Coincheck, one of Japan’s largest cryptocurrency exchanges, is set to debut on the Nasdaq stock exchange following a $1.3 billion merger with Thunder Bridge Capital. The exchange’s ordinary shares and warrants will begin trading on December 11 under the ticker symbols CNCK and CNCKW. This marks an exclusive milestone in the global expansion of Coincheck, which has been actively pursuing a public listing since 2022.
Merger Details and Nasdaq Launch
On December 10, Coincheck’s parent company – Coincheck Group, announced the completion of the merger deal with Thunder Bridge Capital with a valuation of $1.25 billion. The trading of Coincheck will begin on Nasdaq under the ticker CNCK, and its warrants listed under CNCKW.
Coincheck has become one of the largest cryptocurrency exchanges in Japan since the birth in 2012, boasting 1.5 million verified customers as of 2022. According to the latest data from Coingecko at the time of writing this article, the exchange is ranked among the top 100 global crypto exchanges with approximately $165 million in daily trading volume. This merger with Thunder Bridge will bring Coincheck’s operations to the U.S. capital markets and help further solidify its position in the global crypto industry.
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Coincheck’s Road to Nasdaq
Coincheck’s journey to become a publicly traded company doesn’t go straight ahead without any challenges. Their first attempt to go public was in 2023, however, they had to postpone the merger plans due to unfortunate delays. In May 2023, the company extended its merger deadline by a year to ensure the deal’s completion.
The completed merger with Thunder Bridge will provide Coincheck with gross proceeds of approximately $31.6 million. According to their plan, this capital will be used to strengthen Coincheck’s operations further, expand its services, and explore new opportunities within the growing crypto & Web3 industry. As the Cryptocurrency industry is growing and getting more adoption from the world, this move to Nasdaq is expected to open up new avenues for growth and international collaboration.
Read more: 5 Best Cryptocurrency Exchanges that Accept PayPal in 2024
Conclusion
With this historic collaboration, Coincheck is expected to have an exciting new chapter as a publicly listed firm. This partnership could open the way for more cross-border collaborations between the cryptocurrency and Web3 industry, which will make Coincheck become a major firm in the evolving global digital economy.
