In a groundbreaking move, Coincheck, a Japanese cryptocurrency exchange owned by Monex Group, has secured SEC approval to list on the Nasdaq, which makes it the first Japanese crypto exchange to do so. Coincheck is anticipated to make its debut as early as December 10th.
Through a merger with Thunder Bridge Capital Partners IV (TBCP), a special purpose acquisition company (SPAC), Coincheck will list on the Nasdaq under the ticker symbol CNCK, and trading is expected to begin on December 11.
The Nasdaq listing application was approved by the US SEC on November 13th. After receiving approval from the SEC, TBCP can go forward with the listing by holding a shareholder vote to approve and conclude the business combination on December 5th.
Coincheck has filed several forms with the SEC as part of this listing process. Now that the SEC has approved the Form F-4 registration, THCP will send the final voting materials to its shareholders, who will then vote on the merger.
The SEC approval and subsequent listing will be a significant step toward increased market integration between the U.S. and Japan in the cryptocurrency sector. Coincheck’s acquisition of approval from the SEC to list on the Nasdaq depicts how the U.S.’s regulatory system for crypto assets is transforming.
With this listing, Nasdaq set a precedent for Japanese crypto firms and others who wish to expand into U.S. markets. The listing may motivate similar actions by other exchanges that might be looking to leverage U.S. capital markets. With Trump’s administration expected to take a pro-crypto stance, this listing could attract more overseas crypto firms to join the US market.
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