Japan-based crypto exchange Coincheck reportedly issued confirmation regarding plans to follow up a public stock offering in America via Nasdaq – expected to offer extra access to the nation’s capital markets. 

Specifically, as detailed in documents submitted with the U.S. Securities and Exchange Commission on Oct. 28, Coincheck’s majority owner, Monex Group, confirmed that it is finalizing the process with Nasdaq listing procedures via a merger with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV. 

Should the process go through without any hiccups, Coincheck’s Nasdaq listing is scheduled to occur on July 2 the next year.

Coincheck additionally claimed that the SPAC merger would make it possible for the exchange to widen its crypto-asset business scope and able to tap directly into U.S. capital markets. 

The technology-rich Nasdaq is among the top global stock exchanges in terms of volume and market capitalization.

Coincheck reportedly issued an official announcement regarding its public-listing ambitions in March 2022. At the time, the value of its merger with Thunder Bridge Capital was reported to be $1.25 billion.

Per Coincheck’s financial statements, the firm has 1.75 million verified accounts – taking up 27% of Japan’s crypto trading market share. 

Nonetheless, the establishment reported a loss in trading volume because of bearish movements across the crypto market. Total operating revenues suffered a plummet by approximately fifty percent quarter-on-quarter.

Numerous crypto-oriented firms have shared their interest for a public listing via SPAC agreements. In April, Bitcoin mining firm PrimeBlock disclosed details of its decision for going public through a $1.25 billion SPAC. 

In August, blockchain cloud infrastructure provider W3BCloud unveiled an identical price tag for its SPAC merger. Stock and crypto exchange eToro had plans for a $10 billion merger before terminating the agreement over the summer.