Japanese cryptocurrency marketplace and exchange, Coincheck entered a definitive merger with the Thunder Bridge Capital Partners IV, a special purpose acquisitions company (SPAC) to go public.
The $1.25 billion merger deal will result in a combined entity, known as the Coincheck Group, N.V. The entity will be listed on the Nasdaq Global Select Market under the ticker symbol “CNCK”.
The combined company will be based in the Netherlands. Upon closing, the combined entity will receive $237 million in cash from Thunder Bridge IV’s trust, assuming no redemptions by THCP shareholders and before expenses.
Additionally, Coincheck shareholders may receive an earn-out equal to a maximum of 50 million shares upon certain “triggering events.”
The parent company of Coincheck, Monex Group, owns over 94% of Coincheck. The parent company will retain all of its equity at closing.
The business proposal was unanimously approved by the board of directors of Coincheck, Monex, and Thunder Bridge IV and is expected to be completed in the second half of 2022, subject to certain conditions.
“Thunder Bridge firmly believes that blockchain technology and digital assets will be a driving force in changing the financial services industry globally”, said Gary Simanson, President and CEO of Thunder Bridge IV.
“We are excited to partner with Monex to bring Coincheck into the U.S. public markets to facilitate its next stage of growth, and to further unlock the crypto economy for customers and institutions in Japan.”
Upon closing the transaction, Gary Simanson will be the Chief Executive Officer of the combined holding company and Oki Matsumoto will be the Executive Chairman.
Coincheck, headquartered in Tokyo, is one the largest multi-cryptocurrency marketplaces and digital assets exchanges in Japan. The platform is regulated by Japan’s Financial Services Agency (FSA) and will continue to operate and be led by its current management team, including Coincheck President Satoshi Hasuo.
The Japanese platform is also responsible for Japan’s first ever Initial Exchange Offering (IEO) of a company called Hashpalette.
