As a seasoned crypto investor with a decade-long journey under my belt, I can’t help but feel a sense of excitement and anticipation as Coincheck Group prepares for its public debut on the Nasdaq stock exchange. Having weathered market volatility, hacks, and regulatory challenges, it’s heartening to see a Japanese crypto exchange, one that I’ve closely followed since its inception, taking this significant step towards mainstream acceptance.
On Wednesday, Coincheck Group, the overarching organization that owns the Japanese cryptocurrency trading platform Coincheck, will officially go public and begin trading on the NASDAQ stock market.
On December 10, it was formally declared that Coincheck Group, based in Amsterdam, has finalized a merger agreement with special purpose acquisition company (SPAC), Thunder Bridge Capital. This move is aimed at taking the company public and listing on the NASDAQ stock exchange.
After the merger is complete, you’ll be able to trade Coincheck’s common shares and warrants on the NASDAQ stock market from December 11. The respective ticker symbols for these will be CNCK and CNCKW.
First revealed in March 2022, the planned merger with Thunder Bridge is intended to transition Coincheck into a publicly traded company via a $1.25 billion deal using a Special Purpose Acquisition Company (SPAC) process.
Coincheck attempted to go public in 2023
Established in 2012, Coincheck ranks among the top crypto exchanges in Japan, serving approximately 1.5 million verified users as of 2022. According to CoinGecko’s data, Coincheck is one of the global top 100 cryptocurrency exchanges, handling roughly $165 million in trades daily.
In January 2018, the exchange experienced a significant breach, leading to the theft of approximately $534 million in NEM (XEM) coins. This event garnered global attention.
Following the repayment to its clients, Coincheck has persisted in its cryptocurrency operations while simultaneously striving towards an initial public offering (IPO).
In October 2022, Coincheck announced its intentions to go public on Nasdaq, aiming for a July 2023 debut. However, it had to adjust its merger agreement with Thunder Bridge and push back the deadline for finalizing the deal by another year, which occurred in May 2023.
In early November, the U.S. Securities and Exchange Commission gave their approval for Coincheck’s application to be listed on Nasdaq.
Through their merger with Thunder Bridge, Coincheck ultimately garnered approximately 31.6 million dollars in total earnings, as stated in their most recent announcement.
Collaboration between Japan and the US
As a researcher, I am particularly excited about the significant stride we’ve witnessed with the public debut of Coincheck on Nasdaq. This monumental event signifies a deepening collaboration between Japanese and American executive circles within the realm of cryptocurrency.
As an analyst, I’d rephrase it as follows: “I, as a representative, am highlighting that Coincheck was developed by merging a solid business infrastructure established in Japan with the potent elements of the US capital markets. This harmonious blend was achieved through strategic partnerships and collaborations between outstanding business and financial market professionals from both Japan and the United States, under the leadership of Monex Group chairman and Coincheck’s executive chairman, Oki Matsumoto.
Gary Simanson, president and CEO of Thunder Bridge IV, is excited to share that we have completed the merger, incorporating the whole team from Coincheck.
He expressed excitement about collaborating with Oki and his group, aiming to create one of the top-tier international crypto and Web3 companies on a global scale.
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2024-12-11 14:28