- Coincheck to become first Japanese crypto exchange on Nasdaq, gaining SEC approval for a December listing.
- Merger with Thunder Bridge Capital enables Coincheck’s Nasdaq debut, deepening U.S.-Japan financial ties.
- Coincheck’s Nasdaq entry could inspire other Japanese exchanges, strengthening global crypto market integration.
Coincheck, a cryptocurrency exchange located in Tokyo and owned by Monex Group, has obtained regulatory authorization from the United States Securities and Exchange Commission to be listed on the Nasdaq Global Market.
This action sets Coincheck up to be the initial Japanese crypto exchange to be listed on a U.S. stock exchange. The SEC's authorization, given on November 13, allows Coincheck to move forward with its initial public offering as soon as December 10.
Merger with Thunder Bridge Capital
The listing of Coincheck on Nasdaq will occur via a merger with Thunder Bridge Capital Partners (TBCP), which is a Special Purpose Acquisition Company (SPAC). The merger enables Coincheck to maintain its status as a consolidated subsidiary of Monex Group while broadening its presence in the U.S. financial market.
SPAC mergers have gained popularity as a pathway for companies to access public markets, particularly for businesses in new sectors such as cryptocurrency. As a result, this merger might establish a precedent, prompting other Japanese cryptocurrency exchanges to explore international listings.
SEC Approval
The regulatory journey began on November 7, when Coincheck filed a Form F-4 registration statement with the SEC. The SEC granted effectiveness to the registration on November 12, paving the way for the official listing process.
Following this, TBCP plans to hold a shareholder vote on December 5 to approve the merger, which will allow Coincheck to trade under the ticker symbol CNCK upon the Nasdaq debut.
Impact on U.S.-Japan Financial Relations
Coincheck’s entry into the Nasdaq market represents a milestone in U.S.-Japan financial relations. With its listing, Coincheck could inspire other Japanese exchanges to explore opportunities in global markets, potentially enhancing financial cooperation between Japan and the U.S.
For American markets, this listing could also encourage more international cryptocurrency firms to expand into the U.S. market, bolstered by a regulatory environment expected to support cryptocurrency under the incoming administration.
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