Crypto exchange Coincheck to be listed on Nasdaq

Nasdaq

While the cryptocurrency industry continues to expand despite the prolonged “winter”, Japan-based exchange has announced that it will be publicly listed on the United States stock exchange. The listing will be through Nasdaq, and the crypto-focused company will be merging with an acquisition partner. The listing is set to take place in June 2023.

The cryptocurrency exchange’s majority owner, Monex Group, filed a document with the United States Securities and Exchange Commission (SEC) late last week. According to the documents, the listing will be directed through Nasdaq and the proceedings will take place with a merger with Thunder Bridge Capital Partners IV – a special purpose acquisition company. The listing would offer the Japanese company access to America’s capital markets. With Nasdaq as a technology-focused exchange, the crypto platform would grant investors access to more crypto opportunities without directly investing in digital assets.

According to Coincheck, the merger with Thunder Bridge Capital would help the exchange to expand its crypto services to the US capital industry and open greater access to the US markets. As per the financial statements filed by Coincheck, the company has 1.75 million accounts of users that have been verified. At the time of writing, this represents nearly 30% of the cryptocurrency market share of Japanese traders. Despite the impressive figure, though, Coincheck reported a loss in trading volume over the past year owing to the prolonged bear market, losing nearly 50% of its revenue quarter-on-quarter.

Publicly listed blockchain companies

As it stands, there are significant names in the cryptocurrency industry that are listed for public trade. Six of the top companies that have a major blockchain team in their operations are:

  • NVIDIA (NVDA)
  • Coinbase (COIN)
  • Block, Inc. (SQ)
  • Riot Blockchain (RIOT)
  • PayPal (PYPL)
  • IBM (IBM)

Other companies are also looking to go public, such as Bitcoin mining company Primeblock, blockchain cloud provider W3BCloud, and major crypto and stock trade exchange eToro.

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