Coincheck crypto exchange enters Nasdaq as second publicly traded US crypto exchange

Coincheck's Nasdaq debut strengthens US-Japan crypto ties, raising expectations for favorable regulatory shifts in digital assets.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Coincheck Group, the parent company of the Coincheck crypto exchange, begins trading on the Nasdaq stock exchange on Dec. 11. This milestone follows the completion of a merger with Thunder Bridge Capital, finalized earlier this month.

Both companies announced on Dec. 10 that Thunder Bridge shareholders approved the merger during a special meeting on Dec. 5 and that it has been successfully concluded. As a result, Coincheck’s shares and warrants will trade under the tickers CNCK and CNCKW, respectively.

Oki Matsumoto, Executive Chairman of Coincheck and Representative Executive Officer of Monex Group, attributed the firm’s success to its foundation in Japan and its strategic utilization of US capital markets.

He said:

“Coincheck was created through the fusion of a robust business foundation built in Japan, combined with the strengths of the US capital markets through the close collaboration of exceptional business and capital markets talent in both Japan and the US.”

The merger has generated gross proceeds of approximately $31.6 million. These funds include capital held in restricted accounts as stipulated by the agreement. Prominent firms such as Galaxy Digital, JP Morgan, Cantor Fitzgerald, and Barclays Capital served as advisors for the transaction.

Market implications

Coincheck’s Nasdaq listing marks a significant moment for the US crypto market. It becomes the second publicly listed dedicated crypto exchange in the country after Coinbase.

VanEck’s head of research, Mathew Sigel, emphasized the importance of this development, noting that Coincheck is Japan’s second-largest crypto exchange.

He also highlighted the company’s resilience, referencing its recovery from a 2018 hack that resulted in losses of $530 million, which the company repaid using its capital.

Market observers see this development as a sign of growing acceptance of the crypto industry in the US. With President-elect Donald Trump set to take office, many anticipate a more favorable regulatory environment for digital assets.

Predictions hope that the new administration will reduce enforcement actions and introduce policies to encourage innovation in crypto.

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