By George Ward
Coincheck, a Japanese-based crypto exchange, plans to list its stock on Nasdaq. This will provide the firm access to America’s growing capital markets.
The Japanese crypto exchange has confirmed its plans to foster a public stock offering on Nasdaq in the United States. This move will open more opportunities for the company in the country.
Last Friday, Coincheck submitted the documents to the US SEC. Monex Group, the exchange’s majority share owner, confirmed the SEC filing.
The group said the company would proceed with its Nasdaq listing steps via a SPAC (Special Purpose Acquisition Company) partnership with Thunder Bridge Capital Partners.
If the merge goes as planned, the exchange’s Nasdaq listing will occur on July 2nd, 2023. The company will do the listing under the ticker CNCK.
Meanwhile, SPACs are publicly listed companies that don’t do business. Instead, they usually offer their stocks to the general public. The aim is to raise funds for a potential buyout of a private firm.
Nasdaq is among the largest stock exchanges in the world by market capitalization and volume. According to reports, Coincheck first voiced its intention to go public in March. Then, the company merged with Thunder Bridge with a total valuation of $1.25 billion.
Other Crypto Firms Planning To Go Public
Coincheck’s financial statements reveal that it has over 1.75 million active users. This number represents nearly 28% of Japan’s crypto asset market sector.
Unfortunately, the bearish market has affected the firm’s crypto trading volume. Also, the firm’s operating revenues dropped by 50% quarter-on-quarter.
Monex Group acquired Coincheck after it witnessed an attack in 2018. The deal cost over $33.5 million. Monex Group presently owns 94.2% shares in Coincheck.
Meanwhile, several crypto-based firms have voiced their wish to go public via a SPAC merger. In addition, several crypto-mining firms have expressed their desire to go public. They include Bitdeer, Miner Tomorrow, and Core Scientific.
PrimeBlock, a BTC mining firm, said it would go public through a SPAC deal worth $1.25 billion in April. Also, eToro, a crypto firm, had plans to go public but later terminated the agreement.
In January, Core Scientific, North America’s BTC miner, went public via a SPAC merger. The company was listed on Nasdaq via a $4.3 billion merger with Power & Digital Infrastructure Acquisition Corporation. In addition, Bakkt, a digital asset trading platform, decided to go public using SPAC in 2021.