Coincheck, a Japanese cryptocurrency exchange, is poised to become one of the few publicly listed exchanges in the United States, alongside Coinbase. The exchange is undergoing a merger with Thunder Bridge Capital Partners IV (THCP), a Special Purpose Acquisition Company (SPAC), with plans to list on the Nasdaq stock exchange by the second or third quarter of the current year.

Upon the completion of the merger, Coincheck Group BV will be renamed Coincheck Group NV and will be publicly traded on the Nasdaq under the ticker symbol CNCK. The company filed a confidential registration statement, Form F-4, with the US Securities and Exchange Commission (SEC) on May 7 to initiate the process.

By opting for a SPAC merger, Coincheck sidesteps the traditional initial public offering (IPO) route taken by companies like Coinbase. SPACs, being already publicly traded entities, facilitate the process of investment or merger with private companies.

Despite the potential benefits, Coincheck's decision to pursue a SPAC merger may raise concerns among investors due to the mixed performance of SPACs in the market. In 2023, several companies that went public through SPAC mergers ended up bankrupt, leading to significant losses for investors.

Coincheck's move towards public listing coincides with heightened regulatory scrutiny from the SEC within the crypto industry. Recently, the SEC issued Wells Notices to firms like Consensys, Uniswap, and Robinhood's crypto division, alleging violations of securities laws. SEC Chair Gary Gensler has emphasized the need for increased disclosures and regulation in the cryptocurrency space, stating that many cryptocurrencies are akin to securities tokens and lack adequate investor protections.