Crypto Exchange Coincheck Plans to List on Nasdaq in July 2023

Japanese crypto exchange Coincheck is planning to complete its listing on Nasdaq via a merger with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV on July 2, 2023.

The merger was first slated for March of this year and was valued at around $1.25 billion at the time.

"Working together with Thunder Bridge Capital Partners, Coincheck aims to expand its crypto asset business by gaining exposure to global investors, accessing the U.S. capital markets, and recruiting talent to realize its growth strategy," Coincheck majority owner Monex Group said in a U.S. Securities and Exchange Commission (SEC) filing.

Coincheck is among Japan's largest crypto exchange with a 27% market share, according to the SEC filing, and currently serves 1.75 million account holders and offers trading of 18 different coins.

Mergers with SPACs have been a popular way for firms to list on public markets in recent years, accounting for more than half of all initial public offerings in 2020-2021, the SEC noted in March.

However, the slump in the crypto market in recent months has prevented some SPACs from coming to fruition. Bitcoin miner PrimeBlock ended its plans to go public via a merger with 10X Capital Venture Acquisition in August, for example.

Read more: Crypto SPACs Brace for Cruel Summer With Lower Valuations, SEC Scrutiny