Coincheck’s Journey to NASDAQ Listing
The Japanese cryptocurrency exchange Coincheck is on the verge of making its debut on the NASDAQ after receiving the green light from the US Securities and Exchange Commission (SEC) regarding its Form F-4 submission. According to a press release from Monex Group, the parent company of Coincheck, and a report from the Japanese media outlet CoinPost, the SEC has officially approved the filing. This approval signifies that the SEC has thoroughly reviewed the submitted documents and found them compliant with the legal criteria for listing.
This validation from the SEC is a crucial step in the listing process; however, Coincheck is still awaiting the final approval from NASDAQ to proceed. HARA, the CFO of Jasmy, expressed excitement about the potential impact of Coincheck’s impending NASDAQ listing, stating that it could significantly enhance crypto trading through stock market capital and foster a wave of entrepreneurship in the sector.
Upcoming Listing Timeline
Coincheck’s operating entity has announced that the timeline for the listing has now been set. Thunder Bridge Capital Partners IV, the special purpose acquisition company (SPAC) facilitating this transition, is scheduled to hold a shareholders’ meeting on December 5. Thunder Bridge IV aims to merge with Coincheck, and their press releases have indicated that the business combination is expected to conclude around December 10, 2024, pending stockholder approvals and compliance with NASDAQ’s customary closing conditions.
This prospective merger comes at a particularly buoyant time for tech stocks, with the Nasdaq 100 Index recently achieving its first record high since July, following the US presidential election. This trend further contributes to the powerful bull market seen in large technology companies.
Management and Future Outlook
Post-listing, Coincheck will continue to operate under the leadership of its experienced management team, with Oki Matsumoto remaining as Executive Chairman. Following this merger, the newly formed company will be known as Coincheck Group, and it is expected to trade under the ticker symbol “CNCK.”
Thunder Bridge IV mentioned that its units would break down into individual securities once the merge is completed, which is anticipated to occur shortly after the December 10 date, allowing trading to commence on NASDAQ the next business day.
Challenges Ahead
Despite the optimistic outlook, CoinPost has noted that several significant hurdles remain before the NASDAQ listing can be realized. These obstacles include the upcoming shareholders’ meeting, ensuring compliance with minimum cash requirements, and adhering to NASDAQ’s listing protocols. The filing also acknowledges the inherent risks associated with this venture, particularly the volatility associated with cryptocurrency markets and the ever-evolving regulatory landscape.
As the cryptocurrency sector gains prominence, several Japanese exchanges, including competitors of Coincheck such as DMM, Bitbank, and bitFlyer, have laid out plans for global expansion this year, signaling an exciting time for the crypto market in Japan.