Insurance firm MassMutual buys $100 million worth of bitcoin through NYDIG

A Massachusetts-based insurance firm has bought $100 million worth of bitcoin for its general insurance account, according to The Wall Street Journal. 

MassMutual, which is not publicly traded, oversees insurance accounts topping $235 billion. It made the purchase through New York-based NYDIG, which offers cryptocurrency custody and trading services. The insurance firm also acquired a $5 million stake in NYDIG, according to the WSJ. 

According to the Journal report, the investment will provide MassMutual with "measured yet meaningful exposure to a growing economic aspect of our increasingly digital world."

“MassMutual has been a phenomenal company to work with across Stone Ridge’s broad investment platform," said Ross Stevens, founder and executive chairman of NYDIG and CEO of parent company Stone Ridge. "Given their track record of innovation, there is nothing surprising to me about MassMutual leading their industry yet again by both seeing, and acting on, the long-term value of the Bitcoin monetary risk premium for their policyowners."

Founded in 1851, MassMutual is an American mutual life insurance firm with 5 million clients.