Coincheck, the Japanese cryptocurrency exchange, has completed its merger with Thunder Bridge Capital and officially began trading on Nasdaq under the ticker CNCK, marking a significant milestone for the cryptocurrency industry.
Coincheck Group, the parent company of the Japanese cryptocurrency exchange Coincheck, officially listed on the Nasdaq technology stock exchange on December 11, marking an important milestone for the development of the cryptocurrency industry.
Specifically, on December 10, Coincheck Group, based in Amsterdam, announced the completion of its merger with Thunder Bridge Capital through SPAC (a company formed to take private companies public). After the merger, Coincheck's shares and warrants began trading on Nasdaq under the ticker symbols CNCK and CNCKW, respectively. This merger agreement, first announced in March 2022, valued Coincheck at $1.25 billion.
Coincheck announces listing on Nasdaq. Source: Coincheck The journey from the hack to the listing on Nasdaq
The listing on Nasdaq marks a significant turning point in Coincheck's journey, especially after the exchange experienced one of the largest hacks in cryptocurrency history. In January 2018, Coincheck was hacked, resulting in the loss of $534 million worth of NEM (XEM) cryptocurrency. This event shocked the global cryptocurrency community and raised many questions about the security of exchanges.
However, after fully reimbursing customers for the lost funds, Coincheck has worked to rebuild trust and focus on strengthening its security systems, while aiming for a public listing.
Founded in 2012, Coincheck is one of the largest cryptocurrency exchanges in Japan with 1.5 million verified customers as of 2022.
According to data from CoinGecko, Coincheck is currently in the top 100 largest cryptocurrency exchanges in the world, with a daily trading volume of about $165 million. Its strong presence in the Japanese market, combined with the Nasdaq listing, opens up opportunities for accessing capital and expanding operations into international markets for Coincheck.
Coincheck confirmed its plan to list on Nasdaq in October 2022, with the initial goal of completing it by July 2023. However, the company had to adjust the merger agreement with Thunder Bridge and extended the completion timeline by one year in May 2023. In early November, the U.S. Securities and Exchange Commission (SEC) officially approved Coincheck's listing application, paving the way for the official listing on December 11.
The merger agreement between Coincheck and Thunder Bridge brought in a total of about $31.6 million for the company post-merger. This is crucial capital to help Coincheck strengthen its financial position and promote future development plans.
Mr. Oki Matsumoto, Chairman of Monex Group and Executive Chairman of Coincheck, emphasized that the combination of a strong business platform in Japan and the strength of the U.S. capital market is key to Coincheck's success. Mr. Gary Simanson, Chairman and CEO of Thunder Bridge IV, also expressed optimism about Coincheck's growth potential in the cryptocurrency and Web3 sectors.