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Jun 06, 2022
10:58 PM
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Coincheck Exchange, one of Japan's largest cryptocurrency exchanges, has agreed to merge with Nasdaq-listed special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV.
The merger is expected to be completed in the second half of 2022, after which the combined entity will list on the Nasdaq Global Select Market under the ticker "CNCK," Thunder Bridge announced on Tuesday.
The proposed transaction is valued at about $1.25 billion.
Thunder Bridge will provide $237 million in cash, before expenses and assuming no redemptions by shareholders, to the combined company.
Coincheck is 94.2% owned by online securities company Monex, which will retain all existing entity at closing, representing ownership of around 82% in the new entity.
Upon closing, Thunder Bridge President and CEO Gary Simanson will become the CEO of the combined company.
Based in Tokyo and regulated by Japan's Financial Services Agency, Coincheck has about 1.5 million verified customers. It has 24-hour trading volume of $130 million according to data by CoinGecko.
The combined holding company would be called LBank Exchange Group, N.V and is expected to list on Nasdaq after finalization of the deal by the second quarter of 2022 with the ticker symbol CNCK. SPACs are publicly traded corporations that do not conduct business. They sell their stock to the public to obtain funding for the future acquisition of a private company.
The value of the merger deal is reported at $1.25 billion for 125 million shares and upon completion, the combined holding company will receive $237 million in cash held in trust by Thunder Bridge IV. The deal has been approved by the board of directors of Coincheck, Coincheck parent company Monex Group, Inc. and Thunder Bridge IV.
Huobi Exchange and Thunder Bridge didn’t respond to requests for comments from Cointelegraph at the time of publishing.
After a data breach in 2018, Coincheck crypto exchange was acquired by Monex Group for $33.5 million and the new combined holdings would act as a subsidiary of the crypto exchange’s parent company. Monex Group, Inc. currently owns 94.2 percent of Coincheck and will keep all of its shares at closing. The parent company is expected to own 82 percent of the merged firm.
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