Chainalysis Adds Bitcoin to Balance Sheet – Its First Cryptocurrency Acquisition – News

Blockchain data platform Chainalysis has announced that it will add Bitcoin to its corporate investment portfolio. This is the company's first cryptocurrency acquisition, the CEO announced. Chainalysis is valued at $4.2 billion.

Chainalysis’ first cryptocurrency acquisition

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

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

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

Michael Gronager, co-founder and CEO of Chainalysis, commented:

We are very excited to add Bitcoin to our corporate investment portfolio... This is Chainalysis's first cryptocurrency adoption and we will continue to pursue other digital assets as potential future investments.

Chainalysis raised $300 million last year, with its most recent fundraising round valuing the company $4.2 billion, the blockchain data company added.

A growing number of companies have added Bitcoin to their balance sheets. According to a curated list of Bitcoin government bonds, the most acquired public corporation BTC is Microstrategy, which currently holds 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.

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