Kenne Michael 
Glassnode, a cryptocurrency intelligence firm, has announced that it is discontinuing tax-related initiatives to concentrate on developing novel solutions that cater to institutional investors and decentralized financing (DeFi).
On November 6, Glassnode announced the transfer of Accointing, its crypto-focused tax platform, to Blockpit, a European crypto compliance provider.
“Glassnode will exit the crypto tax space with the sale of Accointing to Blockpit,” a spokesperson said, adding that the transaction enables the company to increase its institutional client concentration on the delivery of new Digital Asset Intelligence Solutions.
“We have used the last months to reshape our infrastructure, enabling our move into DeFi data solutions and expansions into other digital asset ecosystem areas in the future,” Glassnode representative noted, adding:
“After having built the leading on-chain data platform for Bitcoin and Ethereum, we are currently expanding our product offering into DeFi. Our aim is to equip Institutions with DeFi data and tools that help them to trade in and navigate the DeFi space.”
Meanwhile, a year after acquiring Accointing, the transaction occurred in preparation for the October 2022 integration of tax-reporting compliance tools onto Glassnode’s platform.
Blockpit’s acquisition of Accointing signifies the continuation of its strategy to merge with rival platforms; in 2020, the platform joined with Cryptotax, a German rival platform.
By announcing its most recent acquisition, Blockpit reaffirmed its aspiration and vision to establish a unified and consolidated crypto tax platform throughout Europe.
“Due to the very similar nature of the Blockpit and Accointing platform, the acquisition really is a perfect opportunity,” Blockpit co-founder and CEO Florian Wimmer said.
According to Wimmer, users of Accointing could “easily migrate their profiles and data” to a new Blockpit account in a matter of minutes.
The account migration will enable Blockpit to concentrate all their resources on the development of a unified platform, the delivery of additional features, and the improvement of the customer experience, according to the CEO.
“At the same time, Blockpit is doubling its revenue without increasing the cost — as we will shut down the Accointing infrastructure in the short term — massively increasing our cash flow.”
Wimmer further stated that the timing of the transaction is ideal, alluding to forthcoming regulations such as the Crypto-Asset Reporting Framework (CARF) and the Directive on Administrative Cooperation (DAC8), which governs crypto tax reporting.
“Starting 2026, all crypto asset service providers, including custodians, exchanges, brokerages and others, will be forced to report user Know Your Customer data alongside transaction data to tax authorities,” Wimmer noted.
The forthcoming regulations, as stated by the executive, will “massively increase the prosecution and enforcement of tax fraudsters.”
DAC8, which was formally adopted in October 2023, seeks to confer tax collectors with the authority to oversee and assess all cryptocurrency transactions conducted by entities or individuals located in other EU member states.