The Dutch parent company of the Japanese crypto exchange giant, Coincheck, is becoming one of the few companies in the industry to list its shares on America’s Nasdaq. The crypto firm sealed an agreement with a blank-check company to debut on the American stock exchange today (Wednesday) under the ticker symbol ‘CNCK’. Coincheck's warrants, along with its ordinary shares, will also be listed on Nasdaq under the ticker ‘CNCKW’.
About $1.3 Billion in Market Capitalisation
Announced yesterday (Tuesday), the Amsterdam-headquartered holding company Coincheck Group completed a $1.3 billion special acquisition merger with Thunder Bridge Capital last week. However, finalising the deal took nearly a year after failed attempts.
Monex Group, one of Japan’s largest financial services conglomerates, controls the Dutch group. Monex acquired Coincheck in 2018 for about $33.5 million, as the crypto exchange was struggling after the theft of $525 million in digital assets. The Japanese conglomerate has been considering taking the crypto exchange public since the acquisition.
“Coincheck was created through the fusion of a robust business foundation built in Japan, combined with the strengths of the U.S. capital markets through the close collaboration of exceptional business and capital markets talent in both Japan and the US,” said Oki Matsumoto, Representative Executive Officer and Chairman of Monex Group and Executive Chairman of Coincheck.
The announcement also revealed that the reverse merger resulted in gross proceeds of approximately $31.6 million for the combined company.
Crypto Exchanges Going Public
Coinbase became the first cryptocurrency exchange to debut on Nasdaq in 2021, opting for a direct listing rather than a traditional initial public offering (IPO) or a reverse merger. Bakkt, the crypto services provider backed by the New York Stock Exchange operator, went public in 2022 but chose NYSE for its listing.
Recently, a report disclosed that eToro, which offers crypto alongside traditional asset classes, is considering an IPO in the second quarter of 2025 and has already hired Goldman Sachs to assist with the process.
This article was written by Arnab Shome at www.financemagnates.com.
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