Japanese Crypto Exchange Coincheck To List On Nasdaq Listing Via SPAC Merger

Japanese cryptocurrency exchange Coincheck, with nearly 2 million verified customers, is poised to join the ranks of publicly traded companies in a move that further underscores the growing mainstream adoption of digital assets.

What Happened: The company announced Wednesday that it has filed the necessary paperwork with the US Securities and Exchange Commission (SEC) to proceed with a business combination with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV (THCP).

Following the anticipated approval by regulators and stockholders, the merger is expected to be finalized sometime in the second or third quarter of 2024.

Upon completion, Coincheck Group B.V., the holding company established for this transaction, will be renamed Coincheck Group N.V. and will trade on the Nasdaq Global Select Market under the ticker symbol “CNCK.”

This move positions Coincheck alongside other major listed exchanges like Coinbase Inc. COIN, indicating a growing trend of cryptocurrency platforms seeking legitimacy and access to broader capital markets through public listings.

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Thunder Bridge IV, the SPAC facilitating this merger, has a history of enabling companies to go public, having raised $237 million in its initial public offering back in June 2021.

This listing is anticipated to enhance the visibility and credibility of Coincheck in the global market, attracting more international users and potentially fostering more widespread adoption of cryptocurrency trading.

As the digital assets sector continues to mature, industry insiders and investors alike are keenly watching these developments.

What’s Next: These trends, including the movement of cryptocurrency exchanges like Coincheck towards public markets, will be a key discussion point at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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