Chainalysis, a blockchain analytics company, plans to buy an undisclosed quantity of Bitcoin through New York Digital Investment Group’s brokerage.
Chainalysis announced Tuesday that it would expand its partnership with New York Digital Investment Group (NYDIG) to purchase an undisclosed quantity of Bitcoin (BTC). The price of Bitcoin reached a five month high of $63,293 on Tuesday. According to Chainalysis, the purchase was motivated by “strong confidence in Bitcoin” and the NYDIG’s knowledge in the digital asset market.
Chainalysis CEO Michael Gronager, co-founder and chief executive officer said that Chainalysis is focused on building trust in cryptocurrency. He added that Chainalysis was thrilled to add Bitcoin to its corporate investment portfolio. Chainalysis has just acquired cryptocurrency for the first time, and will continue to look at other digital assets as possible future investments.
Chainalysis was worth $4.2 billion after a $100 million fundraising round. Ransomware hackers demanding cryptocurrency payments stepped up their attacks this year and data from the company has been frequently used. This company was responsible for investigating Russia-based Suex OTC. It was recently attacked by the United States Treasury Department.
Chainalysis is responsible for multibillion dollar valuation of crypto’s heightened momentum’
Chainalysis will invest in Bitcoin following purchases from companies like Tesla, Square and Voyager Digital. The company’s business intelligence unit holds 114 042 BTC and is worth more than $7B at the time this article was published. Tesla, a car manufacturer, currently has an estimated 43,200 BTC or $2.7 billion.