progress – The cryptocurrency exchange Japan’s Coincheck is moving forward with preparations for the initial public offering (IPO), despite the decline in performance during the cryptocurrency winter.
Soon US capital for Coincheck
The resources to be conquered are on the other side of the Pacific. According to a to deposit since last October 28th Monex Group with the SEC, Coincheck is currently taking steps to prepares to enter the Nasdaqthrough a merger with the special purpose acquisition company Thunder Bridge Capital Partners IV.
The Monex Group is the majority shareholder of the cryptocurrency exchange. Coincheck’s Nasdaq listing is scheduled for July 2 next year. Through this IPO, the crypto platform wants to access US capital, which will fuel its growth.
Ups and downs during the cryptocurrency winter
Coincheck’s client portfolio would consist of 1.75 million verified accountsaccording to the financial statements issued by Monex Group for the second quarter of the fiscal year ending March 31, 2023.
Coincheck has reportedly maintained its position as an industry leader in Japan, continuing to acquire new users during this period. bear market. However, the cryptocurrency winter did not spare the company, which suffered losses in terms of trading volumes.
Coincheck’s operating income net of financial charges and trading costs, recorded a Loss of 50.6%. during the second quarter of its fiscal year, compared with the previous three months.
This rate increases to 79.6% when the data for the second quarter of the fiscal year are compared with those for the same period of the previous year.
IPO progress despite bear market
Despite these declining numbers, Coincheck is still pushing the matter forward by completing the steps for its future IPO, after initially announcing the plan in March of this year.
At the time, the merger valuation was valued at 1.25 billion dollars. The resulting entity will be called Coincheck Group, NV and will be listed under the CNCK ticker on the Nasdaq.
Coincheck is on the list of cryptocurrency exchanges that suffered “very early”, in 2018, a big hack with losses of over half a billion dollars. At the time, the Japanese authorities had taken restrictive measures, tightening the screw, following this hack. Coincheck has been able to climb the slope over the years and may therefore land on the Nasdaq soon next year.
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