Coincheck Goes Public on Nasdaq

Japan’s Crypto Giant Makes U.S. Debut

Coincheck, Japan’s second-largest cryptocurrency exchange, is listing on Nasdaq this Wednesday via a de-SPAC merger with Thunder Bridge Capital. The combined company, named Coincheck Group N.V., will trade under the ticker CNCK with an initial implied market capitalization of $1.3 billion. This listing makes Coincheck the second cryptocurrency exchange to go public in the U.S., following Coinbase’s direct listing in 2021. The move is seen as a significant milestone for the Japanese exchange, aiming to expand its global presence.

From Filing to Approval

Coincheck’s public listing journey began in 2022, but regulatory hurdles delayed the process. In May 2024, the company filed its final F-4 form with the SEC. By November, the SEC approved the registration, paving the way for shareholder approval last week. The de-SPAC deal reflects a broader trend of private firms leveraging special purpose acquisition companies (SPACs) to go public. Thunder Bridge IV raised $230 million in its 2021 IPO, and Coincheck’s merger is the culmination of this strategy.

Strategic Growth Amid Crypto Momentum

Coincheck’s Nasdaq debut aligns with a period of renewed interest in crypto, fueled by Bitcoin’s rising price and increasing institutional capital inflows. In a November statement, the company highlighted plans to use its public status to attract international investors, recruit top talent, and make global acquisitions. The listing also underscores Japan’s stringent crypto regulations, implemented after Coincheck’s 2018 hack, which resulted in the loss of $530 million worth of NEM tokens. The exchange reimbursed affected users and strengthened its security framework.

Advisors and Partners

Monex Group, which acquired Coincheck in 2018 for $33.6 million, remains a significant player in this transition. The firm operates Coincheck as a subsidiary and provided strategic support throughout the de-SPAC process. Several financial advisors contributed to the deal. Thunder Bridge Capital received guidance from Galaxy Digital, Barclays Capital, and Cantor Fitzgerald & Co. On the other side, Monex partnered with J.P. Morgan Securities as its sole financial advisor.

What Nasdaq Listing Means for Coincheck

By going public, Coincheck gains greater access to international capital markets. The Nasdaq-listed status enables the exchange to issue shares for talent recruitment and acquisitions, enhancing its position in the competitive global crypto market. Additionally, the listing brings more transparency and credibility to Coincheck, a crucial factor as the crypto industry faces heightened scrutiny and regulatory demands worldwide.

A Milestone for Crypto Exchanges

Coincheck’s Nasdaq debut represents a growing trend of cryptocurrency exchanges seeking public listings to scale operations and attract institutional investors. The move follows similar paths taken by Coinbase and Bakkt, highlighting a shift toward mainstream adoption. As Coincheck begins trading on Nasdaq under the CNCK ticker, it sets a precedent for other international crypto firms looking to expand their reach and impact in the U.S. financial market.