Bitcoin Adoption Grows with $750 Million Institutional Deals

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  • MicroStrategy and MassMutual have provided more evidence of institutional Bitcoin adoption by pledging $750 million to buy more
  • Microstrategy raised $650 million, $250 million more than originally planned, all of which will go on Bitcoin
  • MassMutual snapped up $100 million in their first Bitcoin purchase

MicroStrategy and MassMutual provided more ammunition to the claims that institutional buyers are the new Bitcoin whales by announcing Bitcoin deals worth $750 million. The two companies offered further evidence this weekend that Bitcoin adoption among big players is on the up as insurer MassMutual announced a $100 million Bitcoin purchase and as MicroStrategy confirmed a $650 million raise, all of which it will use to swell its Bitcoin coffers.

MicroStrategy Raises $650 Million BTC Kitty

MicroStrategy have of course made headlines this year by buying up 40,824 after a pledge to convert a quarter of their balance sheet into the digital currency. This pledge seems to have expanded in recent days into a move to raise $650 million from investors, up $250 million from their original target just a few days ago.

MicroStrategy’s stated desire to buy Bitcoin with the $650 million did not go down well with everyone however, with Citibank downgrading the share rating from ‘neutral’ to ‘sell’ sure to their heavy reliance on Bitcoin. The share price duly reacted accordingly, dropping 21% last week, although this didn’t put off inventors, with MicroStrategy confirming that the $650 million raise had gone through successfully, giving the company the chance to buy another 33,800 at current prices.

Bitcoin Adoption Expands to MassMutual

MassMutual also made headlines Friday when they revealed a $100 million purchase of Bitcoin. The $235 billion insurer purchased the bitcoin through NYDIG, the same company who recently facilitated Stone Ridge’s purchase of 10,000, with Tim Corbett, Chief Investment Officer of MassMutual, saying that “having…a Bitcoin position in our general investment account will help us deliver long-term value to our policyowners.”

Bitcoin has enjoyed an incredible year in terms of price and adoption, and these latest announcements are yet more evidence of the institutional Bitcoin adoption that Bitcoin have been promising for some time.