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Blockchain firm Chainalysis is adding bitcoin to its balance sheet

Chainalysis announced that it plans to add bitcoin to its balance sheet. This news came as a surprise to crypto investors as it is generally expected that a firm so deeply involved in the blockchain technology ecosystem would own some crypto. According to the blog post on its website, the firm has not previously held any cryptocurrency and this will be the first time Chainalysis is buying BTC.

Bitcoin has been bought as an investment strategy by companies that are in and out of the blockchain space. Digital assets present an alternative means of investment for those who wish to have complete control over their assets. With its recent purchase, Chainalysis joins the ranks of companies that hold BTC for the long term, according to a statement on the post.

Chainalysis Makes the Leap With Bitcoin

Chainalysis revealed in the post that it was buying bitcoin to keep on its balance sheet. The company, which is valued at $4.2 billion, will keep the purchased BTC in its corporate investment portfolio and intends to hold for the long term.

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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 being carried out on the blockchain, helping law enforcement to track down criminals.

“Chainalysis is laser-focused on its commitment to building trust in cryptocurrencies as a digital asset and we are thrilled to add bitcoin to our corporate investment portfolio,” said Michael Gronzer, Co-Founder and CEO of Chainalysis. Speaking on what was to be the first cryptocurrency purchase from the firm, Gronzer said, “This is the first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments.”

Bitcoin Price Chart from TradingView.com

BTC surges past $64K | Source: BTCUSD on TradingView.com

Partnership with NYDIG

Chainalysis expanded its partnership with NYDIG, a bitcoin technology and financial services firm, to buy and hold bitcoin. The two companies have been working together since they announced Chainalysis would be NYDIG’s compliance technology partner in 2018. The BTC was purchased through a financial services firm and NYDIG will hold the digital asset on behalf of Chainalysis.

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“Our expanded partnership with Chainalysis is a mutually beneficial relationship. Chainalysis has long built trust in the digital asset ecosystem, and this investment reflects their belief that bitcoin is a good investment for the future. We are delighted that They relied on our platform to safeguard their assets.” –Nate Conrad, Head of Asset Management, NYDIG

The acquisition highlights Chainalysis’s longstanding belief in BTC as a long-term investment strategy. Bitcoin has been a profitable investment venture for companies that have invested in digital assets 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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