How to invest in Chainalysis stock pre-IPO
The emergence of crypto has brought a new layer to financial services and the economy, yet it has also introduced a new medium for financial fraud and cybercrime, particularly because of crypto's pseudonymous nature.
One company that's focusing on tackling these issues is Chainalysis. The company has developed a range of software products to analyze blockchain transactions in ways that can help solve crypto crime, improve compliance, and strengthen security. Chainalysis works with law enforcement agencies, major crypto exchanges, banks, tech companies like Microsoft, and more.4
But while the company quickly grew to reach a valuation of over $8.5 billion from its last primary funding round in 2022,5 The crypto market went through a significant downturn in 2022,6 and this so-called crypto winter affected many companies, including Chainalysis, which had two rounds of layoffs totaling nearly 20% of the firm in 2023.7 And its valuation now sits at just over $1.5 billion, according to Forge data.8
There hasn't been much noise about a potential IPO, and CEO/co-founder Jonathan Levin told Fortune in late 2024 that the company wasn't looking to go public anytime soon.9
In the meantime, interested investors may be able to still invest in Chainalysis stock pre-IPO through a private marketplace like Forge. Retail investors may also be able to gain indirect exposure through other assets, as we'll examine in this guide.
Chainalysis: Company background
Chainalysis, based in New York, was founded in 2014 by Michael Gronager, Jonathan Levin, and Jan Moller. Prior to coming together, Gronager was a co-founder and COO at Kraken,10 Moller had worked as an engineer at VMWare,11 and Levin founded a blockchain analytics company, Coinometrics, that ultimately didn't work out.12
Gronager had been analyzing blockchain data to find stolen crypto that brought down the Mt Gox exchange, and Chainalysis became the official investigator for creditors when Mt Gox filed for bankruptcy.13
The company gained traction working with law enforcement and other government agencies, but the company has been trying to make some changes in recent years. In September 2024, then-CEO Gronager, told DL News that while about two-thirds of the company's revenue came from the public sector, he expected the private sector to eventually account for the majority of the company's revenue.14
In December 2024, co-founder Levin took over as CEO, replacing Gronager who left the company.15
Shortly after, at a time when crypto prices were hitting new highs, Levin noted in a Fortune interview that he wanted to expand beyond the primary use case of identifying money laundering. While he said the company wasn't looking to go public near-term, Chainalysis was looking to engage in more M&A.16
Sure enough, a couple weeks later, Chainalysis announced the acquisition of Hexagate, which focuses on web3 cybersecurity.17 About a month later, in January 2025, Chainalysis also acquired Alterya, an AI-powered fraud detection tool.18 And in June 2025, it acquired an AI productivity tool, Nash, to help expand Chainalysis' AI capabilities.19
Chainalysis stock and funding history
Forge Data as of 04/23/2026
The company has raised nearly $590 million across its primary funding rounds since starting in 2015. That year, its Series Seed raised $1.61 million at a $4.59 million valuation and a $0.10 stock price, which included investment from Point Nine. In 2018, the Series A raised $17.29 million, with investment from Benchmark, at a $0.44 stock price and $48.02 million valuation.20
By July 2020, the company raised another $49 million for its Series B, which brought its stock price to $1.52 and valuation to $265.84 million, with investors such as Accel, Ribbit Capital, and MUFG participating. Later that same year, the company's Series C took it into unicorn status, raising $110 million, which brought its stock price to $5.96 and valuation to $1.09 billion.21 This round was led by Addition, while also including previous investors Accel, Benchmark, and Ribbit.22
A few months later, in March 2021, the Chainalysis Series D raised another $130 million, bringing the stock price up to $11.38 and doubling its valuation to $2.18 billion.23 This round was led by Paradigm, with additional investment from TIME Ventures, Addition and Ribbit.24
Just a few months after that, in June 2021, the company took another leap forward, raising $109.5 million for its Series E, bringing its stock price up to $21.14 and roughly doubling its valuation again to $4.20 billion.25 This round was led by Coatue, and including a mix of new and existing investors, such as Dragoneer, Durable Capital Partners, 9Yards Capital, Altimeter, Blackstone, and SVB Capital.26
About a year later, in May 2022, Chainalysis then raised $170 million for its Series F in 2022, its most recent primary funding round. This took the company's stock price to $40.02 and its valuation more than doubled again to $8.54 billion.27 This Series F was led by Singapore’s sovereign wealth fund, GIC, and included investors such as Accel, FundersClub, BNY Mellon and Emergence Capital.28
However, Chainalysis' Forge Price has stumbled significantly since then. It currently sits at $7.25 as of early March 2026, implying a $1.55 billion valuation.29
Forge Data as of 04/23/2026
Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information and secondary market transactions on Forge.
How to buy Chainalysis stock
As a private company, at least for the time being, Chainalysis' stock is not for sale to the general public. However, accredited investors may be able to buy Chainalysis stock through Forge's next-generation marketplace for private market trades, subject to availability.
Forge's technology and relationships facilitate the trade of private company shares in companies like Chainalysis, along with other private market tech companies.
Who Can Invest in Chainalysis Pre-IPO?
