Coincheck, a Japanese cryptocurrency exchange, announced its intention to go public in the United States on Tuesday by combining with Thunder Bridge Capital Partners IV, a special purpose acquisition company (SPAC), in a $1.25 billion deal scheduled to complete in the second half of this year.
The Financial Services Agency regulates Coincheck (FSA). It will trade under the ticker “CNCK” on Nasdaq.
Coincheck is a Japanese bitcoin wallet and trading business created by Koichiro Wada and Yusuke Otsuka and based in Tokyo, Japan. It provides bitcoin, ether, and fiat currency exchanges in Japan and bitcoin transactions and storage in a few other countries.
Coincheck Group NV will be the merged entity’s name. It is anticipated to trade under the ticker “CNCK” on the Nasdaq Global Select Market. SPACs are publicly traded shell corporations that raise capital through initial public offerings (IPOs) to acquire a private business later.
Coincheck, based in Tokyo, is one of the country’s largest multi-cryptocurrency marketplaces and digital asset exchanges. The Financial Services Agency, Japan’s leading financial regulator, oversees the corporation (FSA). There are around 1.5 million verified users on the network.
In 2018, the cryptocurrency NEM was stolen from Coincheck, resulting in a loss of $530 million. Monex Group, a prominent Japanese online brokerage, bought the exchange for roughly $34 million later that year.
Under the SPAC agreement, Monex will hold Pro-forma ownership of nearly 82 per cent of the merged firm following the merger, excluding warrants and earn-outs. Coincheck is now owned by Monex, controlling 94.2 per cent of the company. Additionally, existing Coincheck investors may be entitled to acquire up to 50 million shares based on future stock price performance.