Coincheck Set to Become the First Japanese Crypto Exchange Listed on Nasdaq

Coincheck, one of Japan’s leading cryptocurrency exchanges, has received approval from the U.S. Securities and Exchange Commission (SEC) to list on the Nasdaq Global Market, making it the first Japanese crypto exchange to do so. The approval, granted on November 7, 2023, clears the way for the exchange to go public through a merger with Thunder Bridge Capital Partners IV (TBCP).

Key Details

• SEC Approval: Coincheck’s confidential draft registration statement on Form F-4 became effective on November 12, a crucial step in the process toward its Nasdaq listing.
• Merger with Thunder Bridge Capital IV: Coincheck will merge with Thunder Bridge Capital Partners IV, a special purpose acquisition company (SPAC). After the merger, Thunder Bridge Capital will hold a shareholder meeting on December 5, 2023, to vote on finalizing the merger agreement.
• Ticker Symbol and Listing Date: After the merger, Coincheck will list on Nasdaq under the ticker symbol CNCK, with **trading expected to commence on December 11, 2023. This will make Coincheck the first Japanese crypto exchange to publicly trade on a U.S. stock exchange.
• Ownership Structure Post-Merger: Following the merger, Coincheck will remain a subsidiary of Monex Group, its parent company. Monex will retain an 82% majority stake in the combined entity, with Gary A. Simanson, the CEO of Thunder Bridge, set to lead the merged company.

The Road to Nasdaq

Coincheck had initially planned to go public in the U.S. via a $1.25 billion merger with Thunder Bridge Capital IV, which was announced earlier. However, the process faced several delays, pushing back the exchange’s long-anticipated Nasdaq listing. Despite these delays, Coincheck is now set to finalize the deal and officially debut on Nasdaq.

The merger and subsequent listing will bring $237 million in trust funds from Thunder Bridge to the combined business, providing a financial boost for Coincheck as it prepares to expand its reach and presence on the global stage.

About Coincheck

Coincheck was founded in 2012 and is one of Japan’s largest cryptocurrency exchanges and NFT marketplaces. The exchange operates from Tokyo, offering a wide range of services to users worldwide, including trading of popular cryptocurrencies like Bitcoin, Ethereum, and others.

In 2018, Coincheck was acquired by Monex Group, a leading Japanese financial services company. Since then, the exchange has made strides to expand globally and strengthen its position in the rapidly growing crypto industry.

Significance of the Listing

Coincheck’s Nasdaq listing represents a significant milestone for both the exchange and the broader Japanese cryptocurrency ecosystem. As the first Japanese crypto exchange to be publicly traded on a U.S. exchange, it underscores the growing recognition and legitimacy of cryptocurrency markets in both Japan and the U.S.

For the broader crypto industry, this move also signals the increasing convergence of traditional financial markets and the burgeoning digital asset space. As more crypto exchanges eye public listings in the U.S. and other regions, Coincheck’s success could pave the way for similar companies in Asia and beyond to follow suit.

Looking Ahead

Coincheck’s listing is set to take place amid a broader crypto market rally, with Bitcoin and other major cryptocurrencies hitting new highs. With its solid foundation, strong backing from Monex Group, and newly acquired access to U.S. capital markets, Coincheck could see significant growth and visibility following its Nasdaq debut.

The listing also positions Coincheck to capitalize on the growing demand for crypto services globally, making it an attractive player for institutional investors looking to tap into the expanding digital asset market.