Coincheck's Nasdaq Listing Gains Traction, Proposal Submitted to SEC

Coincheck and Spacial Purpose Acquisition Company Thunder Bridge Capital Partners IV are progressing with a merger deal that will enable the Japanese cryptocurrency exchange to list on Nasdaq. Coincheck has reportedly submitted a proposal regarding the agreement to the SEC, signifying a significant step for both companies and investors seeking exposure to the growing crypto industry.

Gateway to Nasdaq

Coincheck is a renowned digital asset exchange with a market share of over 1.98 million accounts, while Thunder Bridge Capital Partners IV is an SPAC that facilitates mergers and acquisitions within the financial sector. The proposed merger signifies Coincheck's ambition to expand its global footprint and gain access to the Nasdaq market. According to the press release, the combined entity, to be named Coincheck Group N.V., is pending regulatory approvals and shareholders' consent.

Last year, Coincheck faced a hurdle after the parent company, Monex Group, announced a one-year delay in the cryptocurrency exchange's public listing. The anticipated merger, originally scheduled for completion by July 2, 2023, was extended to July 2, 2024.

Monex Group confirmed the delay, citing the approval of an amendment to the SPAC's certificate of incorporation at a shareholders' meeting held in June 2023. While the exact reasons behind the delay remain unclear, speculations emerged about potential setbacks in obtaining approval from the shareholders. This setback marked the second delay in Coincheck's journey toward listing on Nasdaq.

Coincheck IPO Delayed

Monex announced its intentions to take Coincheck public in 2022, entering an agreement valued at approximately $1.25 billion with Thunder Bridge. Originally expected to debut on the Nasdaq in the latter half of 2021, unforeseen circumstances have continuously pushed the listing further, now scheduled for this year.

Under the agreement, Thunder Bridge is set to inject $237 million in cash into the combined entity. Additionally, Gary Simanson, Thunder Bridge's President and CEO, will reportedly assume the role of CEO in the merged organization. Monex will retain a significant majority stake of 82% in the new entity and maintain its commitment to Coincheck's growth trajectory amidst the challenges of the listing delay.