Coincheck Inc, a cryptocurrency exchange in Japan, said on Tuesday that it would conduct a US $1.25 billion merger transaction with SPARC thunder Bridge Capital Partners IV Inc. it is expected to be listed on NASDAQ this year.
The merger has been approved by the board of directors of coincheck, MONEX group, the parent company of coincheck, and thunder bridge IV. it is expected that the transaction will be completed in the second half of this year.
Coincheck, the cryptocurrency exchange of Japan, announced its listing in the United States through spac
Assuming that no shareholders redeem their shares, the new company “coincheck group, NV” formed after the merger will receive $237million in cash held by the above-mentioned spac company in the trust.
MONEX group currently owns 94.2% of the shares of coincheck group. After the merger, MONEX group will also own 82% of the shares of coincheck group, NV.
In addition to the cryptocurrency trading business, coincheck, headquartered in Tokyo, operates a cryptocurrency trading platform and NFT trading market, with more than 1.5 million users.
Coincheck broke out a theft case in 2018 and lost up to US $420million in cryptocurrency. It was required by the financial services agency of Japan (FSA) to improve risk management. It was subsequently acquired by the Japanese online brokerage MONEX group at a price of about US $34million. In 2019, it was approved by the financial services agency of Japan (FSA) to become a legally registered cryptocurrency exchange.