Coincheck Group, the parent company of the Japanese cryptocurrency exchange Coincheck, is poised to enter the public market with its upcoming debut on the Nasdaq stock exchange scheduled for December 11. This milestone follows the completion of a merger with Thunder Bridge Capital, a special purpose acquisition company (SPAC), which was announced on December 10, setting the stage for Coincheck’s new chapter as a publicly traded entity.
Coincheck’s journey to becoming a publicly traded company through a de-SPAC transaction, valued at $1.25 billion, was initially disclosed in March 2022. This strategic move aims to leverage the robust business foundation Coincheck has built in Japan along with the capital market prowess of the United States.
Established in 2012, Coincheck has grown into one of Japan’s largest crypto exchanges, boasting 1.5 million verified customers as of 2022. It ranks among the top 100 global crypto exchanges, with daily trading volumes around $165 million according to CoinGecko. The exchange became globally recognized following a significant security breach in January 2018, which led to the theft of $534 million worth of NEM tokens. Despite this setback, Coincheck has rebounded by compensating affected customers and continuing its operations, reinforcing its commitment to its user base and public market aspirations.
Coincheck’s path to Nasdaq listing was not without hurdles. Initially targeting a July 2023 listing, the exchange had to navigate through regulatory approvals and amend its merger agreements, ultimately extending the deadline to finalize its transaction by an additional year. The SEC’s approval of Coincheck’s Nasdaq listing application in early November was a pivotal moment, clearing the way for the public launch.
The merger between Coincheck and Thunder Bridge Capital has culminated in gross proceeds of approximately $31.6 million for the combined entity. Coincheck’s ordinary shares and warrants are set to trade on the Nasdaq under the ticker symbols CNCK and CNCKW, respectively.
Collaborative Achievements
The public debut of Coincheck on Nasdaq represents a significant achievement in the crypto collaboration between Japan and the United States. Monex Group chairman and Coincheck’s executive chairman, Oki Matsumoto, highlighted the synergy between Japanese operational strengths and U.S. capital market opportunities. Gary Simanson, president and CEO of Thunder Bridge IV, expressed enthusiasm about partnering with Matsumoto to position Coincheck as a leading global force in the crypto and Web3 sectors.
| Item | Detail |
|---|---|
| Event Date | December 11 |
| Merger Partner | Thunder Bridge Capital |
| Transaction Value | $1.25 billion |
| Daily Trading Volume | Approx. $165 million |
| Previous Major Incident | $534 million NEM token theft in 2018 |
| SEC Approval Date | Early November |
| Expected Trading Symbols | CNCK (shares), CNCKW (warrants) |
Coincheck’s debut on the Nasdaq not only marks a significant milestone for the company itself but also symbolizes a bridge between Eastern and Western financial markets. This strategic expansion reflects a broader trend of crypto exchanges seeking stability and growth through U.S. capital markets, which could set a precedent for other non-U.S. based exchanges contemplating similar moves. As Coincheck navigates its new phase of public trading, it will be pivotal to monitor how this fusion of marketplaces influences global cryptocurrency regulations and innovation, potentially paving the way for more integrated and expansive financial ecosystems.
