Coincheck Japan To Be Listed On Nasdaq Through SPAC Merger Over $ 1 Billion

Japanese cryptocurrency exchange Coincheck Inc. said it would be announced in the US

Japanese cryptocurrency exchange Coincheck Inc. said on Tuesday (March 22) it would announce in the United States a merger with blank check firm Thunder Bridge Capital Partners IV Inc in a $ 1.25 billion deal.

The deal would provide revenue of $ 237 million to the affiliate from cash held in a special purpose acquisition company (SPAC) trust, assuming no redemption.

Tokyo -based Coincheck operates a marketplace for buying and selling cryptocurrencies and exchanges for digital assets such as unusable tokens. It has about 1.5 million customers.

The company is in the midst of a $ 530 million theft of digital money in 2018 that prompted tighter regulatory oversight and called for improvements in the crypto exchange risk management infrastructure.

It was acquired later that year for about $ 34 million by Japanese online brokerage Monex Group Inc., which later said it planned to launch a public offering of Coincheck’s start-up.

Monex will own pro-forma ownership of about 82 percent of the merger after the merger, excluding warrants and earnings. Under the agreement, existing Coincheck investors are eligible to receive up to 50 million shares based on future share price performance.

The affiliated entity, to be named Coincheck Group NV, will be listed on the Nasdaq under the “CNCK” symbol. The deal is expected to close in the second half of this year.

SPAC is a publicly listed shell company that conducts IPOs to raise funds to acquire private entities at a later date.


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