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As the price of Bitcoin rises, Chainalysis will add it to its balance sheet

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Chainalysis, a blockchain analytics business, aims to buy an unspecified quantity of Bitcoin through the financial advice of New York Digital Investment Group for its balance sheet.

In fact, “This is Chainalysis’ first cryptocurrency acquisition. Hence, we will continue to look for new digital assets to invest in in the future”, stated CEO Michael Gronager.

Chainalysis stated in a blog post on Tuesday that it will expand its cooperation with the New York Digital Investment Group, or NYDIG. In order to buy an unannounced quantity of Bitcoin (BTC), which hit a five-month high of $63,293 earlier that day. The acquisition’s motive was “the significant confidence in Bitcoin”. As well as the NYDIG’s expertise in the digital asset market, according to the company.

We are content to be adding Bitcoin to our corporate investment, said the firm’s CEO

Co-founder and CEO Michael Gronager said, “Chainalysis is laser-focused on its commitment to developing trust in cryptocurrencies as a digital asset. And we are happy to be adding Bitcoin to our corporate investment portfolio”. “This is Chainalysis’ first cryptocurrency purchase. And we will continue to look for more digital assets to engage in in the future.

“Chainalysis’s valuation was at $4.2 billion after a $100 million financing round in June. As malware hackers demanding compensation in bitcoin ramped up their attacks this year, data from the firm was frequently used. The firm examined Suex OTC, a Russian company that recently pursued by the US Treasury Department, and earlier this month purchased cybercrime investigation firm Excygent.

Co-founder and CEO Michael Gronager

Chainalysis’ Bitcoin investment will follow purchases from companies, including Tesla

Tesla, Square, Voyager Digital, Galaxy Digital, and MicroStrategy are among the companies that have purchased Bitcoin via Chainalysis. At the time of publication, the business intelligence firm held 114,042 BTC, worth more than $7 billion. Tesla has an estimated 43,200 BTC, or $2.7 billion, in its cryptocurrency wallet.

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