Chainalysis will add Bitcoin to its balance sheet as price surges

Blockchain analytics agency Chainalysis plans to buy an undisclosed quantity of Bitcoin for the agency’s stability sheet by way of New York Digital Funding Group’s brokerage companies.

In a Tuesday weblog submit, Chainalysis stated it can broaden its partnership with the New York Digital Funding Group, or NYDIG, to purchase an undisclosed quantity of Bitcoin (BTC), the value of which reached a five-month excessive of $63,293 earlier on Tuesday. The agency stated the acquisition was “guided by sturdy confidence in Bitcoin” along with the NYDIG’s experience within the digital asset house.

“Chainalysis is laser-focused on its dedication to constructing belief in cryptocurrency as a digital asset, and we’re thrilled to be including Bitcoin to our company funding portfolio,” stated Chainalysis co-founder and CEO Michael Gronager. “That is Chainalysis’ first acquisition of cryptocurrency, and we’ll proceed to pursue different digital property as potential future investments.”

Following a $100 million fundraising spherical in June, Chainalysis was valued at $4.2 billion. Information from the agency has usually been used this yr as ransomware hackers demanding cost in cryptocurrency stepped up their assaults. The corporate investigated Russia-based enterprise Suex OTC, lately focused by the USA Treasury Division and bought cybercrime investigative agency Excygent earlier this month.

Associated: Chainalysis has crypto’s ‘heightened momentum’ to thank for multibillion-dollar valuation

Chainalysis’ Bitcoin funding will comply with purchases from firms together with Tesla, Sq., Voyager Digital, Galaxy Digital, and MicroStrategy. The enterprise intelligence agency holds 114,042 BTC, price greater than $7 billion on the time of publication. Automobile producer Tesla at present holds an estimated 43,200 BTC, or roughly $2.7 billion.