Coincheck, a prominent Japanese cryptocurrency exchange, has taken significant steps towards its planned merger with Thunder Bridge Capital Partners IV, Inc., a special purpose acquisition company (SPAC), with ambitions to go public on the Nasdaq stock exchange by the third quarter (Q3).

In a recent announcement, Coincheck revealed that it has submitted a confidential draft registration statement on Form F-4 to the U.S. Securities and Exchange Commission (SEC) to move forward with its proposed merger. While the draft remains subject to SEC review and comment, Coincheck anticipates finalizing the merger in either Q2 or Q3, contingent upon approval from Thunder Bridge IV’s stockholders.

Following the completion of the merger, Coincheck Group B.V. will undergo a name change to Coincheck Group N.V., and the newly formed entity is poised to be listed on the Nasdaq under the ticker symbol CNCK, with Coincheck operating as its wholly-owned subsidiary.

The merger, valued at approximately $1.25 billion, represents a strategic move by Monex Group, Inc., Coincheck's parent company, to list its crypto venture on an American stock exchange. Despite facing several delays in the past, Monex remains committed to this endeavor through the collaboration with Thunder Bridge Capital.

Under the terms of the agreement, Thunder Bridge Capital will inject $237 million in cash into the combined entity. Gary Simanson, CEO of Thunder Bridge, is slated to lead the merged enterprise, while Monex will retain a substantial majority stake of 82%.

Coincheck's pursuit of a Nasdaq listing underscores its aspirations for broader market access and enhanced visibility on the global stage, marking a significant milestone in its journey towards further expansion and growth in the cryptocurrency landscape.