Massachusetts Mutual Life Insurance Co. is jumping into the institutional bitcoin game with a $100 million investment in bitcoin and a $5 million equity stake in New York Digital Investments Group (NYDIG).
The twin plays – both revealed in a Thursday press release – give MassMutual direct exposure to the cryptocurrency’s price swings and signal it’s betting that other big fish will follow suit. NYDIG is one of the fastest-growing institutional crypto shops; it provided MassMutual with the $100 million buy.
A NYDIG spokesperson did not immediately respond to a request for comment.
This story will be updated.