Coincheck will be the first Japanese exchange on Nasdaq, following a merger with TBCP and SEC approval on November 13, 2024.
Coincheck, a Tokyo-based cryptocurrency exchange and a subsidiary of Monex Group, is the first Japanese cryptocurrency exchange to debut on the Nasdaq stock market list.
The United States Securities and Exchange Commission (SEC) granted approval on November 13, 2024, leading to the implementation of this historic action. Coincheck will list on the Nasdaq under the ticker symbol CNCK following a merger with Thunder Bridge Capital Partners IV (TBCP), a special purpose acquisition company (SPAC).
Coincheck Set to Become First Japanese Crypto Exchange Listed on Nasdaq
We anticipate the start of trading on December 11th. According to the Securities and Exchange Commission’s (SEC) most recent filing, Coincheck is on track to become the first Japanese cryptocurrency exchange to list on Nasdaq. We plan to commence trading on December 11th.
Once the listing is complete, a merger with TBCP will make it possible for Coincheck to continue operating as a subsidiary of Monex Group. This new development occurred after the Securities and Exchange Commission (SEC) approved the exchange’s draft registration statement on Form F-4, which it submitted on November 7 and went into effect on November 12.
More exchanges from Japan and other locations will be able to enter the markets of the United States as a result of the listing becoming available. Simultaneously, a December vote by shareholders will successfully conclude the merger and complete the necessary requirements for admission.
As a result of the merger, Thunder Bridge Capital Partners will hold roughly $237 million in trust for the merged businesses of Coincheck and Thunder Bridge. The Nasdaq Board of Directors intends this capital injection to support development and expansion activities as it prepares to welcome its first Japanese cryptocurrency exchange.
Gary A. Simanson, the CEO of Thunder Bridge Capital, will assume leadership of the combined business, which will trade on the stock exchange under the ticker symbol CNCK. Coincheck’s parent firm, Monex Group, will keep an 82% majority share in the company following the transaction.
Implications for Global Crypto Markets and Exchanges
This will guarantee Japanese investors’ ownership of the exchange, even after its listing in the United States. The Securities and Exchange Commission’s (SEC) clearance and subsequent listing mark a significant step toward increased market integration between the United States and Japan in the cryptocurrency world.
This listing set a precedent for Japanese cryptocurrency companies and other companies who are interested in expanding their operations into the markets of the United States. Analysts in the industry believe that the listing may motivate other exchanges to take comparable actions in order to capitalize on the capital markets in the United States.
Thunder Bridge Capital has decided to host a shareholder meeting on December 5th, after the approval of the Securities and Exchange Commission. The stakeholders will discuss and vote on whether or not to finalize the merger during the meeting.
The exchange’s debut on the Nasdaq Stock Market represents the culmination of a long-term attempt to list on a stock market in the United States. In addition to this, the cooperation is an indication of the increasing acceptability and incorporation of digital asset companies into the conventional financial system.
