Chainalysis Adds Bitcoin to Balance Sheet — Its First Cryptocurrency Acquisition

News Feed - 2021-10-20 12:10:51

Chainalysis Adds Bitcoin to Balance Sheet — Its First Cryptocurrency Acquisition

Blockchain data platform Chainalysis has announced that it is adding bitcoin to its corporate investment portfolio. This is the company’s first acquisition of cryptocurrency, the CEO revealed. Chainalysis is valued at $4.2 billion. Chainalysis’ First Acquisition of Cryptocurrency

Blockchain data analytics firm Chainalysis announced Tuesday the addition of bitcoin to its balance sheet.

Chainalysis will acquire bitcoin using the brokerage services of the New York Digital Investment Group (NYDIG), the bitcoin investment arm of Stone Ridge Asset Management. NYDIG will also provide custody of the coins purchased. Chainalysis has been NYDIG’s compliance technology partner since 2018.

“Digital assets have emerged as an alternative asset class for consumers, enterprises, governments, banks, and financial institutions,” Chainalysis noted, adding that it “is laser-focused on its commitment to building trust in cryptocurrency as a digital asset.”

Michael Gronager, co-founder and CEO at Chainalysis, commented: We are thrilled to be adding bitcoin to our corporate investment portfolio … This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments.

Chainalysis raised $300 million in the past year, with the most recent fundraising round valuing the company at $4.2 billion, the blockchain data firm added.

A growing number of companies have added bitcoin to their balance sheets. According to a curated list of bitcoin treasuries, the public corporation that has acquired the most BTC is Microstrategy, which is currently holding 114,042 bitcoins. Elon Musk’s electric car company, Tesla, came second with about 42,000 BTC.

What do you think about Chainalysis adding bitcoin to its balance sheet? Let us know in the comments section below. Facebook"s Novi Launches Pilot Program in Guatemala and US Using Pax Dollar NEWS | 3 mins ago Stablecoin USDC Launches on Hedera Network NEWS | 2 hours ago Tags in this story Bitcoin accumulation, Buy Bitcoin, Chainalysis, chainalysis bitcoin, chainalysis crypto, chainalysis cryptocurrency, chainalysis partners nydig

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