Japanese Cryptocurrency Exchange Coincheck Debuts on Nasdaq

Highlights:

• Coincheck has become the first Japanese crypto trading platform to list on Nasdaq publicly.
• Coincheck completed its merger with Thunder Bridge Capital to launch on Nasdaq.
• Monex Group acquired Coincheck in 2018, supporting its growth in the crypto market.

Coincheck, Japan’s second-largest cryptocurrency exchange, is now publicly listed on the Nasdaq Global Market. This makes Coincheck the first Japanese crypto exchange to be listed on a U.S. stock market. It joins Coinbase, which made a similar move in 2021.

On December 10, Amsterdam-based Coincheck Group announced the completion of its merger with Thunder Bridge Capital. This merger paves the way for Coincheck’s public launch on Nasdaq. Following the merger, Nasdaq will list Coincheck’s common shares and warrants, which will trade under the symbols CNCK and CNCKW.

Coincheck Group N.V.のNASDAQ上場のお知らせhttps://t.co/2kEZo6JCBq@NasdaqExchange

— Coincheck(コインチェック) (@coincheckjp) December 10, 2024

Satoshi Hasuo, CEO of Coincheck, noted:

“Going forward, as a core company of CCG listed on NASDAQ, we will focus more than ever on expanding the possibilities of cryptocurrency, a new means of value exchange.” 

In November, the cryptocurrency exchange Coincheck obtained SEC Form F-4 approval. This indicates that the regulator reviewed the documents and determined they met the necessary legal requirements for listing.

'Coincheck U.S. NASDAQ Listing'
I think this is an announcement with great potential to stimulate trading of crypto through the capital of the stock market and to become a venue for creating many entrepreneurs.
There are several startups in my neighbours that are planning to…

— HARA (@HARA_JasmyCFO) November 13, 2024

Coincheck’s Growth Under Monex Group

Coincheck, founded in 2012, is one of Japan’s largest crypto exchanges. By 2022, the platform had gained 1.5 million verified customers. It ranks among the top 100 global exchanges, with a daily trading volume of approximately $165 million, according to CoinGecko. In January 2018, Coincheck gained international attention after a hack stole $534 million worth of NEM (XEM) tokens. 

Monex Group, one of Japan’s largest financial services companies, bought Coincheck for 3.6 billion yen ($33.6 million) in 2018. Since then, Coincheck has operated as a subsidiary of Monex, continuing its business with the support of the larger company.

Representative Executive Officer and Chairman of Monex Group and Executive Chairman of Coincheck, Oki Matsumoto, said:

“Coincheck was created through the fusion of a robust business foundation built in Japan, combined with the strengths of the U.S. capital markets through the close collaboration of exceptional business and capital markets talent in both Japan and the US.”

Crypto Exchanges Going Public

In 2021, Coinbase became the first crypto exchange to go public on Nasdaq. It chose a direct listing instead of a traditional initial public offering (IPO) or a reverse merger. In 2022, Bakkt, a cryptocurrency services firm supported by the New York Stock Exchange, went public on the New York Stock Exchange (NYSE).

A recent report indicates that eToro is planning an initial public offering in the second quarter of next year. The platform, which offers crypto and traditional assets, has hired Goldman Sachs to help with the process. Moreover, in September, The Korean Economic Daily reported that South Korean crypto exchange Bithumb is considering a Nasdaq listing. The exchange aims for the listing next year and has chosen Samsung Securities as its manager for the initial public offering.

Bithumb, South Korea's second largest cryptocurrency exchange, announced at an extraordinary shareholders' meeting that it is considering listing on the Nasdaq in the United States, with the goal of listing in the second half of next year, with Samsung Securities as the main…

— Wu Blockchain (@WuBlockchain) September 30, 2024