Japanese crypto exchange Coincheck to go public on Nasdaq

On December 11, 2024, trading of shares of the Japanese cryptocurrency platform Coincheck will begin on the Nasdaq exchange under the ticker CNCK. Coincheck will become the second cryptocurrency exchange, after Coinbase, whose shares will be traded on the US stock market.

From hack to IPO

Coincheck, one of Japan's largest cryptocurrency exchanges, was founded in 2014. In 2018, the company suffered a major hack, resulting in the theft of $533 million worth of cryptocurrency. However, the exchange recovered and continued its growth. Today, the platform offers 19 trading pairs with 16 crypto assets, and its daily trading volume is $159.9 million, confirming its leadership in the Japanese market.

The path to publicity

For its Nasdaq listing, the company chose the route of merging with Thunder Bridge Capital Partners IV through a SPAC deal (Special Purpose Acquisition Company). This allows Coincheck to become a public company without going through a traditional Initial Public Offering (IPO). Originally, the listing was planned for July 2023, with the company valued at $1.25 billion, but the process was delayed.

The long-awaited listing

Coincheck's listing on Nasdaq is a significant event for the company and the crypto industry as a whole, underscoring the growing interest of traditional financial markets in cryptocurrency assets. This move also signals the potential for blockchain companies to become part of the global economy, despite the challenges faced by other exchanges, such as DMM Bitcoin, which lost funds after a hack and liquidation.