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Coincheck debuts on Nasdaq after merger valued at US$1.3 billion
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THE Coinchecksecond largest cryptocurrency exchange from Japan, will make its debut on Nasdaq this Wednesday (13), after a merger with the company Thunder Bridge Capital. The move makes Coincheck the second cryptocurrency exchange to go public in the United States after Coinbase.
The process for opening capital began in the year 2022through a merger agreement of the type de-SPACwhich valued Coincheck at US$1.25 billion. However, additional disclosure requirements for SPAC listings implemented earlier this year delayed the process.
Upon completion of the process, the combined company will be called Coincheck Group NV and will trade under the ticker CNCK. The merger received shareholder approval last week, following authorization of the registration document by Securities and Exchange Commission (SEC) in November.
According to a statement from the Monex holding company, which controls Coincheck, Expected initial market capitalization is approximately $1.3 billion.
In the announcement, Coincheck stated that the purpose of the listing is attract international investors and use shares traded on Nasdaq to recruit talent and make global acquisitions. The company seeks to expand its digital asset-related business at a time when the cryptocurrency market is attracting growing interest from institutional investors.
Thunder Bridge IV, which made the merger possible, had raised US$230 million in an IPO held in June 2021. THE Executive president of the new company will be Oki Matsumoto.
Coincheck is a subsidiary of the Japanese group Monexwhich acquired the brokerage in 2018 for 3.6 billion yen ($33.6 million). The acquisition followed the biggest cryptocurrency exchange hack at the time, when Coincheck lost $530 million in NEM tokens.
Despite the loss, the broker managed to reimburse the 260 thousand users affected using their own resources, which led to the adoption of stricter KYC and reporting requirements in Japan.
Today, Coincheck is the 89th largest cryptocurrency exchange in the world, according to CoinGecko’s ranking.
Coincheck follows the example of other companies in the sector that have gone public in the US. Coinbase, the largest listed cryptocurrency exchange, held its initial offering on Nasdaq in 2021 through a direct listing. In the same year, crypto service provider Bakkt also went public via SPAC merger.
Coincheck debuts on Nasdaq after merger valued at US$1.3 billion
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Coincheck debuts on Nasdaq after merger valued at US$1.3 billion
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Coincheck debuts on Nasdaq after merger valued at US$1.3 billion
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Coincheck debuts on Nasdaq after merger valued at US$1.3 billion
