Crypto Exchange Coinbase filed an application for listing on the stock exchange with the Securities and Exchange Commission (SEC) back in December
Coinbase sent its filing in the form of an S-1 registration statement to the Securities and Exchange Commission in confidence and reserved copies for its legal teams. According to public documents released by the California Stock Exchange yesterday, a copy of the filing was also directed to the pseudonymous Bitcoin creator Satoshi Nakamoto and the Bitcoin Genesis block address.
Nakamoto’s identity is a risk factor
The creator’s name appeared four times in the report under various references, one acknowledging Satoshi as the author of the Bitcoin whitepaper. The exchange acknowledged that the identification of Satoshi could have an impact on the Bitcoin market as it would cause the asset to lose some of its value.
The registration report also suggested that the transfer of its Bitcoin holdings could destabilize the price of the asset. It is believed that after researching the earliest Bitcoin blocks, the Bitcoin creator mined around 1.1 million BTC (which is almost 5% of the total Bitcoin supply). This supply is valued at approximately $ 52 billion at the current price of $ 47,000.
Implication of the movement of coins from the Satoshi era
The assumption that a transaction with these coins could affect the crypto market is far from unfounded. Movements of some of the earliest bitcoins mined have often caused price fluctuations in the past. To date, there have only been a handful of these transactions over the years. The last significant movement of coins mined in the first two years after Bitcoin’s launch occurred on Wednesday of this week when a long-term holder moved over 100 bitcoins.
The holder, believed to be a seasoned bitcoin miner, pulled the coins from two separate wallets. It was the first major transaction with either address in over a decade. The only activity recorded was two transactions with 0.00000547 BTC added to each wallet.
A study of the transaction and two expenses for mining addresses found that only a few hours separated the time when the blocks were mined on June 10, 2010. The crypto asset was trading at $ 0.08 at the time of mining. Based on today’s prices, these holdings have increased in value more than 587,000 times.
It is unknown whether or not Satoshi will decide to move the bitcoin stash at any point. Regardless, it is highly unlikely that the Creator will willingly reveal his identity.