Coincheck and Thunder Bridge: Nearing Nasdaq Listing
Coincheck, a popular Japanese cryptocurrency exchange, and Thunder Bridge Capital, an investment firm, have made significant progress towards their planned merger and subsequent listing on the Nasdaq exchange. In a recent news release on May 7, the companies announced that they had filed their registration statement on Form F-4 with the U.S. Securities and Exchange Commission (SEC), which is required for foreign companies engaged in business transactions. This marks a significant milestone in their journey towards a planned public offering, which has been in the works for the past two years.
Throughout this process, the companies have submitted multiple confidential drafts of the registration statement to the SEC, allowing for revisions based on comments and feedback. The proposed business combination, which was initially revealed in March 2022, aims to transform Coincheck into a publicly traded entity through a De-SPAC transaction with Thunder Bridge. The merger deal was reported to be valued at $1.25 billion at the time.
A De-SPAC transaction involves a private company merging with a special purpose acquisition company (SPAC), which is a specifically created entity to seek and acquire private businesses. Many companies opt for De-SPAC transactions as they often provide a quicker route to accessing public markets compared to traditional initial public offerings (IPOs).
Initially, the merger was anticipated to be finalized by the second quarter of 2022. Due to the severe bear market conditions and regulatory uncertainties following the collapse of FTX in November of that year, the completion of the merger was likely delayed. Presently, the merger is expected to be concluded in the second or third quarter of 2024, subject to shareholder approval and regulatory clearance from the SEC.
Upon completion, the newly-formed holding company will be known as Coincheck Group, N.V. and its stock will be traded under the ticker symbol CNCK on the Nasdaq. Coincheck itself is one of the largest cryptocurrency exchanges in Japan. Its parent company, Monex Group, reported profits of over 2 billion yen (approximately $14 million) from crypto trading in the first quarter of 2024. Monex acquired Coincheck in 2018, following a major hack incident in which around $534 million worth of NEM tokens were stolen.
The merger and subsequent Nasdaq listing of Coincheck is a significant development in the cryptocurrency space, as it further integrates traditional financial markets with the crypto industry. This move also highlights the growing acceptance and legitimacy of cryptocurrencies as an asset class. The completion of the merger will ultimately provide Coincheck with greater visibility and accessibility to a broader range of investors, enhancing its growth prospects and positioning it as a key player in the global cryptocurrency market.
20 thoughts on “Coincheck and Thunder Bridge: Nearing Nasdaq Listing”
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Coincheck Group, N.V.? Seriously? That name doesn’t sound very appealing.
I’m excited to see how this merger will enhance Coincheck’s growth prospects. The future looks bright for this leading Japanese cryptocurrency exchange!
Another SPAC merger? It feels like they’re becoming a trend and it’s not necessarily a good thing. 😒
I’m skeptical about the regulatory clearance from the SEC. They should really tighten regulations on the crypto industry.
I hope the SEC thoroughly scrutinizes this merger. We need strong regulations in the crypto industry!
I don’t see how this integration of traditional financial markets with the crypto industry is a positive thing. It feels like a step backwards.
Coincheck’s merger deal, valued at $1.25 billion, shows the increasing importance and value of cryptocurrencies. This will definitely bring more legitimacy to the industry. 🤝💎
This merger will undoubtedly bring about greater visibility and accessibility for Coincheck. It’s a step towards reaching a broader range of investors and expanding their influence. 📈🌟
Despite some delays, Coincheck and Thunder Bridge Capital are persevering towards their merger. It’s commendable how determined they are to bring this deal to fruition.
This merger not only benefits Coincheck’s growth but also showcases the increasing acceptance of cryptocurrencies as a legitimate asset class. It’s a win-win situation!
Coincheck’s reputation was tarnished by the hack incident. Can we really trust them now?
Coincheck needs to regain trust after the hack incident before they can be taken seriously as a global player. They have a long way to go.
The merger has been delayed for too long. It’s frustrating! 😡
I’m thrilled to hear that Coincheck is aiming to become a publicly traded entity through this De-SPAC transaction with Thunder Bridge Capital. It’s a promising move for the growth of the crypto market. 🌱💰
Incorporating traditional financial markets with the crypto industry is a huge step forward. This merger between Coincheck and Thunder Bridge Capital is a game-changer! 🌐💼
Coincheck’s upcoming Nasdaq listing will undoubtedly boost confidence in the cryptocurrency market. This is a major step towards mainstream adoption.
This merger is proof that the crypto industry is here to stay. Coincheck is making its mark on the global stage and solidifying its position as a key player. 🌎💪
This merger between Coincheck and Thunder Bridge Capital is a game-changer for both companies. Together, they’ll reach new heights in the crypto world. 🌟🚀
It’s impressive how Coincheck and Thunder Bridge Capital are using a De-SPAC transaction to access public markets. Talk about innovation!
Coincheck Group, N.V. – a name that will soon be associated with success and innovation in the crypto industry. Can’t wait to see them on the Nasdaq! 🎉📈