Coincheck Goes Public on Nasdaq, Becoming Second Crypto Exchange to List in the U.S.
After a prolonged regulatory journey, Coincheck, one of Japan’s largest cryptocurrency trading platforms, officially debuted on Nasdaq this Wednesday. This milestone makes it the second crypto exchange to achieve a public listing in the United States, following in the footsteps of industry leader Coinbase.
The move comes as Coincheck completes its merger with Thunder Bridge Capital, a special purpose acquisition company (SPAC). Earlier this year, Coincheck and Thunder Bridge filed their final F-4 registration statement with the U.S. Securities and Exchange Commission (SEC), addressing multiple revisions to meet all necessary foreign company listing requirements.
Coincheck initially announced plans to go public in 2022, valuing the exchange at $1.25 billion at the time. Progress was delayed, however, due to heightened disclosure standards for SPAC transactions. With these hurdles cleared, the newly formed Coincheck Group N.V. will begin trading under the ticker symbol CNCK. According to its holding company Monex, the combined firm enters the market with an implied initial valuation of around $1.3 billion.
The listing takes place against a backdrop of renewed interest in cryptocurrencies, fueled in part by Bitcoin’s rising price and a broader influx of institutional capital. Coincheck views its Nasdaq presence as a strategic leap forward, enabling the exchange to reach international investors, use publicly traded shares to recruit top-tier talent, and fund potential acquisitions. In a November statement, the company highlighted how broader market exposure and new growth avenues could bolster its global reach.
The culmination of this de-SPAC process — where a private firm merges with a SPAC to enter public markets — allowed Coincheck to sidestep a traditional initial public offering. Thunder Bridge IV, the SPAC involved in this deal, originally raised $230 million in its 2021 IPO. Now, with the SEC’s nod granted in November, Coincheck’s shareholders have voted to finalize the transaction.
Monex Group, the Tokyo-based online brokerage that purchased Coincheck in 2018 for 3.6 billion yen (approximately $33.6 million), remains closely involved with the company’s expansion. J.P. Morgan Securities served as the sole financial advisor to Monex, while Thunder Bridge received guidance from firms including Galaxy Digital, Barclays Capital, and Cantor Fitzgerald & Co.
Coincheck’s history is not without its challenges. In 2018, the platform faced a large-scale security breach resulting in the loss of $530 million worth of NEM tokens. The company managed to reimburse all 260,000 affected users using its own capital, prompting a wave of stricter Know-Your-Customer (KYC) and reporting requirements for exchanges in Japan.
Coincheck now joins a small but growing list of crypto-focused firms on U.S. exchanges. Coinbase made waves with its direct listing on Nasdaq in 2021, and that same year Bakkt, a crypto services provider, became publicly traded via a SPAC merger. With its new public status, Coincheck aims to capitalize on global market momentum and position itself as a premier destination for crypto investors worldwide.