Verdict Staff

Massachusetts Mutual Life Insurance Company (MassMutual) has acquired a minority stake worth $5m in institutional bitcoin provider NYDIG.

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MassMutual has also purchased $100m in bitcoin for its general investment account in a transaction facilitated by NYDIG.

New York-based NYDIG has nearly $2.3bn of bitcoin and other cryptocurrencies under management. It will provide custody services for MassMutual’s bitcoins.

MassMutual is said to be the latest in a list of companies who invested in bitcoin, including MicroStrategy and Square.

Comments:

Commenting on the development, MassMutual chief investment officer Tim Corbett said: “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. We look forward to further exploring additional ways to work with NYDIG, consistent with our ongoing focus on innovation and diversification.”

NYDIG co-founder and CEO Robert Gutmann said: “We are proud of this incredible moment in the history of both Bitcoin and the insurance industry. 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.”

NYDIG founder and executive chairman Ross Stevens, who is also founder and CEO of NYDIG’s parent firm Stone Ridge, added: “MassMutual has been a phenomenal company to work with across Stone Ridge’s broad investment platform. Given their track record of innovation, there is nothing surprising to me about MassMutual leading their industry yet again by both seeing, and acting on, the long-term value of the Bitcoin monetary risk premium for their policyowners.”

Recent developments

In September this year, MassMutual agreed to sell its retirement plan business to Empower Retirement.

In May, the insurer expanded its life insurance programme MassMutual HealthBridge to an additional five states with the highest volume of Covid-19 cases.

In June, Nippon Life Insurance acquired a 85.1% stake in MassMutual Japan, a wholly owned life insurance and wealth management affiliate of American MassMutual International, for JPY104.2bn ($955m) in cash.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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