Following a special purpose acquisition company (SPAC) merger with Thunder Bridge Capital Partners IV, Inc., Coincheck Inc., a Japan-based crypto exchange with over 1.5 million verified customers, is pursuing a Nasdaq listing.
Coincheck Group, N.V., the consolidated holding company, is planned to launch on Nasdaq in the second quarter of 2022, with the ticker symbol “CNCK.”
SPACs publicly traded companies that don’t operate. They sell their stock to the public in order to raise funds for the purchase of a private company in the future.
The combined holding company will receive $237 million in cash held in trust by Thunder Bridge IV upon completion of the merger deal, which acquired approval by the boards of directors of Coincheck, Monex Group, Inc., and Thunder Bridge IV.
The parent corporation will likely own 82% of the combined entity
Following a data breach in 2018, Monex Group purchased Coincheck for $33.5 million. With the newly merged holdings acting as a subsidiary of the crypto exchange’s parent business. Monex Group, Inc. owns 94.2% of Coincheck and will keep all of its shares after the transaction closes. The parent corporation will likely own 82% of the combined entity.
Coincheck isn’t the first company to consider a public listing through a SPAC merger; in fact, numerous well-known crypto services and mining companies took advantage of the SPAC merger opportunity in 2021. Bakkt went public through a SPAC, as did numerous other companies, including a $3.3 billion mining business.
Many market experts believe that SPAC mergers are particularly popular. Because of their distinct benefits over other types of funding and liquidity. Traditional IPOs typically offer higher valuations, less dilution, faster access to capital, greater certainty, and fewer regulatory requirements. SPACs, on the other hand, frequently offer lower valuations, less dilution, faster access to capital, more certainty. As well as fewer regulatory requirements.