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Benzinga
Benzinga
Business
Anusuya Lahiri

Japanese Crypto Exchange Coincheck Targets US IPO Via $1.3B SPAC Merger with Thunder Bridge

Nasdaq United States
  • Japanese crypto exchange Coincheck Inc looks to go public in the U.S. via a special purpose acquisition company (SPAC) merger with Thunder Bridge Capital Partners IV Inc (NASDAQ:THCP) in a $1.25 billion deal.
  • The transaction also includes an earn-out of up to 50 million shares.
  • The deal would provide proceeds of $237 million to the combined company.
  • The combined entity named Coincheck Group NV (NASDAQ:CNCK) will trade on the Nasdaq under the symbol "CNCK." The deal will likely close in the second half of this year.
  • Coincheck operates a marketplace for cryptocurrencies and an exchange for digital assets like non-fungible tokens.
  • Coincheck's parent Monex Group, Inc, which currently owns 94.2%, will have a pro forma ownership of 82% of the combined company.
  • Price Action: THCP shares traded higher by 2.07% at $9.85 on the last check Tuesday.
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