Coinbase delivered SEC filing to Satoshi in a symbolic gesture.

Spread the love

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.

RECOMMENDED READ:  Coinbase Files Paperwork With SEC to Launch Public Offering

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.

 364 Interactions,  6 today

Scaramucci was taken aback by the lack of a banking response to Coinbase’s listing.

Will competitors emerge from the shadows? Coinbase debuted on the Nasdaq on Wednesday with a direct listing, much to the Read more

Top Coinbase’s crypto-risk considerations, revealed

Coinbase has been the main news in the cryptocurrency industry over the last few days, with its public debut via Read more

How closely is Coinbase’s price tied to Bitcoin’s?

Coinbase began its journey by assisting consumers in purchasing Bitcoin. After 8 years, the firm has gone public with a Read more

Why Mike Novogratz claims the Coinbase listing is crypto’s “Netscape moment.”

If Coinbase stocks were to follow in the footsteps of Netscape and be listed on the first day, the price Read more

ARK purchases $246 million in Coinbase stock and attaches COIN to three ETFs.

ARK Invest has distributed about 750,000 COIN shares across three ETFs. Cathie Wood's ARK Invest's exchange-traded funds bought 749,205 shares Read more

On the day of its IPO, Coinbase adds a secret note with political overtones to the BTC blockchain.

By becoming interested in politics, businesses "with great intentions can sometimes end up creating division and unwelcoming environments internally" according Read more

Following an explosive start, Coinbase stock seems to be regaining its bearings at $350.

COIN stock has risen since making its Nasdaq debut on Wednesday. Coinbase (COIN) shares opened at $381 on Wednesday, substantially Read more

Coinbase’s COIN stock exchange on Nasdaq has become a stumbling block.

Early pricing activity from Coinbase's Nasdaq listing shows a volatile response from traders. Trading on Coinbase's COIN stock on the Read more

On FTX, Coinbase tokenized shares seem to be in free fall.

On the FTX derivatives market, the "Coinbase pre-IPO contract" has seen extreme uncertainty. Investors with tokenized exposure to Coinbase (COIN) Read more

Why Coinbase’s listing could also be fraught with danger

Coinbase is on the verge of becoming the first blockchain company to go public. According to CoinMarketCap, it is the Read more

Leave a Reply

Contact Us