Japanese crypto exchange Coincheck sets Q3 as deadline for going public on Nasdaq

Coincheck is advancing its merger with Thunder Bridge Capital Partners IV, now aiming to go public on Nasdaq by Q3.

Japanese cryptocurrency exchange Coincheck has submitted a confidential draft registration statement on Form F-4 to the U.S. Securities and Exchange Commission (SEC) in a bid to proceed with its planned merger with Thunder Bridge Capital Partners IV, Inc, a special purpose acquisition company.

In a press release on May 7, Coincheck said the draft still remains subject to review and comment by the SEC, noting, however, that the proposed merge is anticipated to be finalized in Q2 or Q3, pending approval by Thunder Bridge IV’s stockholders.

Upon completion of the merger, Coincheck Group B.V. will be renamed to Coincheck Group N.V., and the combined enterprise is expected to be listed on the Nasdaq stock exchange under the ticker symbol CNCK, with Coincheck as its wholly-owned subsidiary.

Monex Group, Inc., the parent company of Coincheck, has long sought to list its crypto venture on an American stock exchange through a merger with Thunder Bridge Capital. However, the agreement, valued at approximately $1.25 billion, has faced repeated delays, pushing the listing timeline further for different reasons.

As part of the agreement, Thunder Bridge is expected to put $237 million in cash into the combined entity. Additionally, Gary Simanson, the CEO of Thunder Bridge, is understood to become the head of the merged enterprise, while Monex will retain a significant majority stake of 82%.