Nasdaq To List Japanese Crypto Exchange Coincheck Following SEC Approval

by

As a seasoned crypto investor with a keen eye for market trends, this news about Coincheck listing on Nasdaq is nothing short of exhilarating. Having navigated through the rollercoaster ride that was the 2017 ICO boom and bust, and witnessing the subsequent maturation of the cryptocurrency sector, I can’t help but feel a sense of validation for those who believed in the potential of digital assets from day one.

On November 13, 2024, Coincheck, a Tokyo-based cryptocurrency exchange owned by Monex Group, became the initial Japanese crypto exchange to be listed on Nasdaq, marking a significant milestone in its history. This momentous event was made possible after receiving approval from the United States Securities and Exchange Commission (SEC).

Via a combination with Thunder Bridge Capital Partners IV (TBCP), a specific-purpose buying group (SPAC), Coincheck is set to be listed on Nasdaq using the symbol CNCK. Trading is anticipated to start on December 11.

Coincheck Set to Become First Japanese Crypto Exchange Listed on Nasdaq

As per the recent SEC filing, it appears that Coincheck is set to make history as the first Japanese cryptocurrency exchange to debut on Nasdaq. The trading for this exchange is slated to start on December 11. This listing will be achieved through a merger with TBCP, which means that post-listing, Coincheck will continue to be a subsidiary of the Monex Group.

This progress is based on the Securities and Exchange Commission (SEC) approving the registration statement for the exchange, filed as Form F-4 on November 7, which officially went into effect on November 12.

The listings will serve as a path for additional exchanges from Japan and various other areas to join the American stock markets. At the same time, a shareholder vote in December is set to approve the merger, thus concluding the necessary procedures for entering the market.

Through the merger, the newly formed Coincheck-Thunder Bridge group stands to gain around $237 million from Thunder Bridge Capital Partners’ trust. This infusion of funds is intended to fuel growth and expansion initiatives, marking a significant milestone as Nasdaq onboards its inaugural Japanese cryptocurrency exchange.

As a crypto investor, I’m excited to learn that Gary A. Simanson, CEO of Thunder Bridge Capital, is set to lead the newly merged company, which will trade under the ticker symbol CNCK. It’s interesting to note that Monex Group, the parent company of Coincheck, will maintain an 82% controlling stake. This means that although the exchange will list on the U.S. market, it will still primarily operate under Japanese ownership, a fact that ensures continuity and stability in its leadership and operations.

Implications for Global Crypto Markets and Exchanges

The SEC’s approval and subsequent listing signifies a major advance in the integration of the cryptocurrency market between the United States and Japan. This listing serves as a model for Japanese crypto companies aiming to expand into U.S. markets, and it might also prompt other exchanges to follow suit by tapping into the U.S. capital markets. According to industry experts, this move could spark similar actions from other exchanges seeking such opportunities.

After receiving approval from the SEC, Thunder Bridge Capital has set a shareholder meeting for December 5th. At this gathering, stakeholders will deliberate and vote on finalizing the merger. This Nasdaq listing signifies the successful conclusion of a multi-year endeavor to be listed on a U.S. stock exchange.

Indeed, this partnership underscores a notable trend of increased recognition and assimilation of digital asset companies into the mainstream financial sector.

Read More

2024-11-13 20:22