Chainalysis CEO steps back for 'personal issue' after a decade of service

Michael Gronager, co-founder and CEO of blockchain analytics unicorn Chainalysis, has stepped back from his leadership role after a decade of service, a source familiar with the matter told The Block.

A Chainalysis spokesperson confirmed that Gronager has stepped back and has been on "personal leave" since Sept. 25 for "a personal issue." Gronager separately confirmed the move as "temporary" but declined to provide specific details. It remains unclear if or when he plans to return.

Sari Granat, Chainalysis' president and chief operating officer, is acting as interim CEO, the spokesperson said. Granat joined Chainalysis in April 2022 from IHS Markit, an information services provider that completed a merger with S&P Global that year. Granat has "a deep understanding of our business from running various functions including sales, finance, human resources, legal and operations," the spokesperson said, adding that she is "closely collaborating" with Jonathan Levin, Chainalysis' other co-founder and chief strategy officer, on leading the business.

Chainalysis CEO takes personal leave suddenly

Gronager's sudden personal leave comes a week after he gave media interviews at Token2049 in Singapore. It is unclear whether his leave is related to health issues, internal tensions at the company or other factors.

Last October, Chainalysis laid off around 150 employees, or slightly more than 15% of its staff of 900, as the company planned to retreat from the commercial market and focus on government contracting, which accounted for about 70% of its revenue at the time. This round of job cuts followed a reduction of about 5% of its staff the previous February.

Chainalysis was valued at $8.6 billion in May 2022 when it announced a $170 million Series F funding round led by GIC, Singapore's sovereign wealth fund. The company has raised over $535 million in total funding to date.

(Updates with comment from Michael Gronager).