Japanese cryptocurrency exchange Coincheck plans to be listed on the Nasdaq in July 2023.
The company will merge with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV on July 2, 2023, to be listed on the Nasdaq.
Nasdaq Move From Japanese Crypto Exchange
The merger of Coincheck and Thunder Bridge Capital Partners IV was originally scheduled for March of this year. The value of the merger was $1.25 billion at that time.
Monex Group, which owns a majority stake in Coincheck, used the following statements in its filing with the SEC:
“Working with Thunder Bridge Capital Partners, Coincheck aims to expand its cryptocurrency operations to fulfill its grand strategy by attracting global investors and accessing the US capital markets.”
According to the SEC filing, Coincheck is among the largest cryptocurrency exchanges in Japan, with a market share of 27%. Serving 1.75 million people, the company also allows trading in 18 different cryptocurrencies.
The SEC said in March that merging with SPACs has been a popular way of listing firms on public markets in recent years, accounting for more than half of all public offerings in 2020-2021.
However, the massive drop in the cryptocurrency markets prevented some SPACs from yielding. For example, cryptocurrency mining firm PrimeBlock announced in August that it is ending plans to go public through a merger with 10X Capital Venture Acquisition.
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