Coincheck to Go Public on Nasdaq via SPAC Merger

Japan’s second-largest cryptocurrency exchange, Coincheck, is set to go public on the Nasdaq on Wednesday, marking a major milestone for the company and the broader crypto industry. The move comes via a de-SPAC merger with Thunder Bridge Capital IV, enabling Coincheck to become the second crypto exchange to list publicly in the United States.

The deal values Coincheck at approximately $1.3 billion, slightly higher than its earlier $1.25 billion valuation during the 2022 merger announcement. The combined company will trade under the ticker symbol CNCK, with Oki Matsumoto serving as executive chairman.

A Long Road to Listing

Coincheck began its path to a public listing in 2022, but the process faced delays due to stricter SPAC disclosure requirements introduced earlier this year. The companies finalized their F-4 filing with the U.S. Securities and Exchange Commission (SEC) in May 2023, paving the way for the deal’s completion.

The SEC approved the companies’ registration document in November, allowing shareholders to vote on the merger last week. The SPAC, Thunder Bridge IV, initially raised $230 million in a June 2021 IPO.

Why Nasdaq? Global Expansion and Talent

Coincheck views its Nasdaq debut as a strategic step to attract global investors, talent, and acquisitions to accelerate its crypto asset business. In a November statement, the company said:

“Going public will enable us to gain exposure to international investors and to utilize Nasdaq-listed shares as effective currency for recruiting talent and making global acquisitions.”

The timing aligns with a period of renewed interest in the crypto market, as Bitcoin’s surging price continues to attract institutional capital and retail investors.

Coincheck’s Journey: From Hack to Nasdaq

Coincheck has come a long way since the infamous 2018 hack, which saw the loss of $530 million worth of NEM tokens—the largest crypto exchange hack at the time. The incident led to the implementation of stricter KYC and reporting standards in Japan. Impressively, Coincheck was able to repay all 260,000 affected users using its own funds, showcasing its resilience and commitment to user trust.

The exchange was later acquired by Japanese online brokerage Monex Group for 3.6 billion yen ($33.6 million), cementing its recovery and long-term strategy. Monex continues to operate Coincheck as a subsidiary and played a pivotal role in navigating the Nasdaq listing.

Advisors and Deal Insights

Key financial players advising the deal include:

• Thunder Bridge Capital IV: Advised by Galaxy Digital, Barclays Capital, and Cantor Fitzgerald & Co.
• Monex Group: Represented solely by J.P. Morgan Securities.

SPACs and the Crypto Public Market

Coincheck’s move follows in the footsteps of other crypto giants like Coinbase, which went public via a direct Nasdaq listing in 2021, and Bakkt, which also opted for a SPAC merger the same year. De-SPAC mergers allow private companies to bypass the traditional IPO process by merging with a Special Purpose Acquisition Company (SPAC).

Coincheck’s Nasdaq listing through a de-SPAC merger represents a significant step for the exchange and Japan’s growing crypto market. With a market cap of $1.3 billion, the public debut is expected to attract global capital, expand its operations, and strengthen its position as a major crypto player. The move highlights the evolving role of SPAC mergers in bridging crypto companies to public markets and signals growing confidence in the crypto industry’s future.