Coincheck to debut on Nasdaq Global via SPAC merger

Cryptocurrency exchange Coincheck announced Tuesday its plans to list on US Nasdaq, making it the first Japanese crypto exchange to do so. Monex Group, the parent company of Coincheck, revealed that the firm would go public with the help of a SPAC merger with blank-check firm Thunder Bridge Capital Partners IV.

Per the press release issued by Thunder Bridge, the crypto exchange first plans to establish a holding company, called Coincheck Group BV (CCG), in the Netherlands. The holding company will thereafter be listed on the Nasdaq Global Select Market under the ticker symbol “CNCK”.

Gary Simanson, President and CEO of Thunder Bridge IV, said in the press release:

“We are excited to partner with Monex to bring Coincheck into the U.S. public markets to facilitate its next stage of growth, and to further unlock the crypto economy for customers and institutions in Japan. We are also excited to work with Oki and his team to build a global digital platform under the Coincheck brand.”

Founded in 2012, Coincheck is one of the oldest cryptocurrency exchanges in Japan. In April 2018, it was acquired by the Monex Group which invested heavily in the company’s business management system, internal control system, and security. Soon after, Coincheck was registered as a “cryptocurrency exchange business” by the Financial Services Agency of Japan.

Prior to joining the Monex group, the crypto exchange suffered one of the biggest hacks in crypto history, causing the exchange to lose more than $532 million in digital assets at the time. Coincheck did not reveal the nature of the hack or how its system was breached.

Monex Group, which currently has over 94.2% in Coincheck, will lose about 12.2% of its equity in the exchange after the $1.25 billion deal is executed.

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