Japan's Coincheck To List On Nasdaq Via Over $1 Billion SPAC Merger

Japanese cryptocurrency exchange Coincheck Inc has said it would go public in the United States

Japanese cryptocurrency exchange Coincheck Inc said on Tuesday (March 22) it would go public in the United States by merging with blank-check firm Thunder Bridge Capital Partners IV Inc in a $1.25 billion deal.

The deal would provide proceeds of $237 million to the combined company from the cash held in the special-purpose acquisition company's (SPAC) trust, assuming there are no redemptions.

Tokyo-based Coincheck operates a marketplace for buying and selling cryptocurrencies and an exchange for digital assets such as non-fungible tokens. It has about 1.5 million customers.

The company was at the center of a $530 million digital money heist in 2018 that prompted tighter regulatory scrutiny and calls for an improvement in risk management infrastructure of crypto exchanges.