SEC greenlights Coincheck to be the first Japanese crypto exchange on Nasdaq

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As a seasoned crypto investor with a knack for spotting promising ventures, I must admit that Coincheck’s impending listing on Nasdaq is a significant development that piques my interest. Having witnessed several high-profile IPOs in the tech sector, I can’t help but feel a sense of excitement at the prospect of a major crypto exchange joining their ranks.

Coincheck, a Japanese cryptocurrency trading platform, has gained U.S. Securities and Exchange Commission approval, paving the way for its listing on the NASDAQ stock exchange, making it the first such exchange from Japan to do so.

As stated in a recent press announcement by the company, the U.S. Securities and Exchange Commission (SEC) approved Coincheck’s private draft registration statement on Form F-4 on November 7. This approval became effective on November 12.

Through a merger with Thunder Bridge Capital Partners IV, the Japanese cryptocurrency platform is set to make its debut on the Nasdaq Global Market. This will mark it as the initial Japanese crypto exchange to be listed on an American stock exchange.

With the integration into Thunder Bridge Capital Partners (TBCP), Coincheck will continue as a subsidiary of the Monex Group post-initial public offering. Upon receiving approval, TBCP plans to convene a shareholders meeting on December 5 for the final approval of the merger. Once approved and completed, Coincheck is set to debut on the Nasdaq exchange with the symbol CNCK. Trading is anticipated to start on December 11, following the close of the transaction on the previous day.

In May 2024, Coincheck disclosed that their Form F-4 was yet to receive approval from the Securities and Exchange Commission. Despite this, the digital currency exchange expects to complete its merger with Thunder Bridge during the second or third quarter of 2024. After the merger is finalized, Coincheck Group B.V. will be rebranded as Coincheck Group N.V.

Originally, Monex Group, which owns Coincheck, intended to take the exchange public on a U.S. stock market by merging with Thunder Bridge Capital IV for $1.25 billion. However, this deal encountered several setbacks, pushing back Coincheck’s expected listing on Nasdaq.

Under the terms of the deal, the joint enterprise will acquire a sum of $237 million, which is being held by Thunder Bridge in trust for them. Moreover, Gary A. Simanson, the CEO of Thunder Bridge, will assume leadership of the merged entity. It’s worth noting that Monex will still hold an 82% controlling interest in the combined company.

As a researcher, I’d like to highlight that I’m delving into the world of Coincheck, a digital currency exchange and NFT marketplace. Established back in 2012, this platform has its roots in Tokyo, but it extends its services to a worldwide audience. Initially, it functioned under the name Rejupress, but in 2018, it was taken over by Monex Group, Inc.

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2024-11-13 17:16