Japanese Cryptocurrency Exchange Coincheck to Go Public on Nasdaq in $1.25 Billion Deal

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Japanese Cryptocurrency Exchange Coincheck to Go Public on Nasdaq in $1.25 Billion Deal – Coincheck, a Japanese cryptocurrency exchange, announced its intention to go public in the United States on Tuesday by combining with Thunder Bridge Capital Partners IV, a special purpose acquisition company (SPAC), in a $1.25 billion deal scheduled for completion in the second half of this year.

Coincheck Group NV will be the combined entity’s name. It is expected to trade under the symbol “CNCK” on the Nasdaq Global Select Market. SPACs are publicly traded shell corporations that raise capital through initial public offerings (IPOs) in order to acquire a private entity at a later date.

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Coincheck, based in Tokyo, is one of the country’s leading multi-cryptocurrency markets and digital asset exchanges. The Financial Services Agency, Japan’s leading financial regulator, oversees the corporation (FSA). The platform has about 1.5 million verified customers.

In 2018, the cryptocurrency NEM was stolen from Coincheck, resulting in a loss of $530 million. Monex Group, a prominent Japanese online brokerage, bought the exchange later that year for roughly $34 million.

Also Read: Indian Government Reveals How It Plans to Tax Cryptocurrency Transactions

Japanese Cryptocurrency Exchange Coincheck to Go Public on Nasdaq in $1.25 Billion Deal – Monex will have pro-forma ownership of nearly 82 percent of the combined firm after the merger, except for warrants and earn-outs, under the SPAC agreement.

Coincheck is now owned by Monex, which controls 94.2 percent of the company. Additionally, based on future stock price performance, existing Coincheck investors may be entitled to acquire up to 50 million shares.

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