Coincheck to List on Nasdaq After $1.25B SPAC Merger

  • The merger is expected to complete in the second half of 2022, after which it will list on the Nasdaq Global Select Market under the ticker “CNCK”.
  • Monex Group, which currently owns 94.2% of Coincheck, will keep all of its shares at closing, and is expected to own 82% of the new entity after the merger.
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Major Japanese crypto exchange and wallet provider Coincheck is preparing to list on the Nasdaq stock exchange through a merger with a special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV.

Thunder Bridge Capital Partners IV announced the development in a press release on 22 March, in which they said the combined holding company will be named Coincheck Group, N.V.. The merger is expected to complete sometime in the second half of 2022, after which the new entity will be listed on the Nasdaq Global Select Market under the “CNCK” ticker. The president and CEO of Thunder Bridge IV, Gary Simanson, said in a statement:

“Thunder Bridge firmly believes that blockchain technology and digital assets will be a driving force in changing the financial services industry globally. This evolution will require a steady and thoughtful approach that is rapidly accelerating with suitable compliance programs. Coincheck is exactly what we were looking for amid a global playing field.”

According to the press release, the merger deal is valued at around $1.25 billion, with the combined company receiving $237 million in cash held in trust by Thunder Bridge. The deal has received the approval of the board of directors of Coincheck, and its parent company Monex Group. Monex, which currently owns 94.2% of Coincheck, is expected to own around 82% of the new entity.

Coincheck is one of the largest crypto exchanges in Japan, with a 24-hour trading volume of around $120 million according to data from CoinGecko, and around 1.5 million registered users. After the merger is completed, Gary Simanson will become the new CEO of the combined company.

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