Coincheck Group, the parent company of the Coincheck crypto exchange, has made a significant move by beginning trading on the Nasdaq stock exchange on Dec. 11. This milestone comes after the successful completion of a merger with Thunder Bridge Capital, which was finalized earlier this month.
The merger between Coincheck Group and Thunder Bridge Capital was officially announced on Dec. 10, with Thunder Bridge shareholders approving the merger during a special meeting on Dec. 5. Following the merger, Coincheck’s shares and warrants will now trade under the tickers CNCK and CNCKW, respectively.
Oki Matsumoto, Executive Chairman of Coincheck and Representative Executive Officer of Monex Group, credited the company’s success to its strong foundation in Japan and strategic use of US capital markets. Matsumoto stated, “Coincheck was created through the fusion of a robust business foundation built in Japan, combined with the strengths of the US capital markets through the close collaboration of exceptional business and capital markets talent in both Japan and the US.”
The merger has resulted in gross proceeds of approximately $31.6 million, including capital held in restricted accounts as per the agreement. Noteworthy firms such as Galaxy Digital, JP Morgan, Cantor Fitzgerald, and Barclays Capital served as advisors for the transaction.
Coincheck’s listing on the Nasdaq is a significant moment for the US crypto market, making it the second publicly listed dedicated crypto exchange in the country after Coinbase. Mathew Sigel, head of research at VanEck, highlighted the importance of this development, pointing out that Coincheck is Japan’s second-largest crypto exchange. He also commended the company’s resilience in recovering from a 2018 hack that resulted in losses of $530 million, which Coincheck managed to repay using its own capital.
Industry experts see Coincheck’s Nasdaq listing as a sign of the increasing acceptance of the crypto industry in the US. With the upcoming administration change and President-elect Donald Trump taking office, there are expectations for a more favorable regulatory environment for digital assets. It is anticipated that the new administration will decrease enforcement actions and introduce policies that encourage innovation in the crypto space.
Overall, Coincheck’s move to trade on the Nasdaq signifies a significant step forward for the company and the crypto industry as a whole, showcasing the growing integration of digital assets into mainstream financial markets.