Chainalysis buys bitcoin for its balance sheet, intends to buy more digital assets

Bitcoin • October 19, 2021, 12:02PM EDT
Partner offers
The Block may may earn a commission if you use our partner offers, at no extra cost to you.

Blockchain analytics firm Chainalysis has purchased an undisclosed amount of bitcoin for its balance sheet, following the likes of MicroStrategy, Square, Tesla and SpaceX.

According to a blog post, the purchase was facilitated by bitcoin investment services company NYDIG, which will custody the bitcoin. Chainalysis said that it plans to continue to use NYDIG for any future purchases of bitcoin or other digital assets.

"This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments,” said Chainalysis CEO Michael Gronager in the blog post.

Chainalysis has been on a funding spree, raising $300 million over the past year. Its most recent fundraising round valued the company at $4.2 billion.

In its turn, NYDIG has been aggressively pursuing partnerships with banks and financial services firms as it helps to broaden access to the cryptocurrency world.

AUTHOR

Tim Copeland profile picture Tim Copeland

Tim Copeland is the Head of Growth at The Block and host of The Crypto Beat, a live-streaming podcast. He was previously the company's Editor-in-Chief and spent seven years covering the industry as a journalist. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

See More
Connect on

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Tim Copeland