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Glassnode, a Crypto Data Platform, Sells Bitcoin Tax Software to Blockpit

Glassnode, a Crypto Data Platform, Sells Bitcoin Tax Software to Blockpit

Crypto Intelligence Firm Glassnode Shifts Focus to DeFi and Institutional Investors

Glassnode recently announced the sale of its crypto tax platform, Accointing, to Blockpit. The deal was described as a “multimillion-dollar deal,” but the specific amount was not disclosed. This move signifies Glassnode’s decision to exit the crypto tax space and concentrate on providing new Digital Asset Intelligence Solutions to institutional clients.

According to a Glassnode representative, the firm has restructured its infrastructure in preparation for this shift in focus. The goal is to offer DeFi data solutions and expand into other areas within the digital asset ecosystem. Glassnode aims to equip institutions with DeFi data and tools that will facilitate their navigation of the DeFi space.

Blockpit’s Ambition for a Consolidated Crypto Tax Platform

The acquisition of Accointing by Blockpit aligns with their vision for a unified crypto tax platform for Europe. Blockpit co-founder and CEO Florian Wimmer stated that Accointing users can seamlessly transfer their profiles and data to a new Blockpit account, promising a quick process. This acquisition allows Blockpit to focus on developing a unified platform, enhancing features, and improving customer experience while doubling revenue without increasing costs.

Regulatory Impact on Crypto Tax Reporting

Wimmer highlighted upcoming regulations such as the Crypto-Asset Reporting Framework (CARF) and the Directive on Administrative Cooperation (DAC8), which will require all crypto asset service providers to report user Know Your Customer data alongside transaction data to tax authorities starting in 2026. DAC8, adopted in October 2023, aims to enable tax collectors to monitor and assess every cryptocurrency transaction within any EU member state.

Hot Take: Glassnode’s Strategic Shift Signals Growing Institutional Interest in DeFi

Glassnode’s decision to divest its crypto tax platform in favor of focusing on DeFi and institutional investors demonstrates the increasing importance of these areas within the crypto industry. As regulatory requirements evolve, companies like Blockpit are strategically positioning themselves to meet compliance needs while seizing opportunities for expansion and revenue growth in the rapidly changing landscape of digital assets.

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Glassnode, a Crypto Data Platform, Sells Bitcoin Tax Software to Blockpit