Coincheck to List on Nasdaq
The Japanese cryptocurrency exchange Coincheck, a subsidiary of Coincheck Group, is set to start trading on Nasdaq on Dec. 11. The development comes after the completion of its merger with Thunder Bridge Capital worth $1.3 billion. The ordinary shares and warrants of Coincheck will trade under the ticker symbols CNCK and CNCKW.
The merger, announced in March 2022, was finally completed on Dec. 10, making Coincheck a publicly listed company via a $1.25 billion de-SPAC transaction. The deal is likely to give Coincheck more visibility and credibility in global markets.
Coincheck Goes to Nasdaq
Founded in 2012, Coincheck has grown into one of Japan’s leading cryptocurrency exchanges, with over 1.5 million verified users. Despite its success, the company has faced a number of challenges, including a highly publicized hack in 2018, in which $534 million worth of NEM (XEM) tokens were stolen. Coincheck quickly reimbursed its customers and resumed operations, showing resilience and devotion to its user base.
The public listing ambitions of the exchange first emerged in October 2022, when Coincheck confirmed its plans to list on Nasdaq by July 2023. However, the timeline was extended as Coincheck amended its merger terms with Thunder Bridge and secured necessary regulatory approvals. In early November 2023, the U.S. Securities and Exchange Commission gave the green light for Coincheck’s Nasdaq listing, culminating in gross proceeds of $31.6 million for the merged entity.
Strengthening US-Japan Crypto Cooperation
Coincheck’s listing on Nasdaq represents the latest in a string of Japanese-U.S. cryptocurrency sector cooperation. Oki Matsumoto, chief of Monex Group and Coincheck’s executive chairman, highlighted the importance of the strategic integration between Japan’s strong business foundation and the strengths of the U.S. capital markets.
“Coincheck’s journey to Nasdaq reflects the power of collaboration and the potential for global growth in the crypto and Web3 space”, Matsumoto said.
Gary Simanson, CEO of Thunder Bridge IV, added, “We look forward to working with the Coincheck team to establish a leading global crypto and Web3 company.”
This deal could set the path for the Japanese cryptocurrency exchange Coincheck to gain significant prominence in the international cryptocurrency market and act as a symbolic milestone in developing synergy between Japan and the U.S. within the shifting landscape of digital assets.
