In December – the last full month before the heist – it was the largest, accounting for over half of the market. Despite its status as a Japanese crypto exchange, Coincheck is targeting the U.S. Statistics on cryptocurrencies aren’t comprehensive but according to, Coincheck was in March Japan’s No 5 exchange by bitcoin trading volume, with 8.7% market share. Coincheck will go public via a SPAC merger with a U.S. Last month, it repaid investors affected by the hack some ¥46bn using its own funds.
The overall Nikkei average fell 0.5%.Ĭoincheck has not given details of how the January theft, one of the biggest ever of digital money, affected its business. Monex shares surged 23%, the maximum allowed under Tokyo Stock Exchange rules, pushing the company’s market capitalisation to ¥114.3bn ($1.08bn). In January, messaging app operator Line Corp said it has applied for approval to run a cryptocurrency exchange through its financial arm, which currently provides money transfer and payment services to 40mn users. SBI last year obtained a licence to run a cryptocurrency exchange, but in February postponed plans to do so as it sought to bolster the security of its exchange. The move by Monex, Japan’s No 3 online brokerage by customer accounts, would follow a similar foray by its larger rival SBI Holdings Inc. It would also bring another mainstream financial services operator into the frontier cryptocurrency trading market in Japan. The exchange, which grew rapidly last year amid a frenzied cryptocurrency market, has not given details of how many customers it has. If completed, the deal would allow Monex to access Coincheck’s trading platform and customer base. When contacted for comment and confirmation of the Nikkei report, Coincheck told Reuters via email it hadn’t released any information on such an offer. Monex did not provide any further details in a statement, but the Nikkei business daily earlier yesterday said the deal could be worth several billion yen and that an announcement was likely this week. “Upon closing, the combined company will receive $237 million in cash held in trust by Thunder Bridge IV, assuming no redemptions by THCP shareholders and before expenses.Japanese online brokerage firm Monex Group Inc said yesterday it was considering buying Coincheck Inc, the cryptocurrency exchange hit by a high-profile $530mn theft of digital money earlier this year. “Existing Coincheck shareholders may receive earn-out consideration equal to a maximum of 50 million shares upon certain ‘triggering events’ that are based on Coincheck Group, N.V.’s future stock price,” the crypto exchange added.
After the merger is completed, Monex will have pro-forma ownership of about 82% of the combined entity. The crypto exchange was acquired later that year by the Japanese online brokerage Monex Group for $34 million, which currently owns 94.2 of Coincheck. In 2018, Coincheck was the victim of a hack where cybercriminals stole around $530 worth in crypto. The crypto exchange boasts of around 1.5 million verified users with a 24-hour trading volume of $130 million, according to Coindesk. (Nasdaq: THCP) enables Coincheck to further accelerate growth by driving customer acquisition, accelerating innovation in digital asset solutions, and providing customers and institutions with deeper access to the global crypto economy,” the crypto exchange said.Ĭoincheck is regulated by Japan’s Financial Services Agency and is headquartered in Tokyo. “Combination with Thunder Bridge Capital Partners IV, Inc. The proposed deal is valued at around $1.25 billion and is expected to be completed by the second half of 2022. The combined entity will be named Coincheck Group NV and will be listed on the Nasdaq under the symbol CNCK.
The merger would result in a “combined entity being a publicly listed holding company, domiciled in the Netherlands, with Coincheck as its wholly-owned subsidiary.” On Tuesday, Coincheck announced that it has agreed to merge with Thunder Bridge Capital Partners IV, a special purpose acquisition company (SPAC) listed in Nasdaq. This will be done via a merger with a Nasdaq-listed special purpose acquisition company. Coincheck, one of Japan’s largest crypto exchanges, announced on Tuesday that it plans to go public in the United States.
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