Chainalysis Announces Plans to Buy Bitcoin

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Chainalysis Announces Plans to Buy Bitcoin
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2 hours agoWed Oct 20 2021 12:33:14

Chainalysis-Announces-Plans-to-Buy-Bitcoin

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  • Blockchain tracing firm Chainalysis has announced that it will add Bitcoin to its balance sheet
  • The company will use its relationship with NYDIG to buy the unstated amount of coins
  • The company may also purchase other cryptocurrencies

Chainalysis, one of the world’s premiere blockchain tracing companies, has announced that it intends to add Bitcoin to its balance sheet. The company announced yesterday that it will leverage its relationship with New York Digital Investment Group (NYDIG), which dates back over three years, to buy Bitcoin through them, which it says “demonstrates Chainalysis’ long-term investment strategy.” NYDIG added that Chainalysis’ imminent investment “shows their belief that Bitcoin is a sound investment for the future” and is another example of institutions buying Bitcoin as an alternative asset.

Chainalysis Leverages NYDIG Relationship

Chainalysis stated that its relationship with NYDIG, which has been the firm’s compliance technology partner since 2018, was one of the key reasons it felt comfortable in making the decision to buy Bitcoin, with NYDIG also custodying the coins. The amount of Bitcoin Chainalysis will buy hasn’t been stated, but with the company worth $4.2 billion, the purchase could be quite a large one.

First of Many?

Michael Gronager, co-founder and CEO at Chainalysis, stated that the Bitcoin purchase would likely not be the end of the company’s venture into crypto investments:

Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset, 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 said that it had been “guided by strong confidence in Bitcoin, as well as NYDIG’s institutional expertise in trading, execution, and custody” into deciding on the purchase, which will be done through NYDIG’s brokerage services.

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