Crypto Exchange Coincheck Merges With Thunder Bridge IV To List On Nasdaq In 2023

On July 2, 2023, Japanese cryptocurrency exchange Coincheck intends to finalize its Nasdaq listing through a merger with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV.

The merger was originally scheduled for March of this year and was estimated to be worth roughly $1.25 billion at the time.

Coincheck majority owner Monex Group said in a U.S. Securities and Exchange Commission (SEC) filing:

“Working together with Thunder Bridge Capital Partners, Coincheck aims to expand its crypto asset business by gaining exposure to global investors, accessing the U.S. capital markets, and recruiting talent to realize its growth strategy.”

Mergers with SPACs have been a popular route for companies to go public in recent years, accounting for more than half of all initial public offerings in 2020-2021, according to the SEC.

According to the SEC filing, Coincheck is one of Japan’s top crypto exchanges, with a 27% market share. It presently has 1.75 million account holders and trades 18 different coins. However, the current decline in the crypto market has stopped certain SPACs from materializing.

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Harold

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