In summary
- Coincheck debuted on the Nasdaq after completing a $1.3 billion merger with Thunder Bridge Capital.
- It is the first Japanese exchange to list in the US, under the ticker CNCK.
- The listing reinforces transparency and reliable services for global investors.
A Dutch parent company of Japan’s leading Cryptocurrency exchange operator recently announced its long-awaited public debut on the Nasdaq Global Market, joining Coinbase as the second such listing in more than three years.
Amsterdam-based holding company Coincheck Group has completed its merger with Thunder Bridge Capital through a $1.3 billion special acquisition merger one year after its scheduled completion.
Coincheck became the first Japanese exchange to obtain a listing on a US trading venue. The parent company did not immediately respond to Decrypt’s request for comment, specifically on how this transition affects its positioning.
“This will allow us to have a more transparent dialogue with global investors through the US stock market,” Coincheck Group CFO Keigo Takegahara said in the statement, noting that the move would “contribute to creating an environment” that provides reliable services to its investors and users.
The public listing transforms the corporate structure of one of Japan’s first cryptocurrency businesses. Still, Coincheck’s path to public listing could have been smoother.
Founded in 2012, Coincheck Inc. entered cryptocurrency trading in 2014 and gained prominence for its friendly interface aimed at younger traders.
Following a security incident in 2018, Japanese online broker Monex Group acquired the exchange for ¥3.6 billion ($33.6 million), beefing up its security before receiving regulatory registration in January 2019.
Several major financial institutions are facilitating the merger, with Galaxy Digital, Barclays Capital and Cantor Fitzgerald & Co. advising Thunder Bridge. At the same time, Monex has hired JP Morgan Securities as its sole financial advisor.
Coincheck maintains a dominant position in Japan’s retail cryptocurrency market, enjoying a five-year streak as the country’s most downloaded cryptocurrency trading app from 2019 to 2023, according to AppTweak data cited by the group.
Edited by Sebastian Sinclair
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