Coincheck, a cryptocurrency exchange headquartered in Tokyo and a subsidiary of Monex Group, is expected to become the first entity to debut on the Nasdaq Global market on December 10.
On November 13, the United States Securities and Exchange Commission (SEC) approved the exchange's application for listing on Nasdaq.
This move, carried out through a merger with Thunder Bridge Capital Partners (TBCP), marks the first time a Japanese cryptocurrency exchange has been listed on the US stock exchange.
The merger with TBCP, a special purpose acquisition company (SPAC), will allow Coincheck to remain a subsidiary of Monex Group after the listing. This may encourage other Japanese exchanges to take similar steps.
SEC's Approval of the Application
The SEC's approval came after the Japanese cryptocurrency exchange submitted a registration filing on Form F-4 on November 7, which became effective on November 12.
With the SEC's consent, TBCP can now proceed with a shareholder vote on December 5 to approve and complete the business combination, a necessary step for the listing process.
If the shareholders agree, the merger with TBCP will be finalized, and Coincheck is expected to be officially listed on Nasdaq as early as December 10, trading under the ticker symbol CNCK.
Coincheck's statement after submitting the Form F-4 with the planned Nasdaq listing in December. Source: Monex Group
Implications of the Nasdaq Listing
The planned listing on Nasdaq will be a significant development for both Japan and the United States. If the merger is completed, it will enhance global market integration and may encourage other Japanese cryptocurrency exchanges to pursue listings on international markets.
For the US, the listing could attract more international cryptocurrency companies to the US market, reinforcing the country's expected crypto-friendly stance under the incoming administration of President-elect Donald Trump.
SEC's Impact on Cryptocurrencies
The SEC has shaped the cryptocurrency landscape in the US through strict oversight of digital assets, exchanges, and companies, including issuing numerous Wells notices.
ConsenSys CEO Joe Lubin, in an interview with TinTucBitcoin at Devcon 2024 in Thailand, criticized the SEC for stifling innovation in the cryptocurrency industry.
ConsenSys has also issued an open letter to the next US President, calling for regulations that support Cryptocurrencies and Web3 — a sentiment that Lubin emphasized at Devcon 2024, where he expressed hope for a smooth transition in SEC leadership.
