Coincheck, a Japanese cryptocurrency exchange, has completed a merger with Thunder Bridge Capital and is officially trading on Nasdaq with the ticker CNCK, marking a significant milestone for the cryptocurrency industry.
Coincheck Group, the parent company of the Japanese cryptocurrency exchange Coincheck, has officially listed on the Nasdaq technology stock exchange on December 11, marking an important milestone in the development of the cryptocurrency industry.
Specifically, on December 10, Coincheck Group, headquartered in Amsterdam, announced the completion of the merger with Thunder Bridge Capital through a SPAC (a company established with the purpose of taking private companies public). After the merger, Coincheck's shares and warrants began trading on Nasdaq under the stock tickers CNCK and CNCKW, respectively. This merger agreement, first announced in March 2022, valued Coincheck at $1.25 billion.
Journey from the hack to the Nasdaq listing
The Nasdaq listing marks a significant milestone in Coincheck's journey, especially after the exchange experienced one of the largest hacks in cryptocurrency history. In January 2018, Coincheck was the victim of a cyber attack, resulting in the loss of $534 million in NEM (XEM) cryptocurrency. This event sent shockwaves through the global cryptocurrency community and raised many questions about the security of cryptocurrency exchanges.
However, after fully reimbursing customers for the lost funds, Coincheck has worked to rebuild trust and focus on strengthening its security systems, while also aiming for a public listing.
Established in 2012, Coincheck is one of the largest cryptocurrency exchanges in Japan, with 1.5 million verified customers as of 2022.
According to data from CoinGecko, Coincheck is currently among the top 100 largest cryptocurrency exchanges in the world, with a daily trading volume of around $165 million. Coincheck's strong presence in the Japanese market, combined with its Nasdaq listing, opens up opportunities to access capital and expand its operations into international markets.
Coincheck's plan to list on Nasdaq was confirmed in October 2022, with an initial target of completing the process by July 2023. However, the company had to adjust the merger agreement with Thunder Bridge and extend the completion timeline by an additional year to May 2023. In early November, the U.S. Securities and Exchange Commission (SEC) officially approved Coincheck's listing application, paving the way for the official listing on December 11.
The merger agreement between Coincheck and Thunder Bridge has generated approximately $31.6 million in proceeds for the combined company. This capital is an important resource that will help Coincheck strengthen its financial position and accelerate its development plans for the future.
Oki Matsumoto, the Chairman of Monex Group and the Executive Chairman of Coincheck, emphasized that the combination of a strong business platform in Japan and the power of the U.S. capital market is a key factor for Coincheck's success. Gary Simanson, the Chairman and CEO of Thunder Bridge IV, also expressed optimism about Coincheck's growth potential in the cryptocurrency and Web3 sectors.
