New Era

2024

when

Coincheck, Japan’s second-largest cryptocurrency exchange, has taken a bold step by signaling growth by listing on NASDAQ. According to a<a href="https://www.theblock.co/post/330284/major-japanese-trading-platform-coincheck-becomes-second-crypto-exchange-to-go-public-on-nasdaq" rel="noopener noreferrer nofollow"> report</a>, Coincheck is merging with Thunder Bridge Capital. The move makes Coincheck the second crypto exchange to go public in the U.S.
<h2 id="b-coincheck-s-journey-to-nasdaq-listing-b">Coincheck’s Journey to Nasdaq Listing</h2>
Coincheck’s final bold step to this historic moment commenced in May 2024 when the companies filed their final F-4 form with the U.S. Securities and Exchange Commission (SEC). Coincheck had several revisions to meet the requirements for entering the U.S. market as a foreign company.
Notably, Coincheck attempted public listing in 2022 via a de-SPAC merger deal. Although the Japanese exchange valuation stood at $1.25 billion, it suffered setbacks. Sources familiar with the deal cited delays after increased disclosure requirements for SPAC.
For context, de-SPAC refers to when a private company merges with a Special Purpose Acquisition Company (SPAC). SPAC, on its par,t is a shell company that assists in fundraising via an initial public offering (IPO). The aim is to acquire a firm wishing to go public.
<h2 id="b-a-new-era-for-coincheck-b">A New Era for Coincheck</h2>
Coincheck’s entry into the U.S. financial space comes when the cryptocurrency market registers significant growth. The uptick in price performance of different assets, with Bitcoin,<a href="https://thecoinrise.com/ethereum-surges-past-4000-analysts-predict-paradigm-shift-and-new-highs/" rel="noopener noreferrer nofollow"> Ethereum</a>, and other assets hitting new highs, has increased interest in the sector.
Ahead of this moment, Coincheck in November had expressed their desire to go public. According to the exchange, listing on the NASDAQ will expose it to<a href="https://thecoinrise.com/amazon-urged-to-adopt-bitcoin-treasury-strategy-in-shareholder-proposal/" rel="noopener noreferrer nofollow"> international investors</a>. In addition, it hopes to use the platform to recruit talents and engage in global acquisitions. This would strengthen and expand its crypto business.
<h2 id="b-coincheck-s-resilient-move-post-2018-b">Coincheck’s Resilient Move Post 2018</h2>
The exchange is entering the U.S. market with an initial capitalization of $1.3 billion. In 2021, Thunder Bridge IV raised $230 million in its June IPO. The merger with Coincheck will see the effect of a name change. The new company will be known as Coincheck Group N.V., trading under the ticker CNCK.
The U.S. SEC approved all necessary registration documents in November, which paved the way for shareholders to vote on the merger last week. Meanwhile, <a href="https://thecoinrise.com/crypto-community-pushes-back-on-anti-crypto-sec-commissioners-renomination/" rel="noopener noreferrer nofollow">the crypto community is pushing back against commissioners</a> whose anti-crypto stance may frustrate related listings.
This marks a significant milestone for Coincheck, which suffered a hack on its exchange in 2018. Despite losing $530 million worth of NEM tokens, Coincheck settled users from its capital and bounced back, a move that showed resilience.
The post <a href="https://thecoinrise.com/coincheck-makes-history-with-public-debut-on-nasdaq/" rel="noopener noreferrer nofollow">Coincheck Makes History With Public Debut on Nasdaq</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Coincheck Makes History With Public Debut on Nasdaq

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