Coincheck Group, the parent company of the Coincheck crypto exchange, has achieved a major milestone by beginning trading on the Nasdaq stock exchange on December 11th. This achievement comes after the successful completion of a merger with Thunder Bridge Capital, which was finalized earlier this month.
The merger between Coincheck Group and Thunder Bridge Capital was officially approved by Thunder Bridge shareholders during a special meeting on December 5th. Following this approval, the merger was successfully concluded, leading to Coincheck’s shares and warrants trading under the tickers CNCK and CNCKW, respectively.
Oki Matsumoto, Executive Chairman of Coincheck and Representative Executive Officer of Monex Group, attributed the company’s success to its strong foundation in Japan and its strategic utilization of US capital markets. He emphasized the collaboration between exceptional business and capital markets talent in both Japan and the US as key factors in Coincheck’s growth.
The merger has generated gross proceeds of approximately $31.6 million, including capital held in restricted accounts as per the agreement. Notable firms such as Galaxy Digital, JP Morgan, Cantor Fitzgerald, and Barclays Capital served as advisors for the transaction, highlighting the significance of this milestone.
Coincheck’s listing on the Nasdaq marks a significant moment for the US crypto market, as it becomes the second publicly listed dedicated crypto exchange in the country after Coinbase. Mathew Sigel, VanEck’s head of research, emphasized the importance of this development, noting that Coincheck is Japan’s second-largest crypto exchange.
Despite facing challenges such as a $530 million hack in 2018, Coincheck has demonstrated resilience by repaying the losses using its own capital. This recovery and subsequent listing on the Nasdaq are seen as positive indicators of the growing acceptance of the crypto industry in the US.
With President-elect Donald Trump set to take office, there is anticipation for a more favorable regulatory environment for digital assets. Market observers hope that the new administration will reduce enforcement actions and introduce policies to encourage innovation in the crypto industry.
Overall, Coincheck’s listing on the Nasdaq represents a significant step forward for the company and the US crypto market, signaling potential growth and opportunity in the evolving landscape of digital assets.