Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Cryptocurrency

Insurance giant, MassMutual buys $100 million worth of Bitcoin

Massachusetts Mutual Life Insurance Co. bought about $100 million in Bitcoin for its investment purposes.

Published

on

A household name in the world’s insurance business, Massachusetts Mutual Life Insurance Co., has of late gone into the crypto-verse.

  • Just recently, it bought about $100 million in Bitcoin for investment purposes.
  • Also, in a report credited to WSJ, the insurance giant acquired a $5 million minority equity stake in NYDIG, a subsidiary of Stone Ridge, that offers crypto services to institutional investors.
  • NYDIG presently has about $2.3 billion in crypto assets under management, which would also help in facilitating custody services for MassMutual’s Bitcoins.
  • The investment in Bitcoin will represent 0.04% of the general investment account of nearly $235 billion as of September 30, MassMutual said.

“We see this initial investment as a first step, and like any investment, may explore future opportunities,” Spokeswoman, Chelsea Haraty, said in an email.

What this means

Although, the recent crypto investments made by the insurance giant is regarded as little when compared to its total investment holdings, such a move adds MassMutual to the list of elite financial firms buying bitcoins.

What you should know

  • MassMutual has been in the business of insuring as far back as the 18th century. It is also known as the Massachusetts Mutual Life Insurance Company.
  • MassMutual founded in 1851, serves over 5 million customers.
  • With its headquarters in Massachusetts, the company provides financial products such as life insurance, long term care insurance, disability income insurance, retirement/401(k) plan services, and annuities.
  • Bitcoin peaked in late November at $19,835, hitting its 2017 high, and currently trades slightly below $18k with a return of more than 150% YTD.
  • At the time of writing this report, Bitcoin was trading at around $17,980 with a daily trading volume of $28 Billion. It has been down 2.32% in the last 24 hours. It now has a market capitalization of $334 Billion, with a circulating supply of 18,567,806 BTC coins and a maximum supply of 21,000,000 BTC coins.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

Published

on

$700 million worth of Bitcoin moved by an unknown identity

Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC

The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

Sigma Pensions

READ: Why Bitcoin is still going up

During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

Stanbic 728 x 90

READ: FG moves to recover N5.2 trillion debt owed by firms, individuals

 

Continue Reading

Cryptocurrency

XRP surges by 150% in 7 days as Ripple posts early victories against SEC

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

Published

on

XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

READ: XRP stands firm, investors wait on Ripple’s legal outcome

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

Sigma Pensions

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.