Japanese crypto exchange Coincheck has filed with the SEC to go public on Nasdaq

If the authorization is granted, the listing will take place in Q2-Q3

08.05.2024 - 13:40

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What’s new? Leading Japanese crypto exchange Coincheck intends to list on the US stock exchange Nasdaq. The listing is expected to take place through a merger with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV, which is already listed on Nasdaq under the ticker THCP.

Press release

What else is known? On May 7, the parties filed a registration statement with the US Securities and Exchange Commission (SEC), which, if approved, will allow them to combine the businesses in Q2-Q3 of this year and list on Nasdaq as a new company.

After the merger, the company, named Coincheck Group N.V. and incorporated in the Netherlands, will own 100% of the Coincheck exchange and will list on the Nasdaq Global Select Market under the ticker CNCK.

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Coincheck is a regulated centralized exchange (CEX) headquartered in Tokyo. As of the end of March, Coincheck had over 1б98 million verified accounts, making it the leader in this metric among local platforms.

For five consecutive years, from 2019 to 2023, the exchange led in downloads among digital asset trading apps.

Coincheck planned to enter Nasdaq as early as July 2023. At the time, it was reported that the merger deal with Thunder Bridge Capital Partners IV would be worth $1,25 billion, with the exchange’s majority owner Monex Group holding an 82% stake in the combined company.

However, following the November 2022 collapse of crypto exchange FTX, which was the result of a multi-billion dollar fraud by top management, the SEC has significantly restricted the ability of crypto companies to enter exchanges, particularly through SPAC transactions.

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At that time, the listing failed to pass, including the US company Circle, which issues USDC, the second most capitalized steiblcoin with a peg to the US dollar. As early as 2024, it reapplied to the SEC for listing on the New York Stock Exchange (NYSE), this time through an initial public offering (IPO).

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