Major Japanese trading platform Coincheck becomes second crypto exchange to go public on Nasdaq

CN
Theblock
Follow
6 months ago

Coincheck, the second-largest cryptocurrency exchange in Japan, is listing on NASDAQ on Wednesday, a company representative told The Block. The firm is merging with Thunder Bridge Capital to become the second crypto exchange to go public in the U.S.

In May, the companies filed their final F-4 form with the U.S. Securities and Exchange Commission after months of revising the document needed for foreign companies to list on an exchange in the U.S. 

Coincheck reportedly began working on its public listing in 2022 through a de-SPAC merger deal that valued the exchange at $1.25 billion. However, the process was reportedly delayed after increased disclosure requirements for SPAC listings earlier this year.

The move comes amid a period of growth for the crypto industry, as the rocketing price of bitcoin once again attracts the attention of traders and institutional capital.

Going public “will enable us to gain exposure to international investors and to utilize Nasdaq-listed shares as effective currency for recruiting talent and making global acquisitions, thereby further expanding our crypto asset business,” Coincheck said in a statement in November.

The Nasdaq-traded firm has an expected initial implied market capitalization of approximately $1.3 billion, according to data provided by Coincheck’s holding company Monex

De-SPACs, as the name implies, are when a private company merges with a so-called Special Purpose Acquisition Company. A SPAC is a shell company that raises funds through an initial public offering for the sole purpose of acquiring a firm looking to go public. 

Thunder Bridge IV raised $230 million in a June 2021 IPO. Post-merger, the combined company will be named Coincheck Group N.V. and trade on the Nasdaq under the ticker CNCK. Oki Matsumoto will serve as executive chairman.

The SEC approved the companies’ registration document in November, allowing shareholders to vote on the merger last week. 

Japanese online brokerage firm Monex Group acquired Coincheck for 3.6 billion yen ($33.6 million) and still operates it as a subsidiary of the firm. 

Galaxy Digital, Barclays Capital and Cantor Fitzgerald & Co., among other firms, are advising Thunder on the de-SPAC deal, while Monex has tapped J.P. Morgan Securities as its sole financial advisor. 

In 2018, Coincheck suffered what was, at the time, the largest crypto exchange hack that led to the implementation of stricter KYC and reporting requirements in Japan. Although the exchange lost $530 million worth of NEM tokens, it was able to repay all 260,000 impacted users using its own capital.

Coinbase, the largest crypto company to go public, listed on Nasdaq in 2021 via a direct stock listing. That same year, crypto services provider Bakkt went public via a SPAC merger. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

免责声明:本文章仅代表作者个人观点,不代表本平台的立场和观点。本文章仅供信息分享,不构成对任何人的任何投资建议。用户与作者之间的任何争议,与本平台无关。如网页中刊载的文章或图片涉及侵权,请提供相关的权利证明和身份证明发送邮件到support@aicoin.com,本平台相关工作人员将会进行核查。

ad
Gate: 注册赢取$10000+礼包
Ad
Share To
APP

X

Telegram

Facebook

Reddit

CopyLink