D-2 to Coinbase Listing in the US... Will It Mark the Starting Point for Cryptocurrency's Entry into the Regulatory System?

Scheduled for Nasdaq listing on the 14th... Current corporate value at 76 trillion won
Path opened to invest without directly owning cryptocurrency
Expected to surpass market cap of parent company of New York Stock Exchange
Challenges in overcoming opacity... Need to address concerns of manipulation and fraud

[Asia Economy Reporter Kim Suhwan] As Coinbase, the largest cryptocurrency exchange in the United States, prepares for its listing, Bitcoin prices have surged past $60,000 again, raising expectations among cryptocurrency investors. Analysts suggest that the exchange's stock market listing will serve as a catalyst for integrating cryptocurrencies into the formal investment sector as a new asset class.

On the 12th (local time), Bitcoin prices reached a high of $60,920 and have since fluctuated around the $60,000 level. After dropping from $60,000 on the 15th of last month, Bitcoin surpassed $60,000 again on the 10th of this month and has maintained that level since.

This upward trend in Bitcoin prices is seen as reflecting growing anticipation for expanded cryptocurrency investment ahead of Coinbase's direct listing on Nasdaq scheduled for the 14th. Carlos Domingo, CEO of digital asset management firm Securitize, stated, "Coinbase's direct listing represents a significant advancement in the cryptocurrency market," adding, "It opens a pathway for investors to invest in the cryptocurrency market without directly owning coins."

According to Coinbase's Q1 earnings forecast released on the 6th, the company is expected to generate up to $800 million (approximately 900 billion KRW) in revenue in the first quarter alone, more than double last year's total revenue of $320 million.

Additionally, Coinbase's valuation in the private market has reached $68 billion (approximately 76 trillion KRW). Considering that the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), has a market capitalization of $66.2 billion, Coinbase is larger than the world's largest stock exchange. Furthermore, Coinbase's valuation is more than twice that of Nasdaq OMX Group, which owns the Nasdaq Stock Market, with a market cap of $25.7 billion.

Therefore, if Coinbase's actual listing is successful, it is expected that the integration of the cryptocurrency market into the formal investment sector as a new asset class will accelerate. Matt Hougan, Chief Investment Officer at Bitwise Asset Management, analyzed, "Coinbase's listing will drive rapid growth in the cryptocurrency market and mark the beginning of a competitive struggle with traditional financial markets."

On the other hand, experts point out that the opacity of the cryptocurrency market remains a challenge to overcome. When the U.S. Securities and Exchange Commission (SEC) rejected the approval of a Bitcoin exchange-traded fund (ETF) in 2018, it cited that "75% of all Bitcoin trading occurs overseas," making it "an asset difficult to monitor and regulate."

Ultimately, resolving concerns about Bitcoin manipulation and fraud is considered the most important condition for integrating cryptocurrencies into the formal financial market. Hougan stated, "The cryptocurrency market has undergone numerous changes to address these concerns," adding, "While it cannot be said that the goal has been fully achieved, progress has indeed been made."