Coincheck, based in Japan, was acquired by online brokerage Monex Group Inc. for approximately $ 34 millions after suffering a hack that resulted in the loss of $ 530 million in customer deposits.
The company has recovered from the loss and today claims to have 1.75 million verified users worldwide, with a market share of 27% of the total trading volume in the world. Japan.
Bitcoin Exchange Coincheck Announces Nasdaq Release Dates https://t.co/JILbiddKcc
– The cryptocurrency (@ LaCryptoMonnai1) October 28, 2022
However, operating income decreased significantly during thecrypto winter of 2022, as the volume of trading decreased over the course of the year. This will likely reduce the total value of the deal unless cryptocurrency prices and trading volume increase.
How does Coincheck intend to do its IPO?
Like many other companies, Coincheck will be publicly traded through a Special Purpose Acquisition Company (SPAC). SPACs have become very popular lately, involving the merger of one company with another company already listed. In this case, Coincheck will merge with Thunder Bridge Capital Partners IV and introduce the cryptocurrency exchange in the Nasdaq.
@coincheck_labsa cryptocurrency exchange, intends to go public on the Nasdaq in July 2023
Coincheck owner Monex Group said it is moving forward with the Nasdaq listing process through a merger with (SPAC) Thunder Bridge Capital Partners IV # market247 #news #criptomercato pic.twitter.com/14w2UvhNsU
– market247.io (@ market247_io) October 29, 2022
The main reasons Coincheck cited for going public are the expansion of its cryptocurrency trading business and access to US capital markets. If the exchange merges with Thunder Bridge and goes public, the combined company will receive $ 237 million in cash, assuming there is no redemption.
This sum will certainly be useful for developing the business worldwide, in a context of strong competition with other exchanges. It will also be crucial to ensure the normal operation of the company during the bear market, a period in which other trades, such as for example Coinbasethey were forced to reduce their workforce.