Reshab AgarwalChainalysis adds Bitcoin to their balance sheet, making it their first crypto acquisition. They are a blockchain data platform that provides data, software, services, and research help to the government. Chainalysis is present in over 60 countries providing its services. They are evaluated at $4.2 billion after the latest $300 million funding, making them a pretty big company. It’s good to see that a blockchain-based company adds Bitcoin to their balance sheet showing belief in the currency.
Chainalysis adds Bitcoin
Image Source: Chainalysis
As the adoption of Bitcoin increases, more and more companies are adding the asset to their balance sheet. While some are doing it to be ahead of the times like Microstrategy, others are doing it for diversification. But for Chainalysis, the reason is a little different. They have added BTC to their balance sheet to create trust in cryptocurrency as an investment option. The company said it is “laser-focused” on this idea. The CEO also said, “We are thrilled to be adding bitcoin to our corporate investment portfolio … This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments.”
To acquire Bitcoin, the company is working with the brokerage services of New York Digital Investment Group. The NYDIG group is the bitcoin investment arm of Stone ridge Asset management which is another big firm. And this is not their first interaction; Chainalysis has partnered with NYDIG for a long time now.
The rally is near
Image Source: BBC
There have been days and weeks when every news about BTC is negative. The China ban, falling hash rate, Tesla removing it from payments, and many more. That was the time when the price of Bitcoin crashed and reached $29k. But at present, every single thing we are hearing is positive with the price of BTC at almost its ATH. This signifies just one thing that a massive rally could be just around the corner. We could soon see some big daily candles, and without realizing it, we will be in the $70k zone. Let’s see if that happens.
What are your thoughts on the news that Chainalysis adds Bitcoin to their balance sheet? And do you think that even more adoption is coming soon? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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