Coincheck, Japan's second-largest crypto exchange, is set to list on Nasdaq this Wednesday following a merger with Thunder Bridge Capital.
Coincheck, Japan's second-largest crypto exchange, is set to list on Nasdaq this Wednesday following a merger with Thunder Bridge Capital.
This move marks Coincheck as the second crypto exchange to go public in the United States, with an initial implied market capitalization of approximately $1.3 billion.
The merger process began in 2022, aiming for a valuation of $1.25 billion. However, it faced delays due to heightened disclosure requirements for SPAC listings introduced earlier this year. In May, following extensive revisions, the companies submitted their final F-4 form to the U.S. Securities and Exchange Commission (SEC).
Coincheck's public listing is seen as a strategy to attract international investors and leverage Nasdaq-listed shares for talent recruitment and global acquisitions. The combined entity will operate under the name Coincheck Group N.V. and trade under the ticker symbol CNCK.
The SEC approved the merger's registration document in November, paving the way for shareholder voting last week. Thunder Bridge IV, which raised $230 million in a June 2021 IPO, is the SPAC involved in this transaction.
Financial advisory support for the deal includes Galaxy Digital, Barclays Capital and Cantor Fitzgerald & Co., while Monex Group, which acquired Coincheck for 3.6 billion yen ($33.6 million) in 2018, has enlisted J.P. Morgan Securities as its financial advisor.
Coincheck previously suffered a significant security breach in 2018, which resulted in the loss of $530 million worth of NEM tokens.
The exchange managed to repay all affected users and implemented stricter KYC and reporting requirements in response to the incident.
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