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Illustration: Sarah Grillo/Axios

Any doubts that bitcoin is now a kosher investment for Wall Street can likely be put to rest.

Driving the news: MassMutual announced Thursday a $100 million bitcoin investment. It also bought a $5 million stake in NYDIG, the firm that facilitated the purchase.

  • The investment is a drop in the bucket for a company that controls $235 billion in its general investment fund, as the Wall Street Journal noted.
  • However, MassMutual is the latest in a string of big players buying into bitcoin’s “digital gold” narrative. 

The big picture: Wall Street stalwarts started warming to the original crypto coin in recent months at a time when rampant stimulus could drive inflation, and established investors like Stanley Druckenmiller, Bill Miller and others made public statements on bitcoin’s utility as a store of value.

If you're interested in more news about cryptocurrencies, click here to get notified when Axios expands its coverage.

Go deeper: Read coverage of MassMutual's investment on Coindesk

Go deeper

Dion Rabouin, author of Markets
Jan 12, 2021 - Economy & Business

The big hedge

Illustration: Aïda Amer/Axios

Warnings that the U.S. equity market looks to be in a bubble are coming from a slew of Wall Street asset managers and strategists as stocks continue to reach new record highs and markets display abnormal behavior. But data show that while investors are hedging their bets, there is hardly a mad dash to sell out of equity positions.

What's happening: As the 10-year Treasury yield rises solidly above 1% — its highest level in nearly a year — a growing contingent of investors fear that a crash is imminent without the ballast of rock-bottom interest rates.

Dan Primack, author of Pro Rata
28 mins ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.

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