- MassMutual has greater than tripled the greenback worth of its bitcoin funding in underneath one 12 months.
- The insurance coverage firm purchased an undisclosed quantity of BTC for $100,000,000 on December 10, 2020, when the bitcoin value was hovering round $18,500.
The Massachusetts Mutual Life Insurance coverage Firm has greater than tripled its bitcoin funding in underneath one 12 months. The earlier BTC/USD prime earlier than December 10 was $19,918, and on the time of writing, one bitcoin was value over $60,000.
In December, MassMutual secured a $100 million bitcoin purchase by institutional bitcoin providers supplier NYDIG. The Massachusetts-based insurance coverage firm jumped on the Bitcoin hype practice with the announcement of its millionaire acquisition, empowered by the help of NYDIG.
MassMutual defined in December that its BTC acquisition was a part of a technique to stay diversified but benefit from new arising alternatives, Wall Street Journal reported. Along with the $100 million bitcoin buy, MassMutual acquired a $5 million stake in NYDIG itself.
The exact quantity of bitcoin that MassMutual purchased is unknown, nonetheless contemplating the epoch of the announcement, approximations may be made. On December 10, 2020, the historic Bitcoin value all-time excessive (ATH) was $19,918. On the time of writing, one bitcoin is value over $60,000, which means that MassMutual has greater than tripled its funding in lower than one 12 months.
As Bitcoin begins approaching its present ATH of $64,895, Bitcoiners are totally on revenue in greenback phrases, and the identical holds true for establishments.
Jack Dorsey’s Sq., for example, has officially greater than doubled its cash on its Bitcoin funding. The corporate’s $220 million BTC buy is now value over $470 million. Michael Saylor’s MicroStrategy can also be well in the green. The corporate’s $3,16 billion funding in BTC is now value north of $6.7 billion.