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New York, Dec. 11 (Jiji Press) - Holding company Coincheck Inc. debuted on the Nasdaq Global Market, becoming the first Japanese cryptocurrency exchange to list in the United States
Coincheck, controlled by Japanese online broker Monex Group Inc., intends to expand its presence in the US and Japanese markets, where there is active growth in the cryptocurrency sector. The expansion is planned to be financed with funds raised in the initial public offering of shares of the holding company Coincheck Group NV.
On the first day of trading, Coincheck Group shares closed at $13.35, giving the company a market capitalization of approximately $1.7 billion (approximately 260 billion yen). It entered the American market through a merger with a Special Purpose Acquisition Company (SPAC).
According to Monex Group Chairman Matsumoto Oki, publicly traded stocks will be used as a "currency" to acquire new assets as part of Coincheck's growth strategy to be implemented next year.
Japan's second-largest cryptocurrency exchange, Coincheck, listed its shares on America's Nasdaq exchange, becoming the first Japanese crypto company to be listed on an international platform.
Coincheck has been serving Japanese customers since 2012 and is controlled by the Japanese online broker Monex Group. According to Oki Matsumoto, chairman of Monex Group, the online broker wants to expand its operations through the Coincheck exchange and enter the growing US crypto market. The head of Monex said that Coincheck will use the proceeds from the sale of shares on the Nasdaq to acquire shares in AmericanCrypto companies to acquire.
Coincheck's Nasdaq listing was made possible through a merger with a $1.3 billion SPAC company, Thunder Bridge Capital Partners IV.This allowed Coincheck to debut on the Nasdaq through direct investment and bypass the IPO process. The company's shares were first traded under the ticker symbol CNCK. Coincheck is the second cryptocurrency exchange after the American Coinbase, whose shares are traded on the Nasdaq.
Previously, one of the largest US exchanges, Nasdaq, filed an application with the Securities and Exchange Commission (SEC) to begin options trading on the Nasdaq Bitcoin Index.
