Coincheck and Spacial Purpose Acquisition Company Thunder Bridge Capital Partners IV are progressing with a merger deal that will enable the Japanese cryptocurrency exchange to list on Nasdaq. Coincheck has reportedly submitted a proposal regarding the agreement to the SEC, signifying a significant step for both companies and investors seeking exposure to the growing crypto industry.

Gateway to Nasdaq

Coincheck is a renowned digital asset exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term with a market share of over 1.98 million accounts, while Thunder Bridge Capital Partners IV is an SPAC that facilitates mergers and acquisitions within the financial sector. The proposed merger signifies Coincheck's ambition to expand its global footprint and gain access to the Nasdaq market. According to the press release, the combined entity, to be named Coincheck Group N.V., is pending regulatory approvals and shareholders' consent.

Last year, Coincheck faced a hurdle after the parent company, Monex Group, announced a one-year delay in the cryptocurrency exchange's public listing. The anticipated merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term, originally scheduled for completion by July 2, 2023, was extended to July 2, 2024.

Monex Group confirmed the delay, citing the approval of an amendment to the SPAC's certificate of incorporation at a shareholders' meeting held in June 2023. While the exact reasons behind the delay remain unclear, speculations emerged about potential setbacks in obtaining approval from the shareholders. This setback marked the second delay in Coincheck's journey toward listing on Nasdaq.

Coincheck IPO Delayed

Monex announced its intentions to take Coincheck public in 2022, entering an agreement valued at approximately $1.25 billion with Thunder Bridge. Originally expected to debut on the Nasdaq in the latter half of 2021, unforeseen circumstances have continuously pushed the listing further, now scheduled for this year.

Under the agreement, Thunder Bridge is set to inject $237 million in cash into the combined entity. Additionally, Gary Simanson, Thunder Bridge's President and CEO, will reportedly assume the role of CEO in the merged organization. Monex will retain a significant majority stake of 82% in the new entity and maintain its commitment to Coincheck's growth trajectory amidst the challenges of the listing delay.