Coincheck Group, the parent company of Japanese cryptocurrency exchange Coincheck, is set to make its public debut on the Nasdaq stock exchange on Dec. 11.
Amsterdam-based Coincheck Group on Dec. 10 announced the completion of a merger deal with the blank check company Thunder Bridge Capital to proceed with its public launch on Nasdaq.
Following the merger, Coincheck’s ordinary shares and warrants will start trading on the Nasdaq exchange under the ticker symbols CNCK and CNCKW, respectively.
Originally disclosed in March 2022, the business combination with Thunder Bridge aims to make Coincheck a publicly traded firm through a $1.25 billion de-SPAC transaction.
Coincheck attempted to go public in 2023
Founded in 2012, Coincheck is one of the largest crypto exchanges in Japan, with 1.5 million verified customers as of 2022. According to CoinGecko, Coincheck is one of the 100 biggest crypto exchanges in the world, trading around $165 million daily.
The exchange gained international attention in January 2018 when it suffered a major hack that resulted in the theft of $534 million worth of NEM (XEM) tokens.
After repaying its customers, Coincheck has continued serving its crypto business and has been actively working to go public.
In October 2022, Coincheck confirmed its Nasdaq listing plans, targeting the listing for July 2023. The company then had to amend its merger with Thunder Bridge and in May 2023 extend the deadline for completing the transaction for one more year.
Coincheck announcing Nasdaq listing. Source: Coincheck
In early November, the United States Securities and Exchange Commission approved Coincheck’s Nasdaq listing application.
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Coincheck’s merger with Thunder Bridge eventually resulted in gross proceeds of about $31.6 million for the combined company, according to the latest announcement.
Collaboration between Japan and the US
Coincheck’s public launch on Nasdaq marks a major milestone in the crypto collaboration between Japanese executives and those in the US.
“Coincheck was created through the fusion of a robust business foundation built in Japan, combined with the strengths of the US capital markets through the close collaboration of exceptional business and capital markets talent in both Japan and the US,” Monex Group chairman and Coincheck’s executive chairman, Oki Matsumoto, said.
“We are pleased to announce the closing of our merger with the entire Coincheck team,” Thunder Bridge IV president and CEO Gary Simanson noted.
“I look forward to partnering with Oki and his team to build one of the preeminent global crypto and Web3 companies in the world,” he added.
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