SEC Gives Coincheck Green Light to Be First Japanese Crypto Exchange on Nasdaq

Coincheck will become the first Japanese cryptocurrency exchange to list on Nasdaq after receiving approval from the United States Securities and Exchange Commission.

According to the company Press releaseThe SEC approved Coincheck's confidential draft registration statement on Form F-4 on November 7, which became effective on November 12.

The Japanese crypto exchange will debut on the Nasdaq Global Market following a merger with Thunder Bridge Capital Partners IV, making it the first Japanese crypto exchange to list on a US stock exchange.

By merging with TBCP, Coincheck will remain a subsidiary of Monex Group after listing. Following approval, Thunder Bridge Capital will hold a shareholder meeting on December 5 to vote on completing the merger. Once the merger is finalized, Coincheck will officially list on Nasdaq under the symbol CNCK, with trading expected to begin on December 11, one day after the closing date.

In May 2024, Coincheck announced that the F-4 form it filed with the Securities and Exchange Commission was still under review. However, the crypto exchange anticipated finalizing the merger with Thunder Bridge by the second or third quarter of 2024. Following the merger, Coincheck Group BV will be renamed Coincheck Group NV.

Monex Group, the parent company of Coincheck, had initially planned to go public on a US stock exchange through the $1.25 billion merger with Thunder Bridge Capital IV. However, the deal faced multiple delays, postponing Coincheck's long-awaited listing on Nasdaq.

As part of the deal, the combined business will receive $237 million in escrow from Thunder Bridge. Additionally, Gary A. Simanson, CEO of Thunder Bridge, will head the merged entity, while Monex will retain a majority stake of 82%.

Coincheck is a cryptocurrency and nft exchange, which was established in 2012. Although based in Tokyo, the crypto exchange serves a global community. When it first opened, it operated under Rejupress before it was eventually acquired by Monex Group, Inc in 2018.