Under such circumstances, the possibility of Nakamoto’s stake sale and identity disclosure was considered a risk factor that will determine the value of Bitcoin in the future.
According to the Financial Times (FT), the U.S. cryptocurrency exchange Coinbase, which trades 11% of the global cryptocurrency market, submitted an application for direct listing to the U.S. Securities and Exchange Commission (SEC) on the 25th (local time). In the application, Nakamoto was cited as a business risk factor. This is because if the creator’s identity is revealed, the price of bitcoin can fluctuate significantly.
According to the application submitted by Coinbase, Nakamoto owns a total of over 1 million bitcoins. As of this month, the price of one bitcoin is about 50,000 dollars (about 56 million won). Coinbase pointed out that if Nakamoto’s identity is revealed through an analysis report, it could have a negative impact on the company’s operations. With a total of 21 million bitcoins that can be mined, if Satoshi Nakamoto starts selling his stake, it could have a big impact on the bitcoin market. Over 1 million shares of Nakamoto account for about 5% of the total Bitcoin market. Business Insider, a media specialized in economics in the United States, also analyzed the wavelength that can occur if the identity is known. Bitcoin is a’decentralized’ currency that is not subordinated to any government, institution, or individual through blockchain technology. If Nakamoto’s identity is disclosed, investors may hate being under the influence of an individual, he said.
As the price of cryptocurrency such as bitcoin soared and the volume of transactions using Coinbase increased, last year’s sales of Coinbase reached $1.3 billion (about 1.45 trillion won), more than doubled from $533 million in 2019. . Net profit also succeeded in turning the black from a deficit of $30 million in 2019 to $322 million last year.
The Financial Times (FT) predicted that Coinbase’s listing will become one of the largest listings of information technology (IT) companies this year. Coinbase’s expected corporate value after listing is about 100 billion dollars (about 110 trillion won). Considering that it was around $8 billion three years ago, the recent rush of money in the bitcoin market has led to a significant increase in corporate value.
Coinbase trading volume surged last year. The average monthly transaction volume last year was 2.8 million, almost three times that of 2019. Coinbase announced that the amount of its own cryptocurrency as of the end of last year was $316.1 million (approximately 3544 billion won), an increase of about 9 times from $33.9 million at the end of 2019. The share of cryptocurrency among Coinbase’s total assets is about 30%. As of the end of last year, the number of members was about 43 million.
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