Investment in a non-public company like Chainalysis is typically limited to accredited investors, due to U.S. regulations that generally restrict the offer and sale of private company securities to such investors.
Some large accredited investors, such as VC funds and certain high-net-worth individuals, may be able to invest in Chainalysis if selected to participate in primary funding rounds or strategic investment partnerships. Smaller accredited investors may find it more practical to buy Chainalysis stock through a private stock marketplace like Forge, subject to the availability of shares.
Where to Buy Pre-IPO Chainalysis Stock
While pre-IPO Chainalysis stock is not for sale to the general public, accredited investors may be able to find shares for sale through a private marketplace such as Forge for private market trading.
Registered investors with a verified profile may also explore Forge’s active opportunities for companies similar to Chainalysis in the security, crypto or broader tech sectors.
Potential indirect exposure to Chainalysis for non-accredited investors
While retail investors may be able to invest in Chainalysis if it eventually goes public, for now, direct pre-IPO investment in Chainalysis is generally limited to accredited investors. However, there are publicly available investment options that may provide exposure to broader trends around crypto and security, which could, in turn, impact companies like Chainalysis.
Some examples include:
1. Publicly traded crypto services companies
One option is to review other publicly traded crypto-related companies, such as exchanges like Coinbase (which also has a tool, Coinbase Tracer, that competes more directly), or Bullish (which also owns the publication CoinDesk), stablecoin issuer Circle, or crypto custody/asset servicing platform BitGo. These types of companies might collaborate with companies like Chainalysis on security and compliance, while competing in other areas. Yet it's possible that growth in the overall crypto market lifts all of them. However, performance may differ significantly such as based on the specific operational strategies these companies take and the strength of their core markets.
2. Cryptocurrencies or crypto ETFs
Some investors may explore cryptocurrencies or crypto ETFs, such as Bitcoin, Ether, or Solana. In theory, more crypto usage could correspond with greater demand for crypto security/risk management/compliance solutions like Chainalysis. Still, cryptocurrencies can be highly volatile and may have very different exposures than a crypto services company like Chainalysis.
3. Publicly traded cybersecurity companies
Retail investors may also review publicly traded cybersecurity companies that operate outside the crypto sector but have overlapping capabilities, such as threat detection or fraud prevention. Examples include firms like Palo Alto Networks, CrowdStrike and SentinelOne.
Additionally, payment networks such as Mastercard and Visa have invested in fraud prevention and cybersecurity capabilities, including initiatives related to digital assets.
While these companies may operate in adjacent areas, their business scope is typically broader, and their performance may not directly correlate with companies like Chainalysis.
How to Analyze Chainalysis Stock
Private companies generally do not face the same disclosure requirements as public companies, which can make analyzing Chainalysis stock challenging.
However, you can look at the financial data that has been publicly reported. Recent data is limited, but the company says it has over 1,500 customers.30 And in CEO Levin's December 2024 interview with Fortune, he said over 250 customers pay over $100,000 a year. Also, he said the company had mid-20% year-over-year growth, with the fastest pace occurring in Europe and the APEC region.31
Investors might then compare what has been reported about Chainalysis vs. similar disclosed data from private market tech companies. That, combined with reviewing Chainalysis' valuation data across its funding rounds and its current Forge Price could help investors determine how Chainalysis' stock compares to similar private companies listed on Forge's private stock marketplace.
Seeing how other tech companies are trading on Forge could help you determine what seems like a fair valuation for Chainalysis. There also might be some parallels to draw with public market security and broader tech companies.
Still, even when looking at what Chainalysis has disclosed and the real-time pricing insights on Forge, private market stocks are generally more opaque than public market ones. So, there can be more subjectivity involved in analyzing Chainalysis stock, along with the valuations of other private market companies.
Get started investing in Chainalysis on Forge
If you're interested in investing in Chainalysis before a potential IPO if/when shares become available, you can open a free Forge account to explore one of the most established marketplaces for private company securities.
Once your account is active and your accreditation is verified, you may gain access to real-time private market data, context-rich insights and a platform built for self-directed investors.
Not sure where to begin? Start with our buyer’s guide to investing in private market shares. And if questions come up along the way, Forge’s experienced specialists are available to support you.
FAQs about investing in Chainalysis
Where do I buy Chainalysis stock?
As a private company, Chainalysis stock is generally limited to accredited investors. If eligible, however, you may be able to buy and sell Chainalysis stock through a private marketplace such as Forge.
Who can invest in Chainalysis?
Typically, only accredited investors can invest in private market companies like Chainalysis. This can include institutional investors such as VC firms that might participate in primary funding rounds, as well as high-net-worth individuals who may qualify to trade private market stocks in companies like Chainalysis, subject to availability, through a secondary marketplace such as Forge. If it eventually conducts an IPO, then the general public will be able to invest in Chainalysis.
Who are Chainalysis' competitors?
Chainalysis' competitors include other blockchain analytics companies such as TRM Labs, Elliptic, and Mastercard which owns CipherTrace. It also somewhat competes with companies offering cybersecurity solutions, albeit less directly, such as CrowdStrike, Palo Alto Networks, and SentinelOne.
