Coincheck Goes Public on Nasdaq
Japan’s second-largest cryptocurrency exchange, Coincheck, has made history by listing on Nasdaq. After months of preparation and coordination with the U.S. Securities and Exchange Commission (SEC), Coincheck shares are now trading on one of the world’s most prestigious stock exchanges.
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Japan’s second-largest cryptocurrency exchange, Coincheck, has made history by listing on Nasdaq. After months of preparation and coordination with the U.S. Securities and Exchange Commission (SEC), Coincheck shares are now trading on one of the world’s most prestigious stock exchanges.
A pivotal factor in this achievement was Coincheck’s merger with Thunder Bridge IV, which raised $230 million during its IPO. The newly combined company, named Coincheck Group NV, is now trading on Nasdaq under the ticker CNCK.
Coincheck’s valuation following the listing is estimated at approximately $1.3 billion.
The idea of listing on Nasdaq was first conceived by Coincheck’s leadership in 2022. However, the process faced delays due to stricter regulatory requirements. To achieve its goal, Coincheck chose the increasingly popular route of merging with a SPAC* instead of pursuing a traditional IPO.
*A SPAC (Special Purpose Acquisition Company) is a shell company that conducts an IPO to raise funds, which are held in escrow until a suitable merger target is found. Once acquired, SPAC shareholders exchange their shares for those of the newly combined public company, which then becomes publicly traded.
Coincheck shares are now officially trading on Nasdaq. Source: Х
Coincheck’s Nasdaq listing creates new opportunities to attract investments, including those from institutional investors. This will allow the company to expand into new markets and grow its user base.
While Coincheck is not the first cryptocurrency company to debut on Nasdaq—Coinbase and Bakkt did so in 2021—its listing is especially noteworthy. The company managed to overcome significant local regulatory hurdles stemming from changes in Japan’s legislative framework.
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