Blockchain Firm Chainalysis Is Adding Bitcoin To Its Balance Sheet
October 20 2021 - 1:00PM
NEWSBTC
Chainalysis has announced that it plans to add bitcoin to its
balance sheet. The news came as a surprise to crypto investors as
it is usually expected that a firm so deeply ingrained in the
blockchain technology ecosystem would own some crypto. According to
the blog post on its website, the firm had previously not owned any
cryptocurrencies and this will be the first time Chainalysis is
purchasing BTC. Bitcoin has been purchased as an investment
strategy by companies who are in and out of the blockchain space.
The digital asset presents an alternative means of investment for
people who want to have total control of their assets. With its
recent purchase, Chainalysis joins the ranks of companies who are
holding BTC for the long term, according to statements on the post.
Chainalysis Takes The Leap With Bitcoin Chainalysis revealed in the
post that it was buying bitcoin to put on its balance sheet. The
company which is valued at $4.2 billion will put the purchased BTC
in its corporate investment portfolio and intends to hold for the
long term. Related Reading | Number Of Bitcoin Whales On The
Rise As BTC Chases New All-Time High The company provides valuable
software analysis software that helps exchanges comply with
regulations. Its software is also used to assess risk and identify
illegal activities that are being carried out on the blockchain,
helping law enforcement to track the perpetrators. Co-founder and
CEO of Chainalysis, Michael Gronager, said, “Chainalysis is
laser-focused on its commitment to building trust in cryptocurrency
as a digital asset and we are thrilled to be adding bitcoin on our
corporate investment portfolio.” Speaking on this being the first
cryptocurrency purchase on the part of the firm, Gronager added,
“This is Chainalysis’ first acquisition of cryptocurrency, and we
will continue to pursue other digital assets as potential future
investments.” BTC surges past $64K | Source: BTCUSD on
TradingView.com Partnership With NYDIG In order to purchase and
custody the bitcoins, Chainalysis had expanded its partnership with
bitcoin technology and financial services firm NYDIG. Both firms
have been working together since they announced that Chainalysis
would be NYDIG’s compliance technology partner in 2018. The BTC was
purchased through the financial services firm and NYDIG will
custody the digital assets on behalf of Chainalysis. Related
Reading | Strike Launches New Feature To Allow Users Convert
Salaries To Bitcoin “Our expanding partnership with Chainalysis is
a mutually beneficial relationship. Chainalysis has long been
building trust in the digital asset ecosystem, and this investment
shows their belief that bitcoin is a sound investment for the
future. We are happy that they trusted our platform to safeguard
their assets.” – Nate Conrad, Head of Asset Management, NYDIG The
acquisition highlights Chainalysis’ long-standing faith in BTC as a
long-term investment strategy. Bitcoin has been a profitable
investment venture for companies that have invested in the digital
asset in the past and Chainalysis stands to profit from the asset’s
growth in the future. Featured image from Bitcoin News, chart from
TradingView.com
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