However, the exchange also reported that the discovery of the Bitcoin creator could cause the crypto market to deteriorate.
United States-based cryptocurrency exchange Coinbase named Bitcoin founder Satoshi Nakamoto in his latest filing with the Securities and Exchange Commission for a direct listing on the stock market.
According to the SEC filing, Coinbase sent copies of its S-1 registration statement — which, if approved, would bring the company closer to having its shares traded on U.S. stock exchanges — to legal team members at Coinbase Global and California law firm Fenwick & West. In addition, the exchange listed Satoshi Nakamoto and the Bitcoin (BTC) genesis block address as recipients of a copy of the SEC filing.
The legendary Bitcoin creator was listed four times in the file, including as the author of the Bitcoin White Paper. The S-1 study also describes the potential discovery of Satoshi and the transfer of his BTC assets as events which could cause the price of Bitcoin and Ether (ETH) to deteriorate.
An investigation of Bitcoin’s early blocks shows that Satoshi mined at least 1.1 million BTC—around $55 billion today. The idea that moving these coins could disrupt the crypto market is not without precedent. Limited quantities of some of the early BTC mined in 2010 and 2011 have been transferred from time to time during the 2017 bull run, resulting in price fluctuations. However, there is not enough evidence to indicate that these incidents have had a lasting impact on the price of Bitcoin.
Coinbase revealed for the first time in December 2020 that it will file an initial public offering with the SEC. Thursday’s filing reveals that the exchange had a direct income of $1.1 billion in 2020, up from $482 million in 2019. Although the last valuation of Coinbase in 2018 showed that it was worth $8 billion, new reports estimate that the exchange could now be public at more than $100 billion.
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