Japan’s Coincheck Set For $1.25 Billion Nasdaq Crypto SPAC With Thunder Bridge

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SPAC deals have largely failed from 2021 highs amid the volatile 2022 market.

Photo illustration for Barron’s Advisor/Dreamstime

Japanese cryptocurrency and digital asset exchange Coincheck is set to merge with


Thunder Bridge Capital Partners IV

in a $1.25 billion deal to go public on the Nasdaq — a rare deal with a blank check company amid the volatile 2022 market.

Thunder Bridge, a special purpose acquisition company, or SPAC, said tuesday that it had reached an agreement with Coincheck to merge and list on the Nasdaq Global Select Market by the end of 2022, subject to shareholder and regulatory approvals.

Coincheck is expected to trade under the symbol “CNCK”. Shares of Thunder Bridge Capital Partners IV (ticker: THCP) rose 1.4% in early US trading. The parent company of Coincheck,


Monex Group

(8698.Japan), saw its stock climb 2.6% in Tokyo, before the deal was detailed in a press release.

After the transaction, which Thunder Bridge said was valued at $1.25 billion, Monex will own 82% of the combined company, which will be led by Oki Matsumoto as executive chairman and Gary Simanson, director of Thunder Bridge, as as CEO. The deal will also see $237 million in cash held by Thunder Bridge transferred to the combined company.

Based in Tokyo, Coincheck is one of the largest digital asset markets in Japan and is regulated by the country’s Financial Services Agency. Coincheck has 1.5 million verified customers and operates a platform with the largest number and most diverse range of tokens available in Japan, Thunder Bridge said.

“We are excited to partner with Monex to introduce Coincheck to the U.S. public markets to facilitate its next stage of growth and further unlock the crypto economy for customers and institutions in Japan,” Simanson said in a statement. “We are also excited to be working with Oki and his team to build a global digital platform under the Coincheck brand.”

The combination between Thunder Bridge and Coincheck represents a rare SPAC deal this year. This type of merger, which sees a white listed company combine with an existing private company, gained popularity in 2020 but largely died out in 2022.

As Barrons reported, market volatility and inflation fears have dramatically slowed the pace of SPAC mergers and traditional IPOs, with many SPACs having just a few months to strike a deal or risk returning their money to investors. .

Write to Jack Denton at jack.denton@dowjones.com

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