Coincheck, a Japanese cryptocurrency exchange, has announced its plans to go public by listing on the Nasdaq stock exchange. The company aims to achieve this through a merger with Thunder Bridge Capital Partners IV (THCP) in the third quarter of 2024. The approval of Thunder Bridge IV’s stockholders is one of the key conditions for the merger to proceed, as outlined in the definitive agreement between the two parties. Other requirements include the registration statement being declared effective by the SEC, obtaining specific regulatory approvals, and securing approval from the Nasdaq Stock Market to list the securities of the combined company.
Once the merger is completed, Coincheck Group B.V., the entity that controls Coincheck, will be renamed Coincheck Group N.V. The new holding company, domiciled in the Netherlands, will have Coincheck as its wholly-owned subsidiary. Coincheck Group N.V. plans to be listed on the Nasdaq stock exchange under the ticker symbol “CNCK,” joining Coinbase as another major exchange to be publicly traded in the US.
Unlike Coinbase, which went public through an initial public offering (IPO), Coincheck will use a special purpose acquisition company (SPAC) to get listed on the Nasdaq. SPACs are publicly traded companies created to acquire or merge with existing private companies and take them public without going through the traditional IPO process. However, it’s worth noting that most SPACs have performed poorly in public markets, with several companies declaring bankruptcy and losing significant equity value.
Despite the concerns surrounding SPACs, Coincheck’s decision to list on Nasdaq is a significant step in the mainstream acceptance of cryptocurrencies and blockchain technology. The exchange’s public listing on a major stock exchange could attract more institutional investors and pave the way for other crypto exchanges to follow suit. This increased visibility of influential crypto companies could drive adoption and investment in the space. Companies like MicroStrategy, Coinbase, and Riot Blockchain have already made waves in the stock market, with Coinbase reporting a significant increase in Q1 revenue. Furthermore, the recent partnership between PayPal and MoonPay has expanded the availability of crypto products to millions of PayPal customers, further indicating the growing adoption of cryptocurrencies in mainstream finance.