Japanese cryptocurrency exchange Coincheck and Thunder Bridge Capital have made significant progress in their merger and Nasdaq listing journey. The companies have submitted their registration statements to the US Securities and Exchange Commission (SEC), marking a crucial step towards their planned public offering.

The submission of the F-4 Form, required for foreign companies engaging in commercial transactions, follows months of confidential draft submissions and revisions based on SEC comments. The proposed business combination, announced in March 2022, aims to transform Coincheck into a publicly traded entity through a de-SPAC transaction with Thunder Bridge, valued at $1.25 billion.

De-SPAC transactions provide a faster route to public markets compared to traditional initial public offerings. The merger, initially expected to be completed in Q2 2022, was likely delayed due to the bear market and regulatory uncertainties following FTX's bankruptcy. The business combination is now expected to be completed in Q2 or Q3 2024, pending shareholder approval and SEC regulatory permission.

The new holding company, Coincheck Group N.V., will operate under this name, and its shares will be traded on Nasdaq under the symbol CNCK. As one of Japan's largest crypto exchanges, Coincheck's parent company, Monex Group, reported earning over 2 billion yen (approximately $14 million USD) from crypto trading transactions in Q1 2024. Monex acquired Coincheck in 2018 after a major attack resulted in the theft of approximately $534 million worth of NEM tokens.