Chainalysis, a blockchain analytics company, has announced that it will acquire an undisclosed amount of Bitcoin. The crypto will be meant for the company’s balance sheet via New York Digital Investment Group’s (NYDIG) brokerage services.
In an official blog post published on October 19, 2021, Chainalysis said that it will expand its partnership with the New York Digital Investment Group. Through the partnership, the blockchain firm will acquire an undisclosed amount of BTC.
This decision was made as Bitcoin keeps rising looking ready to take on the all-time high set earlier this year. At the time of writing, the flagship crypto is hovering above $63,600 with fundamentals showing a move higher is possible in the short term.
According to the company, the purchase was guided by growing confidence in Bitcoin and NYDIG’s expertise in the crypto and digital asset space. Chainalysis co-founder and CEO Michael Gronager said:
Buy Bitcoin Now“Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asse; and 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 Helps Institutions
After a $100 million fundraising round in June 2021, Chainalysis was valued at around $4.2 billion. Data acquired from the company has normally been used throughout the year as ransomware hackers demanded payment in crypto and the frequency of the attacks increased.
Recently, the firm investigated Russia-based business Suex OTC that was targeted by the US Treasury Department. It also purchased cybercrime investigative company Excygent earlier in the month.
Chainalysis’ BTC investment will come after the purchases from firms like Voyager Digital, Galaxy Digital, Tesla, Square, and MicroStrategy. The business intelligence company holds 114,042 BTC, which is worth over $7 billion at the time of writing. Tesla currently holds an estimated 43,200 BTC worth about $2.7 billion at the time of publication.
