Chainalysis Will be Adding Bitcoin to its Portfolio

As per the latest reports, Chainalysis has made the announcement in regards to its plans for the adoption of Bitcoin. Chainalysis, a major analytics firm for the blockchain networks has announced that it is going to add Bitcoin (BTC) to its balance sheet.

For now, Chainalysis has revealed that it is going to add Bitcoin to its portfolio. However, it hasn’t been confirmed how much Bitcoin the firm is going to add to the balance sheet.

Chainalysis has confirmed that it will be acquiring Bitcoin with the support of the brokerage services provided by the New York Digital Investment Group (NYDIG).

On Tuesday, October 19, 2021, Chainalysis has also made an announcement through its blog post. The firm revealed that in the due course, it is going to expand the network of its partnerships. The new firm it plans to partner with includes the NYDIG.

Once the partnership is formed, it will proceed with the acquisition of Bitcoin through the NYDIG. At the time of writing, the Bitcoin price is hovering around $65,449 per BTC. This means that if the blockchain analytical firm goes for an investment, it would be worth millions.

The firm has provided the reason why it has planned on proceeding with the purchase of Bitcoin. According to the firm, the condition now looks very promising for Bitcoin in the market. The digital asset has proven its worth and potential to make a comeback.

The digital has been making huge progress and it is constantly hitting all-time highs, making it a trend in the last year. Similar to the last year, Bitcoin is on the right track of setting a new all-time high by the end of 2021.

The firm has also revealed that it has full confidence in the digital asset handling of the NYDIG. The NYDIG will prove to be one of the best choices that the firm has made when it comes to forming partnerships and making investments.

Chainalysis has confirmed that it is now focused on investing in cryptocurrencies. For now, it is going to take the first step with the acquisition of Bitcoin and then proceed with more cryptocurrencies in the upcoming days.

Michael Gronager, the co-founder and CEO at Chainalysis has stated that they have full intentions of adding Bitcoin to their corporate portfolio set for investments.

It was back in June of 2021 when Chainalysis had reported carried out a funding round where it successfully raised $100 million. As a result of the funding round, Chainalysis’ market valuation scored $4.2 billion.

In recent years, the firm has worked with several government-level departments to provide information surrounding cryptocurrency transactions. Some of the major investigations include the ones made by the Treasury Department of the United States on Suex OTC, which is a cryptocurrency based in Russia.