Japanese Crypto Exchange Coincheck to Go Public on Nasdaq

Japanese cryptocurrency exchange Coincheck is set to go public on the Nasdaq Global Market after receiving approval from the United States Securities and Exchange Commission (SEC). The latest move comes after the firm’s quest for public listing since 2022.

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

The Japanese crypto exchange was founded in 2012 by its then-parent company, Coincheck Group N.V., a Netherlands-based firm focused on crypto and Web3 services. In 2018, Monex Group, one of Japan’s top financial services companies, acquired the Coincheck crypto exchange.

Coincheck Goes Public

Coincheck merged with Thunder Bridge Capital Partners (TBCB), a special purpose acquisition company (SPAC). An SPAC is a publicly traded firm that raises cash through an initial public offering (IPO) to acquire or merge with a private company seeking to go public.

Coincheck began exploring a public listing as early as 2022. However, the process faced hurdles along the way. Last month, the exchange finally received the green light from the SEC to list on the Nasdaq stock exchange. Going public represents a milestone for Coincheck, enabling the Japanese firm to expand its reach and attract global investors, particularly U.S.-based investors. Trading will commence today under the ticker CNCK.

Highlighting how this step would enhance its operations, Coincheck’s group CFO, Keigo Takegahara, stated:

“This will enable us to have more transparent dialogue with investors around the world through the US stock market, and will lay the foundation for further advancing our business strategy. On the other hand, we believe that this change will contribute to creating an environment in which we can provide services that are trusted not only by CCG’s investors, but also by our users.”

More Public Crypto Exchanges to Come?

Coinbase was the first crypto exchange to become a public company. In April 2021, the American crypto trading platform secured a direct stock listing of its COIN on Nasdaq. Today, Coinbase’s COIN trades at $302.4.

It remains uncertain whether more crypto exchanges will join the rank of publicly traded companies.