Coincheck set to list at NASDAQ after $1.25 billion merger

Coincheck, a cryptocurrency exchange platform based in Japan, has announced its plans to go public. The exchange is set to list on NASDAQ following a merger with Thunder Bridge Capital Partners IV Inc.

Coincheck’s SPAC merger

A press release noted that the merger with Thunder Capital Partners IV Inc. was valued at $1.25 billion. The merger was approved by the board of directors at Coincheck, Monex and Thunder Bridge IV through a unanimous vote. The merge will be completed by the second half of this year.

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Out of the $1.25 billion, $237 million will be held in the trust of the special-purpose acquisition company (SPAC). The new company formed after the merge will be known as Coincheck Group NV, and it will be listed on NASDAQ under the ticker CNCK.

Monex will retail its entire equity at closing. The company owns more than 94% of Coincheck’s stake. Under the new entity, the parent company’s ownership will be around 82% without warrants and earn-outs.

“This evolution will require a steady and thoughtful approach that is rapidly accelerating with suitable compliance programs. This is where we excel. We have patiently looked for the right entry point to allocate our focus, talents, and financial resources to become global leaders in this evolution. Coincheck is exactly what we were looking for amid a global playing field,” said Gary Simanson, the President and CEO of Thunder Bridge IV.

The new executive chairman of the new combined entity will be the CEO of Monex Group, Oki Matsumoto. Gary Simanson will also be the CEO of this company. Coincheck’s operations will continue even after the merger, and they will be led by the current management team based in Japan.

Growth of Coincheck

Coincheck is boosting its business developments amid this merger. The exchange is venturing towards non-fungible tokens (NFTs) by launching an NFT marketplace. This marketplace is currently launched in beta form.

Coincheck also unveiled the first Initial Exchange Offering (IEO) in Japan last year. In 2020, the exchange suffered from a security breach, where users’ personal details were accessed.