A Dutch parent company of Japan's leading crypto exchange operator announced Tuesday its long-awaited public debut on the Nasdaq Global Market, joining Coinbase as only the second listing of its kind in over three years.
Coincheck Group, the Amsterdam-headquartered holding company, completed its merger with Thunder Bridge Capital through a $1.3 billion special acquisition merger a year after it was expected to be finalized.
Coincheck will be the first Japanese trading platform to receive a U.S. listing. The parent company didn’t immediately respond. DecryptRequest for comments, specifically regarding how the transition will affect its position.
Coincheck Group’s debut on Nasdaq is the second regulated crypto exchange operator to go public since Coinbase's April 2021 debut.
According to a rough Google translation of the company's StatementOn Wednesday, when the U.S. market opens in Eastern Time on US markets, shares of CNCK will be traded.
"This will enable us to have more transparent dialogue with global investors through the U.S. stock market," Coincheck Group CFO Keigo takegahara stated in a press release that this move would be beneficial for the company. "contribute to creating an environment" Investors and users can rely on the company to provide reliable services.
The public listing transforms the corporate structure of one of Japan's earliest crypto businesses. Even still, Coincheck's journey to being publicly listed could have been smoother.
Coincheck Inc. was founded in 2012. In 2014, it entered the cryptocurrency trading market and became popular for its easy-to-use interface aimed at younger traders.
Following a 2018 security incident, Japanese online broker Monex Group acquired the exchange for ¥3.6 billion ($33.6 million), bolstering its security before it was provided regulatory registration in January 2019.
Several major financial institutions are facilitating the merger, with Galaxy Digital, Barclays Capital, and Cantor Fitzgerald & Co. advising Thunder Bridge. Monex, meanwhile, has appointed J.P. Morgan Securities to be its exclusive financial advisor.
Coincheck maintains a dominant position in Japan's retail crypto market, citing a five-year streak as the country's most downloaded crypto trading app from 2019 to 2023, according to AppTweak data Citation By the group
Sebastian Sinclair edited the book