MassMutual Life Insurance has tripled its Bitcoin investment in under one year. And it’s not surprising. The previous ATH before December 10 was $19,918. So by early this month, you could have had your investments worth four or five times what they were then.
MassMutual secured a $100 million bitcoin through institutional services provider NYDIG. It jumped on the Bitcoin hype train with its million acquisition. The innovative firm NYDIG specializes in formulating policies for cryptos like bitcoin.
In December, MassMutual announced that it had bought $100 million worth of Bitcoin. This made them remain diversified while taking advantage of new opportunities. Also, the company acquired an extra 5% stake in NYDIG, intending to increase this amount over time.
MassMutual Wise Move
The amount of Bitcoin purchased by MassMutual is unknown, but it’s safe to say they have a significant stake in crypto. If you take the period from December 10, 2020, when they made this purchase, the price of bitcoin was $19918. While currently, it goes at $60K at its peak value. This shows a triple profit in a single year.
The price of Bitcoin varies, and it’s difficult to predict what will happen next. But, considering that on December 10, 2020, one Bitcoin equalled $19,918 at its height in history. Mass Mutual has been investing wisely! Today a single coin now equals over 60k USD. Meaning they had tripled their investment within less than one year since the ATH was reached last decade when bitcoins were worth much less.
The company seems to be getting more profits in the Bitcoin market. They have earned a significant amount this year, which is creating a buzz on other businesses.
Bitcoin is on the way to a new all-time high. As Bitcoin approaches its current price of $64,895, many traders are making money in dollar terms. And institutions have been buying Bitcoins because they see the growth potential.
Square and MicroStrategy have doubled their money on Bitcoin investments. Square has increased its $220 million buy price for bitcoins to over 470 million dollars. Yet, Microstrategy’s $3 billion investment is currently worth close to $6 Billion.