Coincheck is a leading crypto exchange in Japan. announced Friday’s plans include a merger of Thunder Bridge Capital Partners IV and special purpose acquisition companies (SPAC), to make the listing on Nasdaq complete on July 2, 2023.
Coincheck said the plans to pursue a public stock offering in the US through Nasdaq would give the firm access to the country’s lucrative capital markets.
According to the exchange, the move would allow it to grow its crypto asset business through accessing U.S. capital markets and gaining exposure to global investors. It also allows it to recruit talent to help realize its growth strategy. Monex Group, the majority owner of Coincheck, stated this in a U.S Securities and Exchange Commission (SEC).
Coincheck made public its plans to list on the stock exchange in March this year. Its merger with Thunder Bridge Capital was worth $1.25 million at that point.
SPACs were the best way for crypto companies to reach the public market in 2020 and 20,21. But, the craze has cooled due to a general market downturn and added Securities and Exchange Commission Regulations (SEC).
To increase investor protection, the SEC has been more cautious since June.
Overall, SPACs have been volatile and are on a downward trend this year. SPACs could be closing deals too soon for crypto companies looking to go public.
Circle Internet Financial, the backer of the “stablecoin” USD Coin, has been trying to go public with a SPAC called Concord Acquisition (CND) since July last year.
A crypto/SPAC deal is also being discussed between eToro Group (Israel-based online brokerage) and FinTech Acquisition Corp.V (FTCV), a SPAC backed veteran financier Betsy Cohen. The companies canceled their merger in early July after they couldn’t close the transaction by its June 30 deadline. The deal was canceled because of failure to get clearance from the SEC.