The Massachusetts Mutual Life Insurance Company has jumped on the Bitcoin hype train with the announcement of its purchase of $100 million in BTC for its general insurance account, which totaled almost $235 billion as of September, according to the Wall Street Journal.
This continues an ongoing trend of companies and institutions diving headfirst into buying bitcoin this year, which seems to be creating even more institutional FOMO as it goes. This could potentially be just the start of a bitcoin accumulation strategy for the company.
The bitcoin was bought via trading service New York Digital Investment Group (NYDIG), but there was more than BTC being acquired here. MassMutal also obtained a $5 million stake in NYDIG itself.
MassMutual explained that its purchase of bitcoin was part of a strategy to remain diversified, yet take advantage of new arising opportunities, per the Journal. This is yet another recent example of bitcoin proving to be a go-to store of value in the face of uncertainty amid traditional assets.