Aofex

Chainalysis to Add Bitcoin to Its Balance Sheet

UTC by Sanaa Sharma · 2 min read
Chainalysis to Add Bitcoin to Its Balance Sheet
Photo: Depositphotos

Chainalysis co-founder and Chief Executive Officer Michael Gronager said that the company is super focused on its promise to create faith and security in cryptocurrency as a digital asset.

Blockchain data platform Chainalysis is all set to buy an unrevealed amount of Bitcoin for its balance sheet via the technology and financial services firm, New York Digitial Investment Group’s brokerage subsidiary. 

In a blog post on Tuesday, the New York-based company Chainalysis announced its plans to strengthen its collaboration with the New York Digitial Investment Group, or NYDIG, to purchase an unknown amount of BTC. Bitcoin’s price recently skyrocketed to a five-month high of $63,293 on Tuesday. The firm acknowledged the fact that the massive purchase was influenced by well-built support for the coin, along with the NYDIG’s experience in the digital asset space.  

Chainalysis co-founder and Chief Executive Officer Michael Gronager said that the company is super focused on its promise to create faith and security in cryptocurrency as a digital asset. Chainalysis also asserted that he was truly looking forward to the upcoming corporate investment in Bitcoin. On Chainalysis’ future involvement in crypto, Michael confirmed that while this was the company’s first acquisition of a crypto token, there will be a further purchase of other digital assets in the future. 

After a $100 Million fundraising round in June, Chainalysis was estimated at $4.2 Billion. Recently in a report from CNBC, Chainalysis CEO suggested that the triumphant funding round was a result of the feeling of “ heightened momentum” in the crypto space. 

 The information from the organization has been quite in use this year as ransomware hackers started extracting payments in crypto by increasing their crypto attacks. The firm had been involved in the investigation of a Russia-based business Suex OTC, which was targetted by the United States Treasury Department. In the last month, it acquired cybercrime investigative firm Excygent 

The New-York based company’s investment will follow purchases from firms like Tesla, Square, Voyager Digital, Galaxy Digital, and MicroStrategy. The firm, established in 2014, currently holds approximately 114,042 BTC worth more than $7 Billion. In comparison to Chainalysis, Elon Musk-led Tesla presently holds an estimated 43,200 BTC, or approximately $2.7 Billion. 

In September 2020, Chainalysis won a $625,000 deal with the United States Internal Revenue Service for its operations that tracked anonymity-focused Monero (XMR) transactions.

Bitcoin News, Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

Related Articles