- Japan-based cryptocurrency exchange Coincheck plans to merge with Thunder Bridge Capital Partners IV, Inc. (THCP), a Special Purpose Acquisition Company (SPAC) listed on Nasdaq.
- The merger, pending regulatory approvals, is expected to finalize in Q3-Q4 2024.
- Despite a 2023 setback delaying its listing, Coincheck pursues global expansion via this strategic merger with THCP.
Coincheck, a Japanese cryptocurrency exchange, is set to merge with Nasdaq-listed SPAC, Thunder Bridge Capital Partners IV, Inc. (THCP), aiming for global expansion and a Nasdaq listing.
Coincheck to Merge with Thunder Bridge Capital Partners IV
Coincheck, a leading cryptocurrency exchange in Japan, is teaming up with Thunder Bridge Capital Partners IV, Inc. (THCP), a Special Purpose Acquisition Company (SPAC) listed on Nasdaq. This proposed merger will see Coincheck listed as a publicly traded entity on the Nasdaq Global Select Market under the “CNCK” ticker. THCP confirmed that it had tendered a registration statement to the U.S. Securities and Exchange Commission (SEC) for the partnership with Coincheck. The filling, put forward by Coincheck Group B.V., covers the business details and timeframe for completion.
Merger Expected to Finalize in Q3-Q4 2024
The collaboration between Coincheck and THCP is set to be finalized between Q3 and Q4 of 2024. The proposed merger is subject to regulatory approvals and other closing clauses. Once finalized, Coincheck Group B.V. will be renamed Coincheck Group N.V. This will make the company a publicly traded holding company headquartered in the Netherlands, with Coincheck operating as its wholly-owned subsidiary.
Coincheck’s Global Expansion and Nasdaq Listing
Coincheck is a digital exchange platform boasting a market share of over 1.98 million accounts. At the same time, Thunder Bridge Capital Partners IV is an SPAC specializing in mergers and acquisitions within the financial sector. This initiative signals Coincheck’s goal of expanding its global presence and tapping into the Nasdaq market.
Setback in 2023 and Future Outlook
In 2023, Coincheck saw a setback when its parent company, Monex Group, announced a one-year postponement in its public listing. Initially billed for completion by July 2, 2023, the anticipated union was rescheduled to July 2, 2024. This pause was verified by Monex Group in June 2023, which confirmed an amendment to the SPAC’s certificate of incorporation during a shareholders’ meeting. Even though the reasons for the delay were undisclosed, opinions arose regarding potential hurdles in securing shareholder endorsement. This pause was the second instance Coincheck’s Nasdaq listing was postponed.
Conclusion
Despite the setback in 2023, Coincheck’s planned merger with THCP signals a strategic move towards global expansion and a Nasdaq listing. The merger, subject to regulatory approvals, is expected to finalize in late 2024, marking a significant milestone in Coincheck’s journey as a global cryptocurrency exchange.
