Cryptocurrency exchange Coincheck will complete its Nasdaq listing by merging with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV Inc THCP in July 2023.
The merger was initially planned for March this year when its estimated value was roughly $1.25 billion.
“In addition to crypto asset exchanges, Coincheck has expanded its business area to include NFTs, metaverse, and Web3, while keeping fixed costs low and controlling advertising expenses in response to market conditions,” Coincheck stated in an SEC filing.
Coincheck added that by working with Thunder Bridge Capital Partners, it can expand its crypto asset business by gaining exposure to global investors, accessing the U.S. capital markets and recruiting talent to realize its growth strategy.
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Largest Crypto Exchange In Japan
According to the SEC filing, Coincheck is one of the biggest cryptocurrency exchanges in Japan with a 27% market share.
It presently has 1.75 million users and supports the trading of 18 different coins.
The SEC observed in March that mergers with SPACs have become a common strategy for companies to list on public markets in recent years, accounting for more than half of all initial public offerings in 2020–2021.
Some SPACs have been hampered by the current fall in the cryptocurrency market.
For instance, in August, the Bitcoin BTC/USD miner PrimeBlock abandoned its ambitions to go public by merging with 10X Capital Venture Acquisition VCXA.
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Photo: Burdun Iliya via Shutterstock
Image and article originally from www.benzinga.com. Read the original article here.