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Gungun Bhatia
Oct 29, 2022
by Gungun Bhatia

Crypto Exchange Coincheck Intends to List on Nasdaq in July 2023

Coincheck

Table of contents

  1. Coincheck to Merge With Hunder Bridge Capital Partners
  2. Coincheck Has Japan's 27% Crypto Market
The Japanese cryptocurrency exchange Coincheck is planning to issue stock through Nasdaq, giving it access to the lucrative capital markets of the United States. Monex Group, the primary owner of Coincheck, stated in filings submitted to the U.S. Securities and Exchange Commission on October 28 that it is moving forward with the Nasdaq listing process through a combination with a special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV. Coincheck will complete its listing on the Nasdaq by July 2, 2023, if all goes as planned.

Coincheck to Merge With Hunder Bridge Capital Partners

According to Coincheck, the SPAC acquisition would provide the exchange direct access to the American financial markets and the ability to grow its crypto-asset business. As measured by volume and market value, the technologically advanced Nasdaq ranks among the leading stock exchanges in the world. According to the SEC, mergers with SPACs represented more than half of all initial public offerings (IPO) in 2020–2021, making them a prevalent route for businesses to list on public marketplaces in recent years.

Coincheck Has Japan's 27% Crypto Market

Coincheck revealed its plans to list on a public exchange in March this year. At the time, it was estimated that the merger with Thunder Bridge Capital was worth $1.25 billion. According to Coincheck's financial disclosures, the business has 1.75 million verified accounts, accounting for 27% of Japan's cryptocurrency trading market dominance. However, the business noted a decline in trade volume, subsequently, the bear market in cryptocurrencies. On a quarterly basis, total operating revenues decreased by around 50 percent.

However, the current decline in the value of cryptocurrencies has prevented certain SPACs from materializing. PrimeBlock, a bitcoin miner, decided in August not to proceed with its ambitions to go public through a merger with 10X Capital Venture Acquisition.

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Nasdaq Coincheck special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV
Crypto Exchange Coincheck Intends to List on Nasdaq in July 2023
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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