Coincheck Exchange Will List On NASDAQ Via $1B SPAC Merger

The Japanese CoinCheck exchange will list on NASDAQ in a $1B SPAC merger with Thunder Bridge Capital Partners as we are reading furhter in today’s latest cryptocurrency news.

The Coincheck exchange will list on NASDAQ as it announced plans to go public in the US by entering into a merger agreement with Thunder Bridge Capital Partners IV inc. According to the official press release, the merger deal is worth $1.25 billion and before closing, the combined company will get the proceeds of $237 million from the cash held in the SPAC trust assuming there’s no redemption by THCP shareholders and other before expenses.

Thunder Bridge Capital Partners Ⅳ, Inc.との統合によるNASDAQ上場子会社への移行についてhttps://t.co/okAq9uWQIU

— Coincheck(コインチェック) (@coincheckjp) March 22, 2022

The proposed combination was approved by the boards of the directors of Monex, Thunder Bridge IV, and Coincheck and it is expected to be completed during the second half of 2022. After that, the new entity called Coincheck Group NG  will be listed on NASDAQ Global Select Market under the CNCK ticker. Onlien securities company MONEX owns 94% of Coincheck and will retain its equity at closing.
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The warrants and earn-outs will be around 82% in the combined entity.

The president and CEO of Thunder Bridge IV Gary Simanson, said that blockchain technology and digital asses will be a major force in transforming the financial services industry worldwide and the executive also added:

“This evolution will require a steady and thoughtful approach that is rapidly accelerating with suitable compliance programs. This is where we excel. We have patiently looked for the right entry point to allocate our focus, talents, and financial resources to become global leaders in this evolution. Coincheck is exactly what we were looking for amid a global playing field.”

After the closure of the transaction, MONEX Group CEO Oki Matusomoto will lead the combined holding company as Executive Chairman and will be joined by Gary Simanson as Chief Executive Officer while the Japan-based management team including the president Satoshi Hasuo will continue to lead and to operate the exchange. The Japanese exchange tapped into the world of NFTs after launching a beta marketplace. Besides Coincheck also launched the first IEO last year that allowed blockchain assets to list on the exchange and enable the users to take part in the new projects and services. Back in 2020, the exchange suffered a security breach where the perpetrators gained access to the users’ personal information and emails.