Japanese cryptocurrency exchange, Coincheck has announced plans to go public in the United States by entering into a definitive merger agreement with blank-check firm Thunder Bridge Capital Partners IV Inc., the merger deal is worth $1.25 billion. Upon closing, the combined company will receive proceeds of $237 million from the cash held in the special-purpose acquisition company’s trust, assuming there are no redemptions by THCP shareholders and before expenses.
The proposed business combination was approved by the boards of directors of Coincheck, Monex, and Thunder Bridge IV unanimously and is expected to be completed in the second half of 2022. After that, the new entity, called – Coincheck Group NV – will list on the Nasdaq Global Select Market under the ticker “CNCK.”
Online securities company Monex, which owns over 94% of Coincheck, will retain all of its equity at closing. Excluding warrants and earn-outs, the parent company’s ownership will be around 82% in the combined entity.