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Coincheck is preparing to become a publicly listed entity by joining Nasdaq. The exchange announced its plans on May 8, aiming to accomplish this through a merger with Thunder Bridge Capital Partners IV (THCP) by the third quarter (Q3) of 2024.
A press release from Coincheck indicates that the approval from Thunder Bridge IV’s shareholders is a crucial requirement for the merger to advance.
Coincheck Nasdaq Listing Raises Investment Concerns
Additionally, certain stipulations specified in the definitive agreement between Coincheck and Thunder Bridge IV must also be fulfilled.
These conditions are standard for such transactions and encompass the SEC declaring the registration statement effective, obtaining necessary regulatory approvals, and securing permission from the Nasdaq Stock Market to list the securities of the merged entity.
The Japanese cryptocurrency exchange Coincheck is anticipated to list on Nasdaq under the symbol “CNCK” through a SPAC in the second or third quarter of 2024, marking it as another major exchange to be publicly listed following Coinbase. Coincheck boasts 1.98 million verified users. https://t.co/2WanYtRGYj
— Wu Blockchain (@WuBlockchain) May 8, 2024
Upon the completion of the merger, Coincheck Group B.V., the organization that oversees Coincheck, will be renamed Coincheck Group N.V.
The new holding company will be based in the Netherlands and will have Coincheck as its wholly-owned subsidiary. Coincheck Group N.V. anticipates being listed on the Nasdaq stock exchange under the “CNCK” ticker, joining Coinbase (COIN) as another significant exchange publicly traded in the US.
@coincheckjp, a Japanese cryptocurrency exchange with 1.98 million verified users, is set to list on Nasdaq via SPAC in Q2/Q3 2024 under the ticker ” $CNCK “.
This follows #Coinbase as another major crypto exchange to go public.
— Satoshi Club (@esatoshiclub) May 8, 2024
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Coincheck will utilize a special purpose acquisition company (SPAC) for its Nasdaq listing instead of the initial public offering (IPO) route taken by Coinbase.
A SPAC is a publicly traded entity formed to acquire or merge with an existing private company, facilitating its public listing without undergoing the conventional IPO process.
While Coincheck’s Nasdaq listing is expected to enhance visibility and create opportunities for a wider investor audience, market analysts may express concerns due to the underwhelming performance of many SPACs in public markets.
Data from Bloomberg highlights a concerning trend – 21 companies that went public through SPAC mergers, including WeWork Inc., filed for bankruptcy this year, resulting in a loss of over $46 billion in equity value, based on their peak market capitalizations.
Stock Markets Embrace Crypto: A New Era of Crypto Adoption and Growth
Coincheck’s decision to list on Nasdaq represents a significant milestone in the increasing mainstream acceptance of cryptocurrencies and the blockchain technology that underpins them.
The exchange’s public listing on a prominent stock exchange could potentially draw more institutional investors and set a precedent for other crypto exchanges to follow. This would expand the roster of influential crypto firms promoting adoption and investment in the sector. One notable company making significant strides is MicroStrategy, recognized as the largest corporate holder of Bitcoin globally.
Other notable publicly traded crypto firms include Coinbase, bitcoin mining company Riot Blockchain, and PayPal. Coinbase has been a standout in the stock market, recently reporting an impressive 72% rise in Q1 revenue, exceeding expectations.
In another update, PayPal has broadened its range of crypto offerings available to its 426 million customers through its collaboration with MoonPay. This partnership will simplify the process for PayPal users to purchase a wider selection of cryptocurrencies without needing to enter their card details on MoonPay.
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