Japanese cryptocurrency exchange Coincheck has progressed another key step in its planned merger and public listing process alongside Thunder Bridge Capital Partners. The two companies jointly filed their formal registration statement with the U.S. Securities and Exchange Commission on May 7th.

This SEC Form F-4 filing represents a critical milestone as Coincheck pursues going public through a de-SPAC transaction to trade on the Nasdaq stock exchange. The extensive registration document results from multiple confidential draft submissions and revisions over the past several months based on feedback from SEC regulators.

The Form F-4 is a specific disclosure requirement for business combinations involving foreign private issuers like Coincheck. It provides comprehensive details about the merger structure, proposed management team, financial statements, risk factors and other material information for the transaction.

Coincheck and Thunder Bridge first announced their intention to merge in March 2022, valuing the combined entity at $1.25 billion at that time. However, the tumultuous crypto market conditions in late 2022 following the FTX exchange collapse likely contributed to delaying the merger's expected completion timeline.

The de-SPAC route entails Coincheck, currently owned by Japanese financial services firm Monex Group, merging with Thunder Bridge - a special purpose acquisition company formed explicitly for taking a private business public. De-SPAC deals have emerged as an increasingly popular alternative to conventional IPOs.

If shareholders and the SEC provide final approvals, the new parent company will be named Coincheck Group N.V. and its shares will trade publicly on the Nasdaq under the ticker symbol "CNCK." Current projections anticipate closing the merger transaction sometime during the second or third quarter of 2024.

Based in Tokyo, Coincheck represents one of Japan's largest and longest-operating cryptocurrency trading platforms. It has recovered strongly since suffering a major $534 million hack of NEM tokens in January 2018, with new management instituting robust security upgrades after its acquisition by Monex Group later that year.

In Q1 2024 earnings, Monex reported over $14 million in profits from Coincheck's crypto exchange operations - underscoring its growing market position. The company aims to leverage greater expansion opportunities and liquidity as a Nasdaq-listed public entity moving forward.

As the crypto industry matures and pursues mainstream integration, major exchanges are increasingly seeking public market exposure and associated regulatory credibility. Coincheck's de-SPAC path demonstrates the model's rising popularity for crypto firms to circumvent volatile market conditions and expedite their public listing ambitions.

With a new registration statement filed, the final phases of shareholder votes and last regulatory signoffs will determine if Coincheck successfully completes its Nasdaq debut over the coming months as the de-SPAC deal's closing window approaches.