Author: Weilin, PANews
The traditional U.S. capital market is about to welcome a new cryptocurrency visitor.
On November 13, Japanese brokerage and cryptocurrency exchange operator Monex Group announced that its subsidiary Coincheck Group BV (CCG) submitted a registration statement (Form F-4) to the U.S. Securities and Exchange Commission (SEC) on November 12. Taking effect, this means that Coincheck will be listed on Nasdaq as soon as December 10 through a SPAC, becoming the first Japanese cryptocurrency exchange to be listed on Nasdaq.
This news has attracted widespread market attention. Under the Trump administration, as the regulatory framework becomes clearer, will the IPO process of cryptocurrency companies accelerate? ARK Invest expressed optimism in its latest newsletter that Trump’s return to the White House could open the door to IPOs for digital asset companies and bring a clear regulatory environment. ARK Invest noted: “This may include reopening the IPO window for digital asset companies such as Circle and Kraken.”
In anticipation of policy changes, news emerged that investors from JPMorgan Chase, Goldman Sachs and Morgan Stanley have begun to contact cryptocurrency companies, showing that investment banks are gradually increasing their interest in the cryptocurrency field.
Expected to be available on Nasdaq as early as December 10
According to the announced schedule, Coincheck’s IPO will be realized through a merger with Thunder Bridge Capital Partners (THCP). Special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV (THCP) will hold a shareholder meeting on December 5, and the merger is expected to be implemented around the 10th of the same month. Shares of Coincheck Group BV (CCG) (ticker: CNCK) are expected to begin trading on the Nasdaq on the next trading day following the completion of the merger.
As early as March 2022, Coincheck announced that it would merge with THCP to achieve an IPO. It was initially planned to be completed in the second half of that year, but subsequently experienced three contract changes, in May 2023, May and October 2024, and finally Received SEC approval.
Japanese crypto exchange Coincheck was founded in 2012, began providing cryptocurrency trading services in 2014, and became the top exchange in the Japanese crypto market in 2017. In January 2018, Coincheck suffered a hacking attack that resulted in the theft of $530 million worth of NEM (XEM) tokens. This incident became one of the largest hacking thefts in crypto history. The exchange had to compensate affected users, resulting in a significant financial impact.
In 2018, Japanese brokerage Monex Group acquired Coincheck, restructured the company and strengthened its security in an effort to regain user trust.
On the X platform, CFO HARA of the Japanese IoT encryption project Jasmy said on the , and became a place where many entrepreneurs were created.
The Trump administration may give the green light to crypto company IPOs, and investment banks are approaching crypto companies
In the United States, several cryptocurrency mining companies and well-known cryptocurrency exchange Coinbase have listed on the stock exchange. This sets a precedent for crypto companies to transform into publicly traded companies, but there are still some crypto companies that have been delayed by the SEC.
The most troubled listing was Circle, the issuer of the USDC stablecoin. It started its listing journey in 2021, but in the end the bull market ended. Sources say Circle confidentially filed for an IPO in January. However, Barron's reported in June that the SEC expressed reservations about Circle's core product, which could delay or affect the company's listing process. The stablecoin issuer also moved its headquarters to the United States in May, a move seen as an effort to boost market confidence. However, according to a (Barron’s) report, the SEC expressed concerns about the risks of stablecoins. The regulator remains cautious about these assets, especially as their market continues to grow.
Another major cryptocurrency exchange, Kraken, is also gearing up for an IPO. The company raised $100 million in a pre-IPO funding round, a sign of investor confidence in its future, Bloomberg reported in June. However, Kraken's launch will still depend heavily on regulatory support and legislative progress.
The coming to power of the new U.S. government is expected to bring about a shift in crypto regulatory policies.
Former U.S. SEC Chairman Jay Clayton recently pointed out that the U.S. Congress may pass legislation to regulate cryptocurrency after Trump takes office. Clayton said he favors loosening regulatory burdens to encourage companies to go public, comments that foreshadow the broad changes in public policy that the crypto industry is now anticipating as it spends heavily to influence this month's presidential election.
In its latest newsletter on November 13, ARK Invest expressed optimism that Trump’s return to the White House could allow digital asset companies such as Circle and Kraken to go public and achieve regulatory clarity. "Possibilities include reopening the IPO window for digital asset companies such as Circle and Kraken," ARK Invest wrote. The firm noted that potential legislative changes, such as the Financial Innovation and Technology for the 21st Century (FIT21), could clear the way for stable Regulations on currencies and digital assets. In addition, the asset manager anticipates the end of SEC Chairman Gary Gensler’s “enforcement regulatory” approach, which could create a more competitive environment for cryptocurrency companies.
Some industry insiders also expressed their views on the possibility of an IPO window. Matthew Kimmell, an analyst at crypto asset management company CoinShares, pointed out that the Trump administration may nominate leaders who are more favorable to crypto assets based on its remarks in support of digital assets, which will affect the prospects of cryptocurrency IPOs, especially the leadership of the SEC. changes and the regulatory structures they create. Haseeb Qureshi, managing partner at San Francisco-based cryptocurrency venture fund Dragonfly Capital, said the post-election environment should be better for cryptocurrency IPOs.
According to The Information, investment bankers from JPMorgan Chase, Goldman Sachs and Morgan Stanley have begun meeting with crypto companies as IPO prospects for the crypto industry look promising after the U.S. presidential election. It’s a sharp shift from the past two years, when many Wall Street banks viewed crypto companies as too risky and were reluctant to take them as clients.
Previously, industry rumors suggested that companies such as Circle Internet Financial, Kraken, Fireblocks, Chainalysis and eToro may go public within the next year or two. Although these companies have been rumored to be listed for several months, there has been no substantial progress. Investment bank advisers say robust plans are taking shape for crypto companies to go public in 2025 or 2026.
Currently, the list of potential crypto IPOs includes crypto custodian Anchorage Digital, blockchain and staking infrastructure company Blockdaemon, crypto custodian BitGo, crypto data analytics company Chainalysis, stablecoin issuer Circle, cryptocurrency brokerage FalconX, crypto Companies such as custody technology provider Fireblocks, crypto exchange Kraken, crypto wallet provider Ledger, and Bitcoin financial services company NYDIG.
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"Japanese exchange Coincheck is listed in the United States. Will the Trump administration "green light" more crypto company IPOs? "This article was first published on (Block Guest).
