Chainalysis is a blockchain data analysis service provider that is valued at almost $4.2 billion. The company has now made its first crypto acquisition with Bitcoin. It has added BTC to its corporate investment repertoire. Chainalysis will acquire this BTC from NYDIG. NYDIG (New York Digital Investment Group) is a branch of Stone Ridge Asset Management that primarily focuses on Bitcoin assets. Chainalysis and NYDIG have had a long association since 2018, when Chaianlysis became NYDIG’s regulatory compliance partner.
Chainalysis has stated that its decision to venture into crypto is because digital currency is increasingly becoming an important alternative asset for big and small investors from enterprises to banks and governments.
Michael Gronager, the CEO and co-founder of Chainalysis, stated that Chainalysis wants to acquire even more cryptos/digital assets in the future as potential investments. The main objective of Chainalysis at this juncture is to build an atmosphere of trust around cryptocurrency as a reliable digital asset for investments.
Chainalysis was able to raise $300 million in funding last year. It is valuation is very high, and the addition of Bitcoin is expected to enhance its value further.
However, Chainalysis is not the first to add cryptos to its balance sheets. Several companies in the blockchain space are doing the same. Microstrategy is a public corporation with the highest number of Bitcoins at present. This firm owns 114,042 BTC. The next in line in terms of Bitcoin ownership is Tesla. Entrepreneur Elon Musk’s company Tesla owns around 42,000 Bitcoins.
Chainalysis is a major player in the sphere of blockchain technology solutions and its decision to acquire crypto for its balance sheets is expected to have a significant impact on the market. More corporate entities would soon be vying with each other to purchase BTC, which may lead to some important price/market changes in the coming months.