Coincheck, a Tokyo-based company, is expected to become the first cryptocurrency exchange in Japan to list its shares on a US stock exchange.
US Securities and Exchange Commission (SEC) approved. Coincheck listed on NASDAQIt is an important step in bridging the gap between the Japanese and American cryptocurrency markets.
Through a strategic merger with Thunder Bridge Capital Partners IV, a special purpose acquisition company, or SPAC, the exchange will debut on December 11 under the symbol CNCK.
Strategic merger with Thunder Bridge Capital
Coincheck has received a major boost in entering the highly competitive cryptocurrency arena through its merger with Thunder Bridge Capital Partners IV (TBCP).
In return, the combined companies Coincheck and TBCP will receive $237 million in trust with Thunder Bridge to help commit to other revenue-boosting opportunities.
Source: Monex Group
Gary A. Simanson is set to manage the combined Thunder Bridge entity but Monex Group will retain an 82% majority stake to maintain ownership of Coincheck by Japanese shareholders.
In this regard, TBCP’s deal with Coincheck also reflects the growing attractiveness of SPAC mergers that digital finance companies are now seeking to access public markets.
The US Securities and Exchange Commission has approved Japanese cryptocurrency exchange Coincheck’s application to list on the Nasdaq. It is expected to list on December 10 with the stock symbol CNCK and will become the first Japanese cryptocurrency exchange to list in the United States.
— Wu Blockchain (@WuBlockchain) November 14, 2024
merger It can, for all intents and purposes, be called an innovation of old financial structures by Coincheck to gain access to the US market.
Details of the merger will be finalized following a shareholder vote on December 5, marking Coincheck’s approval. Nasdaq debut Only weeks later.
Paving the way for Japanese cryptocurrency companies in the US markets
The Coincheck Nasdaq listing may inspire other Japanese and Asian cryptocurrency exchanges to make a similar move to expand into US territory. For Japanese companies in Cryptocurrency In this area, Coincheck’s listing as the country’s first cryptocurrency exchange represents a significant milestone that could lead to increased cross-border investments and market integration.
As of today, the market cap of cryptocurrencies stood at $2.93 trillion. Chart: TradingView
The listing in Monex Group is part of the company’s long-term plan to expand globally, leverage market access, and maximize financial potential.
The launch of Coincheck may create a benchmark for other foreign exchanges wanting to enter US financial markets, as Nasdaq provides a new platform for exposure and expansion.
Image: IOST情報局
Coincheck: a milestone in the global financial landscape
Meanwhile, Coincheck experienced delays and regulatory reviews during its years-long entry onto the Nasdaq exchange. Things were bound to change even after Monex Group stated that it would be the first to list on an exchange in the US as early as 2024 due to regulatory amendments.
Thanks to the SEC’s approval, Coincheck is now on track to impact the US financial landscape just as it has in Japan.
Featured image from Alpari, chart from TradingView
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