On December 11th, Coincheck Group, the parent company of Japanese cryptocurrency exchange Coincheck, is set to make its public debut on the prestigious Nasdaq stock exchange. This significant milestone marks a major achievement for the company and paves the way for further growth and expansion in the global cryptocurrency market.
Completion of Merger Deal with Thunder Bridge Capital
On December 10th, Amsterdam-based Coincheck Group announced the completion of its merger deal with the blank check company Thunder Bridge Capital. This strategic partnership enables Coincheck to proceed with its public launch on Nasdaq, a significant step towards achieving its goal of becoming a publicly traded firm.
Trading of Ordinary Shares and Warrants on Nasdaq
Following the merger, Coincheck’s ordinary shares and warrants will start trading on the Nasdaq exchange under the ticker symbols CNCK and CNCKW, respectively. This development marks a major milestone for the company and provides investors with an opportunity to participate in its growth and success.
Background of Coincheck and Its Public Listing Plans
Coincheck was founded in 2012 and has since become one of the largest cryptocurrency exchanges in Japan, with over 1.5 million verified customers as of 2022. According to CoinGecko, Coincheck is one of the top 100 crypto exchanges globally, with daily trading volumes exceeding $165 million.
Attempted Public Listing in 2023
In March 2022, Coincheck announced its plans to go public through a $1.25 billion de-SPAC transaction with Thunder Bridge Capital. However, the company faced some challenges and had to amend its merger deal and extend the deadline for completing the transaction by one year.
Overcoming Hurdles and Achieving Success
Despite facing setbacks, Coincheck has continued to work towards its public listing goal. In October 2022, the company confirmed its plans to list on Nasdaq, targeting a listing date in July 2023. However, it had to amend its merger deal with Thunder Bridge Capital due to some regulatory hurdles.
US Securities and Exchange Commission Approves Nasdaq Listing
In early November, the US Securities and Exchange Commission (SEC) approved Coincheck’s Nasdaq listing application, paving the way for the company’s public debut on the exchange. This approval marks a significant milestone for Coincheck and demonstrates the growing recognition of cryptocurrencies as a legitimate investment opportunity.
Collaboration between Japan and the US
Coincheck’s public launch on Nasdaq highlights the growing collaboration between Japanese executives and those in the US, particularly in the cryptocurrency space. According to Oki Matsumoto, chairman of Monex Group and executive chairman of Coincheck:
"Coincheck was created through the fusion of a robust business foundation built in Japan, combined with the strengths of the US capital markets through the close collaboration of exceptional business and capital markets talent in both Japan and the US."
Gross Proceeds from Merger
The merger deal between Coincheck and Thunder Bridge Capital resulted in gross proceeds of approximately $31.6 million for the combined company.
Executive Commentary
Gary Simanson, president and CEO of Thunder Bridge IV, noted:
"We are pleased to announce the closing of our merger with the entire Coincheck team. I look forward to partnering with Oki and his team to build one of the preeminent global crypto and Web3 companies in the world."
Impact on Global Cryptocurrency Market
Coincheck’s public debut on Nasdaq is expected to have a significant impact on the global cryptocurrency market, providing a boost to investor confidence and increasing awareness about cryptocurrencies. This milestone achievement highlights the growing recognition of cryptocurrencies as a legitimate investment opportunity and paves the way for further growth and expansion in the industry.
Conclusion
Coincheck Group’s public debut on Nasdaq marks a major milestone for the company and the global cryptocurrency market. With its robust business foundation built in Japan and strategic partnership with Thunder Bridge Capital, Coincheck is poised to become one of the leading players in the industry. As the world continues to evolve towards a more digital economy, Coincheck’s success story serves as a testament to the potential of cryptocurrencies and their growing recognition as a legitimate investment opportunity.
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