Coincheck to Pursue Nasdaq Listing Through Merger with Thunder Bridge Capital Partners IV
Coincheck, a Japanese cryptocurrency exchange, is in the process of pursuing a listing on the Nasdaq via a merger with Thunder Bridge Capital Partners IV. After facing two delays since the initial announcement in March 2022, the completion of the deal is now anticipated in the second or third quarter of 2024, subject to approval from Thunder Bridge's stockholders, the U.S. SEC, and Nasdaq. The initial completion timeline of the merger, which was slated for the second half of 2022, has been rescheduled to July 2023 and further extended.
Key Takeaways
- Coincheck, a Japanese cryptocurrency exchange, is striving for a Nasdaq listing through a merger with Thunder Bridge Capital Partners IV.
- The merger, initially revealed in March 2022, has encountered two delays and is now expected to conclude in Q2 or Q3 2024, contingent upon necessary approvals.
- The completion timeframe hinges on the consent of Thunder Bridge IV's stockholders, the U.S. SEC, and Nasdaq.
- Originally planned for H2 2022, Coincheck's listing has been postponed to July 2023 and subsequently prolonged.
- Further delays are possible, as the listing has already been deferred twice since its announcement.
Analysis
The postponement of Coincheck's Nasdaq listing through the merger with Thunder Bridge Capital Partners IV raises concerns about regulatory barriers and market conditions. The crucial approvals from the U.S. SEC and Nasdaq, along with the consent of Thunder Bridge's stockholders, are central to this process. As a Japanese cryptocurrency exchange, Coincheck confronts a complex regulatory landscape, and the protracted procedure may impact its market position and investor confidence. Potential ramifications include difficulties in attracting investors and heightened regulatory scrutiny, with ripple effects on similar listings, influencing the broader crypto and tech industries in the US and Japan.
Did You Know?
- Coincheck, established in 2014, is a prominent Japanese cryptocurrency exchange offering trading in various cryptocurrencies including Bitcoin, Ethereum, and Ripple. The exchange made headlines in 2018 due to a hacking incident resulting in the loss of approximately $530 million worth of NEM coins.
- Thunder Bridge Capital Partners IV is a special purpose acquisition company (SPAC) listed on the Nasdaq stock exchange, having raised $250 million in its initial public offering in 2021.
- A Special Purpose Acquisition Company (SPAC) is formed specifically for the purpose of acquiring or merging with an existing company, typically established by investors experienced in a particular industry, aimed at investing in a company in that industry through funds raised via an initial public offering (IPO), leading to the target company becoming publicly traded post-acquisition or merger completion.