Blockpit Acquires Accointing in Multi-Million Dollar Deal
In a quest to solidify its dominance in crypto tax compliance, Blockpit acquires rival Accointing on the heels of impending DAC8 regulations in the EU.
Blockpit, a leading Austrian crypto tax software company, has recently made a significant stride in expanding its market reach by acquiring Accointing, a similar crypto tax business previously owned by Glassnode. This multi-million dollar acquisition comes at a pivotal moment, with impending European Union tax regulations set to change the landscape of cryptocurrency taxation.
Blockpit’s CEO, Florian Wimmer, confirmed that the purchase was made entirely in cash, financed through shareholder debt rather than a share swap. The move is not just strategic but also timely, as it positions Blockpit to navigate the new regulatory environment created by the European Union’s Eighth Directive on Administrative Cooperation (DAC8), which imposes stricter reporting requirements on crypto companies.
The DAC8, endorsed by the European Parliament last month, requires that cryptocurrency businesses disclose customers’ asset details to tax authorities, enhancing tax transparency. These new rules extend to a variety of digital assets, such as stablecoins, NFTs, and those involved in DeFi and crypto staking. They complement the EU’s Markets in Crypto Assets Regulation (MiCA) and are in line with the OECD’s Crypto-Asset Reporting Framework (CARF).
Max Bernt, Blockpit’s Chief Legal Officer, emphasized the importance of DAC8 and CARF, noting the shift in tax reporting responsibilities from individuals to service providers. This acquisition is Blockpit’s second major purchase after buying Cryptotax in 2020, and it positions the company as a key player in the European market, rivaling U.S. giants TaxBit and CoinTracker.
The sale marks Glassnode’s exit from the crypto tax sector, as it pivots towards providing digital asset intelligence solutions for institutional clients, particularly in the DeFi space.
The seamless integration potential of Accointing’s platform with Blockpit was a driving factor for the acquisition, offering a straightforward transition for Accointing users to Blockpit’s platform, with data migration taking mere minutes. Wimmer envisions this merger as a stepping stone towards creating an enhanced, feature-rich customer experience.
Wimmer also points out that the timing of the acquisition aligns with the introduction of global regulatory measures such as CARF and DAC8. With these regulations coming into effect in 2026, crypto service providers will be mandated to report extensive customer and transaction data, which aims to clamp down on tax evasion.
