Crypto Exchange Coincheck to List on Nasdaq via $1.25B Merger

The proposed listing will be through a deal with a blank check company.

AccessTimeIconMar 22, 2022 at 12:20 p.m. UTC
Updated May 11, 2023 at 7:13 p.m. UTC

Coincheck, one of Japan's largest cryptocurrency exchanges, has agreed to merge with Nasdaq-listed special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV.

  • The merger is expected to be completed in the second half of 2022, after which the combined entity will list on the Nasdaq Global Select Market under the ticker "CNCK," Thunder Bridge announced on Tuesday.
  • The proposed transaction is valued at about $1.25 billion.
  • Thunder Bridge will provide $237 million in cash, before expenses and assuming no redemptions by shareholders, to the combined company.
  • Coincheck is 94.2% owned by online securities company Monex, which will retain all existing entity at closing, representing ownership of around 82% in the new entity.
  • Upon closing, Thunder Bridge President and CEO Gary Simanson will become the CEO of the combined company.
  • Based in Tokyo and regulated by Japan's Financial Services Agency, Coincheck has about 1.5 million verified customers. It has 24-hour trading volume of $130 million according to data by CoinGecko.
  • Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
    01:49
    Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
  • What's Next for Bitcoin After Fed Predicts Just One Rate Cut for 2024
    00:50
    What's Next for Bitcoin After Fed Predicts Just One Rate Cut for 2024
  • Litecoin Creator Charlie Lee on Company Evolution
    09:05
    Litecoin Creator Charlie Lee on Company Evolution
  • U.S. CPI Returns Flat in May; Donald Trump Wants All Remaining Bitcoin to Be 'Made in USA'
    01:45
    U.S. CPI Returns Flat in May; Donald Trump Wants All Remaining Bitcoin to Be 'Made in USA'
  • UPDATE (12:20 UTC March 22): Adds additional information in third and fifth bullet.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.