Coincheck, one of Japan’s leading cryptocurrency exchanges, debuted on the Nasdaq Global Market, making it the first Japanese crypto exchange to achieve a U.S. public listing. The exchange is effectively controlled by the Monex Group, a prominent Japanese online broker.
Coincheck Group NV, the holding company of Coincheck, went public on Wednesday via a merger with a special purpose acquisition company (SPAC). The company’s market capitalization is valued at approximately $1.7 billion, with shares closing at $13.35. The proceeds from the listing will be used to expand Coincheck’s operations, particularly through acquisitions in Japan and the U.S. Monex Group Chairperson Oki Matsumoto highlighted plans to use the listed shares as “currency” for acquisitions to strengthen the company’s presence in the cryptocurrency industry.
Coincheck made its Nasdaq debut on Dec. 6, 2024, marking a significant milestone in its global expansion efforts.
Listed on the Nasdaq Global Market, Coincheck now has direct access to U.S. investors, further integrating into the American cryptocurrency ecosystem. Domestically, Coincheck plans to grow through acquisitions to consolidate its position in Japan’s competitive crypto market.
The move is part of Coincheck’s strategy to capitalize on the growing cryptocurrency market in both Japan and the U.S. Matsumoto expressed a desire to acquire domestic rivals to strengthen Coincheck’s position until regulatory limits are enforced. This comes as the global crypto market gains momentum, fueled by Bitcoin’s recent surge past $100,000 and pro-crypto sentiment under U.S. President-elect Donald Trump.
Monex Group took over Coincheck in 2018 following a major cryptocurrency theft, rebuilding its reputation and making it a leader in Japan’s crypto industry, with 2.15 million accounts as of last month. The Nasdaq listing allows Coincheck to leverage its public status to raise capital, pursue acquisitions, and drive its growth strategy in the U.S. and Japan. This milestone underscores Coincheck’s ambition to become a key player in the global cryptocurrency market while further consolidating its domestic influence.
