Chainalysis Adds Bitcoin to Balance Sheet and Starts ‘Hodling’
Blockchain data analytics platform Chainalysis announced on Tuesday that it is adding Bitcoin to its balance sheet.
Chainalysis will purchase Bitcoin using the services of the New York Digital Investment Group (NYDIG), the crypto investment branch of Stone Ridge Asset Management. They will also handle the custody of their assets. The two are no strangers and have been working closely together since 2018 with Chainalysis being NYDIG’s technology partner
The announcement details:
“Digital assets have emerged as an alternative asset class for consumers, enterprises, governments, banks, and financial institutions.”
Furthermore, the analytics firm noted that it “is laser-focused on its commitment to building trust in cryptocurrency as a digital asset.”
Chainalysis co-founder and CEO, Michael Gronager, said:
“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.”
A growing number of companies have added bitcoin to their balance sheets in recent times leading to massive gains. Known Bitcoin ‘hodlers’ MicroStrategy and Tesla have already made billions in profit on their holdings.
Chainalysis did not reveal the number of Bitcoin it is looking to acquire and how it will finance the purchase. Chainalysis is currently valued at $4.2 billion, after it raised $300 million in the past year.
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Author: Peter Siu