Crypto Startups Venture

Report: Despite Crypto’s Woes, Chainalysis Hits $8.6B Valuation

Mining bitcoin

As the crypto market continues its ebb and flow, startups in the space continue to raise monster rounds.

New York-based Chainalysis—which detects fraud and gives analysis of blockchain data and crypto transactions to governments, banks and businesses—has raised a new $170 million Series F at an $8.6 billion valuation, according to The Information.

GIC, Singapore’s sovereign wealth fund and an existing investor in Chainalysis, led the $170 million investment, according to the report.

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The round comes amidst a trying week in crypto. The price of bitcoin fell below $30,000 twice this week—its lowest point since December 2020. Shares of crypto exchange Coinbase nosedived Wednesday after the company reported ​​earnings that revealed revenue fell 27 from a year ago and that usage on the site declined.

Added to those woes, TerraUSD—a stablecoin tethered to the U.S. dollar created by crypto project Terra—has traded as low as 26 cents this week. The so-called “stablecoin” is meant to maintain the same value as the U.S. dollar.

Despite those headlines, VC investors seem undeterred. Last year, crypto startups raised more than $20 billion—according to Crunchbase data—and money has continued to cascade in this year.

Chainalysis is a company we identified last year and early this year as competing in a sector that seemed likely to attract a lot of VC interest—the crypto infrastructure and compliance space.

Companies that help give analysis of blockchain data and crypto transactions to institutions and governments like Chainalysis and Los Angeles-based Blockdaemon, which helps manage nodes and payment rails, seemed likely to continue to see interest from investors as compliance protocols are built out around crypto, investors told us.

The new round more than doubles Chainalysis’ valuation from its $100 million Series E led by Coatue that gave it a $4.2 billion valuation last June.

The company has now raised more than $536 million, according to Crunchbase numbers.

Illustration: Dom Guzman

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