Coincheck’s Nasdaq Listing Gains Traction as SPAC Submits Proposal to SEC

Coincheck and Spacial Purpose Acquisition Company Thunder Bridge Capital Partners IV is progressing with their merger deal, which will enable the Japanese cryptocurrency exchange to list on Nasdaq. This action signifies a significant step for both companies and has implications for investors seeking exposure to the burgeoning crypto industry.

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

Last year, Coincheck’s Nasdaq 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 special shareholders’ meeting held on June 21, 2023. While the exact reasons behind the delay remain unclear, speculations emerged about potential setbacks pending shareholders’ approval. This latest setback marked the second delay in Coincheck’s journey toward a Nasdaq listing.

Coincheck IPO Delayed

Monex announced its intentions to take Coincheck public in March of the previous year, 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.

Thunder Bridge is set to inject $237 million in cash into the combined entity under the terms of the agreement. 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.

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