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Japanese cryptocurrency exchange Coincheck has provided confirmation to its plans of pursuing a public stock offering in the United States through Nasdaq, a step that is expected to give the company access to the country\u2019s capital markets, according to Cointelegraph.<\/p>\n
As reported by Cointelegraph, on October 28, 2022, through documents filed with United States Securities and Exchange Commission (SEC), Monex Group, Coincheck\u2019s majority owner, stated about going ahead with Nasdaq listing procedures through a merger with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV. It is expected that Coincheck\u2019s Nasdaq listing will happen on July 2, 2023.\u00a0<\/p>\n
On the basis of information by Cointelegraph, Coincheck stated that the SPAC merger would permit the exchange for expansion of its cryptocurrency-based business. Reportedly, technology-backed Nasdaq is considered one of the world\u2019s largest stock exchanges in terms of volume and market capitalisation. In March, 2022, Coincheck made the announcement of its public listing-desires. At the time of the publication\u2019s writing, the value of the merger with Thunder Bridge Capital was reportedly around $1.25 billion. Going by Coincheck\u2019s financial statements, the company reportedly has 1.75 million verified accounts, representing 27% of Japan\u2019s cryptocurrency trading market share. However, on account of cryptocurrency bear market implications, the company reported a loss in trading volume. It is believed that total operating revenues went down by around half for quarter-on-quarter basis.<\/p>\n
Moreover, Cointelegraph noted that many cryptocurrency-backed companies expressed their desire to go public through utilisation of SPAC agreements. In April, 2022, mining company PrimeBlock made the announcement of going public through a $1.25 billion SPAC. In August, 2022, blockchain cloud infrastructure provider W3BCloud released an identical tag for its SPAC merger. Meanwhile, stock and cryptocurrency exchange eToro had plans for a $10 billion merger prior to terminating the agreement over the summer.<\/p>\n
(With insights from Cointelegraph)<\/strong><\/p>\n Also Read: Binance aims to create a team for backing Twitter-based cryptocurrency solutions<\/a><\/p>\n Follow us on\u00a0Twitter<\/a>,\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>\u00a0<\/strong><\/p>\n<\/div>\n !function(f,b,e,v,n,t,s)
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