Japanese Exchange Coincheck Targets Nasdaq Listing in Q3 – Crypto Adoption Rising?

Japanese cryptocurrency exchange, Coincheck, has announced plans to list on Nasdaq via a merger with Thunder Bridge Capital Partners IV (THCP) in Q3 of 2024. The move is subject to the approval of Thunder Bridge IV’s stockholders and other regulatory conditions.

Japanese cryptocurrency exchange Coincheck is set to become a publicly traded company, signaling a potential rise in crypto adoption.

Coincheck Nasdaq Listing Draws Investment Concerns

The definitive agreement between Coincheck and Thunder Bridge IV outlines several conditions that must be met before the merger can proceed. These include the SEC declaring the registration statement effective, receiving specific regulatory approvals, and obtaining approval from the Nasdaq Stock Market to list the securities of the combined company.

Merger Details and Implications

Once the merger is finalized, Coincheck Group B.V., the entity that controls Coincheck, will be renamed Coincheck Group N.V. The new holding company will be domiciled in the Netherlands and will have Coincheck as its wholly-owned subsidiary. Coincheck Group N.V. expects to be listed on the Nasdaq stock exchange under the “CNCK” ticker, joining Coinbase (COIN) as another major exchange to be publicly traded in the US.

Coincheck will use a special purpose acquisition company (SPAC) to get listed on the Nasdaq rather than the initial public offering (IPO) path used by Coinbase. While this will drive greater visibility and a pathway to a broader investor base, market observers might feel concerned, given how poorly most SPACs have performed in public markets.

Stock Markets Embrace Crypto: A New Era of Crypto Adoption and Growth

Despite potential concerns, Coincheck exchange’s decision to list on Nasdaq signals a big milestone in the growing mainstream acceptance of cryptocurrencies. The exchange’s public listing on a major stock exchange could potentially attract more institutional investors and pave the way for other crypto exchanges to follow suit. This could increase the visibility of influential crypto companies, driving adoption and investment in the space.

Other prominent publicly traded crypto companies include Coinbase and bitcoin mining company Riot Blockchain. Coinbase, for one, has been a standout performer in the stock market, recently reporting a 72% increase in Q1 revenue.

In another development signifying mainstream crypto adoption, PayPal expanded the inventory of crypto products available to its 426 million customers via its integration with MoonPay. The partnership will make it easier for PayPal customers to buy a wider variety of cryptocurrencies without giving their card details to MoonPay.

Conclusion

The planned Nasdaq listing of Coincheck, despite potential concerns surrounding SPACs, represents a significant step towards mainstream crypto adoption. It could attract more institutional investors, increase the visibility of crypto companies, and pave the way for other exchanges to follow suit. With other major companies like Coinbase and PayPal also making significant strides in the crypto space, the future of crypto adoption looks promising.