(Bloomberg) — Coincheck Inc., a Tokyo-based cryptocurrency marketplace, said it agreed to go public in the U.S. through a merger with Thunder Bridge Capital Partners IV Inc. in a transaction valued at roughly $1.3 billion.
The subsidiary of Japan’s Monex Group Inc. expects to close the reverse merger with the special purpose acquisition company and list on the Nasdaq Exchange in the second half of this year under symbol ‘CNCK.’ The firm is set to receive about $240 million in cash from the deal, assuming no shareholder redemptions, and before considering expenses.
Thunder Bridge, the SPAC taking the company public, traded at around $9.84 in pre-market trading. It initially listed at $10 in June.
The exchange has about 1.5 million verified customers, the firms said in a statement Tuesday. Coincheck suffered one of the largest crypto hacks in history, when criminals hacked the exchange in 2018 and stole roughly $500 million worth of XEM the native coin of blockchain project New Economy Movement or NEM. Volume over the last 24 hours on Coincheck was roughly $132 million, according to CoinMarketCap.com data.
Monex will retain its majority stake in the new company and own 82% of the combined entity after closing, down from about 94% currently.
In November, Monex said its TradeStation Group Inc. unit was set to list its online trading subsidiary through a deal involving Galaxy Digital Holdings Ltd. TradeStation had said it would close its merger with Quantum FinTech Acquisition Corp. in the first half of this year after which it will list on the New York Stock Exchange.
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