Crypto Exchange Coincheck's Nasdaq Listing Could Be Delayed Again

A merger with Thunder Bridge Capital may not be completed by a July 2 deadline, potentially causing a further year's delay to the listing.

AccessTimeIconMay 25, 2023 at 11:24 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Japanese cryptocurrency exchange Coincheck's plans to list on Nasdaq via a merger with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV faces a possible further delay.

The Thunder Bridge board believes there will not sufficient time to complete the merger by the July 2 deadline, according to a preliminary proxy statement dated May 16. It suggested extending the deadline by up to 12 months, subject to a vote by stockholders.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • Coincheck's merger with Thunder Bridge was first announced in March 2022 and was initially expected to be completed in the second half of the year. However, in October, Coincheck said the deadline had been pushed to July 2, 2023.

    Mergers with SPACs became a prominent means of firms going public in recent years, however several such slated deals have been hit by delays or cancellations in the last year.

    Trading platform eToro, for example, had proposed a merger with FinTech Acquisition Corp. V in March 2021, which was valued at $10.4 billion at the time. However, the deal was terminated last July after the two firms could not agree on closing conditions.

    Edited by Sandali Handagama.

    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.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.