On July 2, 2023, Japanese cryptocurrency exchange Coincheck plans to merge with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV to complete its listing on Nasdaq.
The transaction was initially planned for March of this year, when its estimated value was roughly $1.25 billion.
The majority owner of Coincheck, Monex Group, stated in a U.S. press release: "Working with Thunder Bridge Capital Partners, Coincheck aims to expand its crypto asset business by gaining exposure to international investors, accessing the U.S. capital markets, and recruiting talent to realize its growth strategy. filing with the Securities and Exchange Commission (SEC).
According to an SEC filing, Coincheck is one of the biggest cryptocurrency exchanges in Japan with a 27% market share. It presently has 1.75 million users and supports trading of 18 different coins.
The SEC observed in March that mergers with SPACs have become a common strategy for companies to list on public markets in recent years, accounting for more than half of all initial public offerings in 2020–2021.
Some SPACs, however, have been hampered by the current fall in the cryptocurrency market. For instance, in August, the bitcoin miner PrimeBlock abandoned its ambitions to go public by merging with 10X Capital Venture Acquisition.
