- nChain has failed to submit its annual accounts for December 2023, raising questions about its financial transparency
- The company has faced multiple crises over the past 18 months, including leadership disputes and allegations of financial impropriety
- The lack of a timely filing raises questions about its financial situation
UK blockchain company nChain, which holds almost 4,000 blockchain-related patents, has failed to file its company accounts for the last financial year. nChain, which was formed in 2015 as nCrypt as part of an effort to capitalize on Craig Wright’s spurious Satoshi Nakamoto claim, has endured a tumultuous 18 months, including the sacking of two-thirds of its board in 2023 and multiple changes in CEO. The failure to file annual accounts is often indicative of deeper issues at a company, and if it continually fails to file its accounts, it could be dissolved.
Nothing to Show for 4,000 Patents
nChain has amassed a catalogue of over 3,900 blockchain-related patents since forming in 2015, many of them connected to Satoshi pretender Craig Wright, who was installed as the company’s Chief Scientist when it was formed. However, in its 10 years of existence, the company has singularly failed to monetize its patent library, and its various crises of the past 18 months will be ringing alarm bells for shareholders.
In September 2023, then-CEO Christen Ager-Hanssen was fired after producing a whistleblowing report on nChain, accusing its majority owner, Calvin Ayre, of financial impropriety concerning the running of the company. Ager-Hanssen was duly dismissed alongside several other directors who backed his claims. This came just days after Ager-Hanssen himself fired Craig Wright over lying regarding his evidence for the pivotal COPA v Wright trial in the UK, which Wright lost.
Former director Stefan Matthews was hired as CEO in Ager-Hanssen’s place, but after he was accused by the judge in the COPA v Wright case of perjuring himself to support Wright’s story, he was let go on 2 December last year. To make matters worse, volunteers using donated funds have managed to get three nChain patents pulled from the register, highlighting how the company’s patent portfolio could actually be worth much less than it has led investors to believe.
A Sign of Deeper Trouble?
nChain’s failure to file its accounts has fueled speculation about its financial health. Filing delays are not uncommon, but for a high-profile company that has endured such turmoil, this raises red flags about potential cash flow issues or compliance lapses. Critics argue that a company with a large intellectual property portfolio—boasting over 1,000 granted patents—must maintain rigorous financial discipline to support its operations and protect its reputation.
While the full implications of nChain’s failure to file remain unclear, the company’s recent struggles suggest deeper systemic issues. If financial instability persists, it could erode trust among stakeholders and impede its ability to capitalize on its intellectual property.
