Coincheck, one of Japan’s largest and most popular cryptocurrency exchanges, announced plans on Friday to complete its Nasdaq listing by merging with Special Purpose Acquisition Company (SPAC) Thunder Bridge Capital Partners IV on 2 July 2023.

Coincheck said plans to pursue a US public offering through Nasdaq would give the company access to global capital markets.

The Monex Group, which holds a majority stake in Coincheck, told a US Securities and Exchange Commission (SEC) filing that the move would enable it to expand its cryptocurrency business by accessing US capital markets, gaining exposure from global investors, and hiring talents to achieve their own growth strategy.

Coincheck announced its ambitions for a public listing in March of this year.

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During that time, its merger with Thunder Bridge Capital was valued at $1.25 billion.

SPAC is the most common and aggressively used method by crypto companies to access the public market in 2020 and 2021.

It is worth noting that the listings of crypto companies on the stock exchanges have calmed down significantly this year amid a general decline in the market in addition to the stringent regulations of the Securities and Exchange Commission (SEC).

Since June of this year, the SEC has become more cautious about SPAC’s overall operations, especially deals linked to cryptocurrency firms, and the SEC’s argument is to strengthen investor protection.

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