Coincheck Set to Go Public on NASDAQ Following Merger with Thunder Bridge Capital

Coincheck, the second-largest crypto exchange in Japan, is set to debut on NASDAQ this Wednesday after merging with Thunder Bridge Capital.

This move places the exchange as the second cryptocurrency platform to go public in the United States, following Coinbase’s 2021 listing.

Coincheck’s journey to the public market began in 2022 through a merger with a Special Purpose Acquisition Company (SPAC), valuing the company at $1.25 billion. Despite some delays due to evolving regulatory requirements for SPAC listings, Coincheck is now poised to list with a market cap of around $1.3 billion.

This public listing comes at a time when the crypto industry is gaining momentum, particularly with Bitcoin’s price rally reigniting interest from both retail and institutional investors. Coincheck views its NASDAQ listing as an opportunity to access international investors and use shares for talent acquisition and global expansion.

The newly formed entity, Coincheck Group N.V., will trade under the ticker CNCK. Monex, Coincheck’s parent company, acquired the exchange in 2018 for $33.6 million and still operates it as a subsidiary.

Following SEC approval, the deal has moved forward with the merger expected to close soon. Financial advisors, including Galaxy Digital and J.P. Morgan Securities, have played a key role in facilitating the process.

Coincheck’s move to the public market follows its recovery from a major 2018 hack, where it lost $530 million in NEM tokens. Despite the setback, the exchange reimbursed affected users, demonstrating its commitment to security and regulatory compliance in the years since.