Chainalysis Look To Add BTC To Its Books As The Price Rises
Chainalysis, a blockchain research company, intends to acquire an unspecified quantity of Bitcoin to bolster the firm’s financial statement through the trading facilities of New York Digital Investment Group. Chainalysis announced in a blog post on Tuesday that it will broaden its cooperation with the New York Digital Investment Group, or NYDIG, to purchase an undisclosed amount of Bitcoin (BTC), the value of which hit a five-month peak of $63,293 previously on Tuesday.
The acquisition was “driven by high trust in Bitcoin,” according to the firm, which also cited the NYDIG’s competence in the virtual currency field as a factor in the decision. According to Michael Gronager, Chainalysis co-founder and CEO, the company is “absolutely concentrated on its mission to develop trust in cryptocurrencies as a virtual asset” and is “delighted” to be integrating Bitcoin into its institutional financial portfolio. In a statement, Chainalysis said, ” “This is the debut virtual currency purchase made by the organization, and we want to explore similar virtual assets as possible prospective purchases in the future.”
Joining A Slew Of Other Companies In The Integration Of BTC
Since the beginning of the year, information from the corporation has been frequently used by ransomware cybercriminals who require payment in Bitcoin as part of their assaults. The firm examined the Russian corporation Suex OTC, which was lately sought by the United States Treasury Department, and recently purchased the cybercrime investigation firm Excygent, which was founded in 2017.
Chainalysis’ Bitcoin investment will come after the companies who already made Bitcoin purchases such as Tesla, Voyager Digital, Square, MicroStrategy, and Galaxy Digital, amongst other companies. At the time of publication, the business analytics organization held 114,042 Bitcoins, which were valued at over $7 billion. Tesla, the electric vehicle maker, presently owns approximately 43,200 Bitcoins, or approximately $2.7 billion.
Chainalysis Generated $100M In June Reaching $4.2B Valuation, Aided U.S. Officials With Ransomware Attacks
Chainalysis raised an additional $100 million in investment finance as the role of cryptocurrency in cyberattacks became a widespread concern. Coatue Capital led the Series E round of fundraising, which boosted the company’s capitalization to $4.2 billion, the company reported at the time. In addition, Chainalysis raised $100 million in a Series D fundraising round announced in March. The round in March, led by Fred Ehrsam’s Paradigm, placed the blockchain monitoring company at $2 billion.
At the time, Chainalysis’ financing round was the newest in a series of financing disclosures in what became a high-profile part of the cryptocurrency industry. Chainalysis, Elliptic, CipherTrace, Blocktrace, and TRM Labs were among the companies that assisted banks and law enforcement in tracking illicit funds traveling through public blockchains. Using blockchain investigation, US officials were able to take a large portion of the Bitcoin given as extortion to the DarkSide hacker gang by Colonial Pipeline.
Chainalysis may have been the top dog in terms of prestige at the time, and it surely is in terms of funds raised; the company said at the time that the new round increases its total fundraising to $365 million. In the press release, Chainalysis CEO and co-founder Michael Gronager stated, “The evolution of economics and public safety will be founded on blockchain data-driven judgments.” “We’ve used blockchain openness to deliver meaningful information about industries, risks, and growth prospects.”
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