Coincheck to Go Public on Nasdaq Through SPAC Deal

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Japanese crypto exchange Coincheck has announced it plans to list on the Nasdaq in the second quarter through a $1.25 billion SPAC deal with Thunder Bridge Capital Partners IV (THCP).

The deal is expected to close in the second quarter. The shares will receive the ticker CNCK.

The combined company was valued at $1.25 billion. The share of the main shareholder of Coincheck – Monex Group – will be 82%. THCP will provide $237 million in cash.

According to the press release, the platform, which is regulated by the FSA, offers its services to 1.5 million verified clients, offering the largest number of crypto assets and IEO opportunities among Japanese exchanges.

Coincheck suffered in 2018 one of the biggest hacks in the history of cryptos in which more than half a billion dollars in NEM was stolen from the trading platform.

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