Coincheck is considering a Nasdaq after a $1.25 billion SPAC deal


Coincheck’s parent firm Monex Group Inc. will possess the majority of the new consolidated holding company named Coincheck Group, N.V.

Coincheck Inc., a Japan-based cryptocurrency exchange with over 1.5 million verified clients, is considering a Nasdaq listing after its merger with Thunder Bridge Capital Partners IV, Inc.

Coincheck Group, N.V., the consolidated holding company, is planned to debut on Nasdaq in the second quarter of 2022 under the ticker code CNCK.

SPACs are publicly listed companies that are not in the business of doing business. They sell their shares to the public in order to raise funds for the purchase of a private firm in the future.

The merged holding company will receive $237 million in funds held in trust by Thunder Bridge IV following completion of the transaction. Coincheck’s board of directors, Coincheck’s parent firm Monex Group, Inc., and Thunder Bridge IV have all authorised the transaction.

Coincheck and Thunder Bridge did not react to Cointelegraph’s request for comment at the time of publication.

Following a data breach in 2018, Monex Group bought Coincheck for $33.5 million, with the combined holdings serving as a subsidiary of the crypto exchange’s parent business. Monex Group, Inc. now owns 94.2 percent of Coincheck and intends to retain all of its shares upon the transaction’s completion. The parent business will hold around 82 percent of the combined company.

Coincheck is not the first corporation to pursue a public listing through a SPAC merger; in fact, numerous notable crypto services providers and mining companies accepted the SPAC merger deal in 2021. Bakkt went public through a SPAC, while a $3.3 billion mining business, along with numerous others, opted for a SPAC merger.

Numerous market analysts assert that the reason for SPAC mergers’ success is their specific benefits over other forms of funding and liquidity. SPACs often provide better valuations, less dilution, quicker access to capital, more predictability, and less regulatory constraints than conventional initial public offerings.

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