Tokyo-based cryptocurrency exchange Coincheck plans to make its debut on Nasdaq as a subsidiary of Monex Group. This significant move follows the approval from the U.S. Securities and Exchange Commission (SEC) set for November 13, 2024.
Nasdaq Listing Details
Coincheck will be listed under the ticker CNCK after merging with special purpose acquisition company Thunder Bridge Capital Partners IV (TBCP). Trading is expected to commence on December 11.
With the SEC’s draft registration statement for Form F-4 submitted on November 7 and set to take effect on November 12, Coincheck has cleared the necessary steps for its listing on Nasdaq. This move may pave the way for more exchanges from Japan and other regions to enter the U.S. market.
Merger and Investment Insights
As part of the merger, the combined Coincheck-Thunder Bridge entity will gain access to approximately $237 million secured by TBCP. This investment aims to support the growth and expansion efforts of Japan’s first cryptocurrency exchange listed on Nasdaq.
Gary A. Simanson, CEO of Thunder Bridge Capital, will lead the combined company. Monex Group will maintain an 82% majority stake in Coincheck, ensuring Japanese shareholder dominance even after the exchange lists in the U.S.
The SEC approval and listing represent a significant step towards increasing market integration between the U.S. and Japan in the cryptocurrency sector. With this listing, Nasdaq sets a precedent for Japanese crypto firms, encouraging other exchanges to take similar steps to benefit from U.S. capital markets.
This partnership showcases the increasing acceptance and integration of digital asset firms within traditional financial markets.
