Chainalysis Adds Bitcoin to Balance Sheet as BTC Soars Above $63,000
Godfrey Benjamin Oct 20, 2021 06:40
Blockchain and cryptocurrency data compliance platform Chainalysis has announced it is adding Bitcoin (BTC) to its balance sheet.
Blockchain and cryptocurrency data compliance platform Chainalysis has announced it is adding Bitcoin (BTC) to its balance sheet as the digital currency nears its All-Time High (ATH).
According to the company, the acquisition will be facilitated through the brokerage platform of its long-term industry partner, NYDIG, and the Bitcoin purchase marks the first time for the company to invest in cryptocurrencies.
The investment move is a way to resound an assurance into the broader digital currency ecosystem. It shows that Chainalysis now believes in the ecosystem that it is providing comprehensive compliance solutions.
“Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset, and we are thrilled to be adding Bitcoin to our corporate investment portfolio,” said Michael Gronager, co-founder and CEO at Chainalysis.
“With any financial transaction, a level of trust and transparency is necessary. Our longstanding relationship with NYDIG enabled us to invest confidently, knowing we were dealing with an industry leader. This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments.”
The Chainalysis acquisition came when the first Bitcoin Futures ETF administered by ProShares went live on the New York Stock Exchange. The confluence of institutional activities surrounding the digital currency has pushed it close to its ATH of $64,863.10 attained earlier in April this year.
With the ProShares Bitcoin ETF product that tracks the coin’s futures market, more influx of corporate investments may flow in, pushing the coin’s price further to new highs. It is unclear why Chainalysis waited this long to make its first investment. However, earlier investors, including MicroStrategy, Tesla, and Square, have enough to gain with the growing price of Bitcoin.
Sustenance of this growth cycle can push the cryptocurrency’s price toward very ambitious price marks in the coming years, as predicted by many analysts.
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