Coincheck, a Japanese cryptocurrency exchange, has announced that it plans to pursue a public stock offering in the United States via the Nasdaq. If this move works, it will give the company access to the lucrative financial markets in the U.S.
In documents that were submitted to the United States Securities and Exchange Commission on October 28th, Monex Group, the majority owner of Coincheck, confirmed that it is moving forward with Nasdaq listing procedures through a merger with the special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV. The day that Coincheck is scheduled to be listed on the Nasdaq is July 2, 2023, if all goes according to plan.
According to Coincheck, the merger with SPAC would provide the exchange the ability to grow its crypto-asset business and have direct access to the financial markets in the United States. One of the biggest stock exchanges in the world, both in terms of trading volume and total market capitalization, is the technology-focused Nasdaq.
In March of this year, Coincheck made the decision to go public with its listing aspirations. It was reported that the combination with Thunder Bridge Capital would result in a value of around $1.25 billion at the time.
According to the financial statistics of Coincheck, the firm has 1.75 million verified accounts, which corresponds to a market share of 27% in the cryptocurrency trading sector in Japan. However, as a result of the bad market in cryptocurrencies, the firm observed a decrease in the volume of their transactions. When compared to the previous quarter, total operational revenues dropped by approximately half.
Several crypto-focused businesses have voiced their interest in taking their firms public via the use of SPAC agreements. The Bitcoin mining startup PrimeBlock announced in April that it would be going public via a $1.25 billion SPAC offering. A blockchain cloud infrastructure firm known as W3BCloud disclosed the same price tag in August for its SPAC merger. Before cancelling the arrangement in the summer, the stock and cryptocurrency exchange eToro had plans for a merger that would have been worth $10 billion.
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