Chainalysis is Seeking Other Cryptocurrencies for Investment After Adding Bitcoin to Its Balance Sheet
Blockchain data analytics platform Chainalysis announced this week that it now holds Bitcoin on its balance sheet.
On Tuesday, Chainalysis said Bitcoin technology and financial services firm NYDIG played a critical role in enabling the company to buy and custody Bitcoin. The company purchased Bitcoin through NYDIG’s brokerage service, which will be its custodian for the crypto asset.
“Chainalysis has long been building trust in the digital asset ecosystem, and this investment shows their belief that bitcoin is a sound investment for the future.”
Nate Conrad NYDIG’s Head of Asset Management
Chainalysis first collaborated with NYDIG as its compliance technology partner in 2018.
In the past year, Chainalysis raised $300 million, with the most recent Series E funding round valuing the company at $4.2 billion amidst the increased scrutiny of global regulators towards the crypto industry. The analytics platform helps crypto businesses, financial institutions, and government agencies track cryptocurrencies.
“Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset, and we are thrilled to be adding Bitcoin to our corporate investment portfolio.”
Michael Gronager CoFounder & CEO Chainalysis
Gronager also said that this is the company’s first crypto acquisition, and they will “continue to pursue other digital assets as potential future investments.”
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