Chainalysis Concludes Partnership with Its Founding CEO
Michael Gronager, co-founder of Chainalysis, has decided to permanently leave the company, two months after initially taking a temporary personal leave.
Chainalysis, an innovative 10-year-old blockchain data platform based in New York, will now be helmed by co-founder Jonathan Levin. He informed TechCrunch that on Tuesday, the board of directors appointed him to Gronager’s position. However, Levin, who has been the company’s chief strategy officer for a long time, will not only manage as CEO but will also retain his other responsibilities.
“I’m overseeing R&D, and I believe the CEO should also serve as the chief product officer, so there won’t be any changes to our R&D leadership; they will continue to report directly to me,” he stated in an interview on Wednesday.
Levin did not share further details about Gronager, other than mentioning that Gronager is no longer part of the Chainalysis board but continues to hold his equity in the company.
TechCrunch’s message to Gronager on Wednesday went unanswered.
Regarding Chainalysis’s financial standing, Levin indicated that the startup is “still investing in our growth,” and that “we’re not in need of raising capital. We secured $175 million in 2022 and [still] have strong confidence in the company’s cash position.” He emphasized that his focus would be on “executing, expanding our risk platform, and deepening our collaborations with government clients worldwide to address the rising demand for crypto.”
Chainalysis, which counts Benchmark among its early investors, achieved a valuation of $8.6 billion during its 2022 funding round. Crypto investor Katie Haun, who initially discovered Chainalysis as a federal prosecutor, reportedly began acquiring secondary shares of the company at a valuation of $2.5 billion this past April.
Known as a “crypto detective,” serving both U.S. government and corporate clients, Chainalysis laid off just over 15% of its workforce of 900 in late 2023. The company plans to concentrate more on government contracts, according to The Block.
The overall crypto industry has been in recovery mode in recent weeks, with bitcoin reaching a remarkable peak of $100,000 on Wednesday.
Above: Levin at a StrictlyVC event organized by TechCrunch in November 2024.