MassMutual Bitcoin investment tripled in dollar value
The Massachusetts insurance company’s $ 100 million bitcoin purchase in December 2020 is now worth more than $ 300 million.
- MassMutual has more than tripled the dollar value of its bitcoin investment in less than a year.
- The insurance company bought an undisclosed amount of BTC for $ 100,000,000 on December 10, 2020, as the price of bitcoin hovered around $ 18,500.
Massachusetts Mutual Life Insurance Company has more than tripled its bitcoin investment in less than a year. The previous BTC / USD high before December 10 was $ 19,918, and at the time of writing, a bitcoin was worth over $ 60,000.
In December, MassMutual obtained a $ 100 million bitcoin purchase through institutional bitcoin service provider NYDIG. The Massachusetts-based insurance company jumped on the Bitcoin hype bandwagon with the announcement of its millionaire acquisition, empowered by assistance from NYDIG.
MassMutual explained in December that its acquisition of BTC was part of a strategy to remain diversified while taking advantage of new opportunities that arise, the Wall Street newspaper reported. In addition to the $ 100 million bitcoin purchase, MassMutual acquired a $ 5 million stake in NYDIG itself.
The precise amount of bitcoin that MassMutual purchased is unknown, but given the time of the announcement, some approximations can be made. On December 10, 2020, the all-time Bitcoin (ATH) price high was $ 19,918. At the time of writing, a bitcoin is worth over $ 60,000, which means MassMutual has more than tripled its investment in less than a year.
As Bitcoin begins to move closer to its current ATH of $ 64,895, Bitcoiners are mostly profitable in dollar terms, and so are institutions.
Jack Dorsey’s Square, for example, has officially more than doubled his money on his Bitcoin investment. The company’s $ 220 million purchase of BTC is now worth more than $ 470 million. Michael Saylor’s MicroStrategy is also good green. The company’s $ 3.16 billion investment in BTC is now worth more than $ 6.7 billion.
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