Coincheck, a cryptocurrency trading platform, is pursuing a listing on Nasdaq through a special purpose acquisition company (SPAC) transaction.
Japan's crypto exchange, Coincheck, is gearing up for a NASDAQ listing via a Special Purpose Acquisition Company (SPAC) merger. Back in 2020, The Block reported a whopping $1.25 billion valuation for Coincheck, which is now set to increase with the upcoming merger.
The Merger: Dissecting the Deal
Coincheck, originally owned by Monex, will join forces with VPC Impact Acquisition Holdings (VPCB), a SPAC focused on digital asset and blockchain technology companies. The merger, scheduled for the first half of 2022 (subject to regulatory approval), will culminate in a Nasdaq listing under the ticker symbol "COIN". The deal comes with an enterprise value of $1.26 billion and an equity value of $860 million.
Post- merger, Coincheck's existing shareholders will own approximately 80% of the combined company. This move propels Coincheck onto the public market, offering access to additional capital for growth initiatives. The funds will be utilized for expanding product offerings, boosting technology investments, and exploring strategic acquisitions.
Aiming Higher: Tokyo Stock Exchange Listing
In addition to its NASDAQ listing, Coincheck plans to list on the Tokyo Stock Exchange in the future. This dual-listing strategy positions Coincheck for potential growth in both major global markets.
Timeline and Terms: Breaking It Down
The merger is estimated to close in the second quarter of 2022, subject to the usual regulatory approvals and other closing conditions. Upon closing, Coincheck's existing shareholders will receive shares in the combined company at a valuation of $21 per share. VPCB shareholders, meanwhile, will have the option to redeem their shares for cash at $10 per share (certain conditions apply).
Coincheck's Strategy Post-Deal
Since its inception, Coincheck has continually expanded and strengthened its presence in Japan's crypto market. Notable milestones include the launch of Coincheck Staking in January 2025 and the acquisition of Next Finance Tech Co., Ltd. in March 2025. These moves aim to enhance Coincheck's staking services and extend its reach to the global cryptocurrency market.
Future Prospects
While specific valuation details of the SPAC listing are yet to be disclosed, Coincheck reported a consolidated loss of ¥5.1 billion in fiscal year 2025, most of which was attributed to one-time expenses related to the SPAC listing. Despite this, normalised profit before income taxes amounted to ¥13.6 billion, and the normalised profit stood at ¥9.4 billion.
With its sights set on expanding its crypto services and solidifying its market position, Coincheck's SPAC listing is a strategic move that will likely reshape the global crypto landscape. Stay tuned for more updates as we follow Coincheck's journey to conquer the NASDAQ and beyond.
- The upcoming merger between Coincheck, a Japanese crypto exchange, and VPC Impact Acquisition Holdings, a SPAC focused on digital asset and blockchain technology companies, will not only result in a Nasdaq listing for Coincheck but also bring an influx of capital for technology investments and growth initiatives.
- Post-merger, Coincheck plans to use the additional capital for diverse purposes such as expanding product offerings, boosting technology investments, and exploring strategic acquisitions, which could potentially position them for growth in both the US and Japanese markets.
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