Coincheck Group’s Nasdaq Listing Marks Major Milestone for Crypto Exchange
Coincheck Group, the parent company of Japan’s prominent cryptocurrency exchange Coincheck, is set to make its public debut on the Nasdaq stock exchange on December 11, 2024. This follows the completion of a merger with the blank check company Thunder Bridge Capital, announced on December 10. The merger will allow Coincheck’s ordinary shares and warrants to begin trading on the Nasdaq exchange under the ticker symbols CNCK and CNCKW, respectively.
$1.25 Billion de-SPAC Transaction
The merger deal, first revealed in March 2022, was structured as a $1.25 billion de-SPAC (Special Purpose Acquisition Company) transaction. Coincheck, founded in 2012, has grown to become one of Japan’s largest cryptocurrency exchanges, with 1.5 million verified customers by 2022. It ranks among the top 100 crypto exchanges globally, trading around $165 million daily, according to CoinGecko.
Coincheck’s Road to Going Public
Coincheck initially attempted to go public in 2023, but faced delays. The original plan for a July 2023 listing was amended, and the merger deadline was extended by a year. After regulatory approval from the US Securities and Exchange Commission (SEC) in November, the company successfully moved forward with its Nasdaq listing.
A Historic Partnership Between Japan and the US
Coincheck’s listing marks a significant milestone in the collaboration between Japanese and US executives in the crypto sector. According to Oki Matsumoto, chairman of Monex Group and Coincheck’s executive chairman, the fusion of Coincheck’s strong business foundation in Japan and the expertise of the US capital markets will set the stage for its future success. Gary Simanson, president and CEO of Thunder Bridge IV, also expressed his excitement about partnering with Coincheck’s team to build a global Web3 company.
The merger is expected to provide gross proceeds of approximately $31.6 million for the newly combined entity. As Coincheck begins its journey as a publicly traded company, all eyes will be on its performance in the Nasdaq market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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