Chainalysis will add Bitcoin to its balance sheet as its price continues to rise

Blockchain analytics firm Chainalysis plans to buy an undisclosed amount of Bitcoin for the company’s balance sheet through the brokerage services of the New York Digital Investment Group.

In a blog post on Tuesday Chainalysis said it will expand its partnership with New York Digital Investment Group (NYDIG) to buy an undisclosed amount of Bitcoin (BTC), the price of which hit a five-month high of $ 63,293 on Tuesday.. The company said the purchase was “driven by strong reliance on Bitcoin” alongside NYDIG’s expertise in digital assets.

“Chainalysis is focused on its commitment to building trust in cryptocurrencies as a digital asset and we are excited to add Bitcoin to our corporate investment portfolio.” said Chainalysis co-founder and CEO Michael Gronager. “This is Chainalysis’ first cryptocurrency acquisition and we will continue to pursue other digital assets as potential future investments.”

Chainalysis will add Bitcoin to its balance sheet as its price continues to rise
Chainalysis will add Bitcoin to its balance sheet as its price continues to rise

Following a $ 100 million donation round in June, Chainalysis was valued at $ 4.2 billion. The company’s data has been widely used this year as ransomware hackers demanding payments in cryptocurrency stepped up their attacks. The company was investigating Suex OTC, a Russian company recently hunted by the US Treasury Department, and acquired Excygent’s cybercrime investigative firm earlier this month.

Chainalysis’ bitcoin investment will follow purchases from companies such as Tesla, Square, Voyager Digital, Galaxy Digital and MicroStrategy. The business intelligence company owns 114,042 BTC worth more than $ 7 billion at the time of this report. Automaker Tesla currently owns an estimated 43,200 BTC, or around $ 2.7 billion.

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