(ZEROHEDGE) – One by one, the big institutions are piling into bitcoin.
Overnight, the venerable Massachusetts Mutual Life Insurance company, better known as MassMutual, said it purchased $100 million in Bitcoin for its general investment fund, according to Bloomberg. The mutual insurer, which has been around since 1851, also acquired a $5 million minority equity stake in NYDIG, a subsidiary of Stone Ridge that provides cryptocurrency services to institutions, according to a statement. NYDIG, which already keeps more than $2.3 billion in crypto assets for clients, will provide custody services for MassMutual’s Bitcoins.
To be sure, the investment is a tiny fraction of MassMutual's assets, and represents 0.04% of the general investment account of nearly $235 billion as of Sept. 30, MassMutual said. But much more is likely to follow: "We see this initial investment as a first step, and like any investment, may explore future opportunities," spokeswoman Chelsea Haraty said in a email.
Advertisement - story continues below