Japanese Crypto Exchange Coincheck Strategizes Nasdaq Listing via SPAC Merger

By: Eliza Bennet

Japanese crypto exchange, Coincheck, plans to join Coinbase as the second publicly listed crypto exchange organization in the United States. The crypto trading platform anticipates completing its Nasdaq listing in partnership with the special purpose acquisition company (SPAC), Thunder Bridge Capital Partners IV, by the second or third quarter of the current year.

Post-merger, Coincheck Group BV will rechristen as Coincheck Group NV and will be listed on the Nasdaq exchange under the ticker symbol CNCK. It is noteworthy that via SPAC, Coincheck is unburdened of any need to proceed through an initial public offering process akin to Coinbase. However, Coincheck's choice of going public via SPAC could potentially concern investors, considering how most SPACs have underperformed in public markets.

In the backdrop of this development, the SEC has fuelled up its regulatory scrutiny of the growing crypto space. Major crypto firms and exchanges, including Coincheck, have been served with Wells Notices by the financial regulator, alleging that operations of these entities violate local security laws.