The Massachusetts Mutual Life Insurance Company has jumped on the Bitcoin hype train with the announcement of the purchase of $ 100 million in BTC for its general insurance account, which totaled nearly $ 235 billion in September, according to the Wall Street Journal.
This continues a continuous trend of companies and institutions dive forward to buy bitcoin this year, which now seems to be creating even more institutional FOMO. This could potentially just be the beginning of a bitcoin accumulation strategy for the company.
The bitcoin was bought through the New York Digital Investment Group (NYDIG) trading service, but more than BTC was acquired here. MassMutal also acquired a $ 5 million stake in NYDIG itself.
MassMutual explained that the purchase of bitcoin was part of a strategy to stay diversified, but still take advantage of new opportunities, according to the log. 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.