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

Bitcoin • October 19, 2021, 12:02PM EDT
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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.

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"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.

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Tim is the Editor-In-Chief of The Block. Prior to joining The Block, Tim was a news editor at Decrypt. He has 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.