Japanese crypto exchange Coincheck plans to complete its Nasdaq listing through a deal with mergers and acquisitions (SPAC) firm Thunder Bridge Capital Partners IV in July 2023.
Based in Tokyo and regulated by the Japan Financial Services Agency (FSA), Coincheck is one of the largest cryptocurrency exchanges in the country, with a market share of around 27%. Now the exchange serves more than 1.75 million customers and offers trading in 18 different crypto assets.
Initially, the merger and listing of Coincheck on Nasdaq was scheduled for March of this year, but the unfavorable cryptocurrency market conditions did not allow the deal to be completed. At the time, the deal was valued at around $$1.25 billion.
Thunder Bridge will provide the combined entity with $237 million in cash before expenses, subject to no repayment by shareholders. 82% shares of the new organization will be owned by the Japanese financial corporation Monex Group, the owner of Coincheck.
A few years ago, Coincheck supported Hash Palette, a graphic novel (manga), anime and music distribution marketplace, to launch Japan's first Initial Exchange Offering (IEO) and raise funds through a token sale.
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