Chinalysis has announced that it plans to add Bitcoin to its balance sheet. The news came as a surprise to crypto investors as it was generally expected that a firm so deeply involved in the blockchain technology ecosystem would own some crypto. According to a blog post on its website, the firm has never owned a cryptocurrency before and this is the first time it has bought Chinalysis BTC.
Bitcoin has been purchased by companies in and outside the blockchain space as an investment strategy. Digital assets present an alternative means of investment for people who want full control of their assets. With its recent purchase, according to a statement from the Post, Chinalysis joined the list of companies holding BTC in the long run.
Chinalysis takes a leap with bitcoin
Chinalysis revealed in the post that it is buying bitcoin to keep on its balance sheet. The 4. 4.2 billion company will keep the purchased BTC in its corporate investment portfolio and seek to retain it in the long run.
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The company provides valuable software analysis software that helps the exchange comply with the rules. Its software is used to assess risk and identify illegal activity that is being conducted on blockchain, helping law enforcement track criminals.
Michael Gronzer, co-founder and CEO of Chinalysis, said: “Chanalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset, and we are thrilled to add Bitcoin to our corporate investment portfolio.” Talking about this being the first cryptocurrency purchase on behalf of the firm, Gronzer added, “This is the first acquisition of a cryptocurrency from Chinalysis, and we will continue to use other digital assets as potential investments in the future.”
BTC surges past $64K | Source: BTCUSD on TradingView.com
Partnership with NYDIG
To purchase and store bitcoin, Chinalysis expanded its partnership with bitcoin technology and financial services firm NYDIG. The two companies have been working together since the announcement in 2013 that Chosenalysis will be NYDIG’s compliance technology partner.
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“Our expanded partnership with Chinalysis is a mutually beneficial relationship. Chinalysis has long been building trust in the digital resource ecosystem and this investment shows their belief that Bitcoin is a good investment for the future. We’re glad they trusted our platform to protect their assets. ”- Nat Conrad, Head of Asset Management, NYDIG
The acquisition highlights the long-standing belief of Chinalysis on BTC as a long-term investment strategy. Bitcoin has been a lucrative investment venture for companies investing in digital assets in the past and channelizes profits from future asset growth.
Featured image from Bitcoin News, chart from TradingView.com