Japanese Crypto Exchange Coincheck Set to Go Public on Nasdaq in December

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The global cryptocurrency market is witnessing a significant milestone as Coincheck, one of Japan’s most prominent digital asset exchanges, prepares for its U.S. stock market debut. The exchange, operated under Monex Group, is on track to list on the Nasdaq in December 2025 through a merger with a special purpose acquisition company (SPAC), marking a pivotal moment for regulated crypto platforms seeking international expansion.

This upcoming listing underscores growing institutional confidence in blockchain-based financial services and highlights Japan's role as a leader in compliant digital asset innovation.

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The Road to Nasdaq: Key Milestones

On November 12, 2025, the U.S. Securities and Exchange Commission (SEC) confirmed the effectiveness of the registration statement (Form F-4) filed by Coincheck Group BV (CCG), a subsidiary of Monex Group. This regulatory approval clears a major hurdle, enabling the final phase of the SPAC merger process.

CCG is set to merge with Thunder Bridge Capital Partners IV (THCP), a SPAC listed on Nasdaq under the ticker THCP. Shareholders of THCP are scheduled to vote on the merger at a special meeting on December 5, 2025, with the transaction expected to close around December 10. Upon completion, Coincheck Group’s shares will begin trading on Nasdaq under the new ticker symbol CNCK.

This listing structure allows Coincheck to bypass the traditional initial public offering (IPO) process while still achieving full public market access. It also reflects an increasing trend among fintech and crypto firms leveraging SPACs for faster, more predictable market entry.

A Long-Awaited Market Debut

While the listing is now imminent, it has been years in the making. Coincheck first announced its intent to go public via a SPAC merger back in March 2022, targeting a second-half completion that year. However, regulatory scrutiny, evolving compliance requirements, and strategic adjustments delayed the timeline.

The merger agreement underwent three key amendments:

Each revision strengthened the deal framework and demonstrated Monex Group’s commitment to transparency and regulatory alignment—critical factors for gaining approval from U.S. authorities.

The persistence paid off. With SEC clearance secured, Coincheck is poised to become one of the first major Asia-based crypto exchanges to achieve a U.S. public listing.

Why This Listing Matters

Coincheck’s Nasdaq debut isn’t just a corporate event—it’s a signal of maturation in the broader digital asset ecosystem.

Regulatory Credibility

Japan has long maintained strict but clear regulations for cryptocurrency businesses. Exchanges must comply with anti-money laundering (AML) rules, capital requirements, and regular audits. Coincheck’s compliance track record strengthens investor trust, especially important for U.S. markets where regulators remain cautious about crypto-native firms.

Institutional Access

Once publicly traded, CNCK stock will be accessible to institutional investors, mutual funds, and retail traders across North America. This opens new capital channels and could boost liquidity for Monex’s broader fintech offerings.

Global Expansion Signal

A U.S. listing enhances Coincheck’s brand visibility and may pave the way for expanded services abroad—potentially including cross-border payments, tokenized assets, or even spot crypto ETF products in the future.

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Frequently Asked Questions (FAQ)

Q: What is Coincheck?
A: Coincheck is a Japan-based cryptocurrency exchange owned by Monex Group, offering trading in Bitcoin, Ethereum, and other major digital assets. It serves hundreds of thousands of users and emphasizes regulatory compliance and security.

Q: How is Coincheck going public?
A: Through a merger with Thunder Bridge Capital Partners IV (THCP), a SPAC listed on Nasdaq. This method allows Coincheck to become a publicly traded company without a traditional IPO.

Q: When will CNCK stock start trading?
A: If the merger closes as expected around December 10, 2025, CNCK shares should begin trading on the next business day on Nasdaq.

Q: Is this listing significant for the crypto industry?
A: Yes. It represents growing acceptance of regulated crypto platforms in mainstream financial markets and may encourage other exchanges to pursue similar paths.

Q: Does this mean Coincheck will offer direct crypto trading in the U.S.?
A: Not necessarily. The listing refers to equity in the parent company (CCG), not direct cryptocurrency services for American users. Any expansion into U.S. retail markets would require additional licensing.

Q: Who owns Coincheck?
A: Coincheck is fully owned by Monex Group, a Japanese financial services firm that also operates online brokerage and banking services.

Strategic Implications for the Future

Coincheck’s journey reflects broader shifts in how digital asset companies position themselves for long-term sustainability. By embracing traditional financial frameworks like SPAC listings and stringent compliance protocols, crypto-native firms can gain legitimacy and attract conservative investors.

Moreover, this move could inspire other Asian exchanges—particularly those in South Korea, Singapore, and Hong Kong—to explore U.S. listings as a path to global credibility.

Looking ahead, publicly traded status may enable Coincheck to:

As the line between traditional finance and digital assets continues to blur, events like this Nasdaq listing serve as important milestones.

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Final Thoughts

Coincheck’s upcoming Nasdaq listing marks a transformative chapter—not only for the exchange itself but for the entire regulated crypto sector. With SEC approval secured and a clear path to public trading established, the stage is set for CNCK to emerge as a symbol of institutional-grade digital asset innovation.

As December unfolds, all eyes will be on Wall Street to see how this Japanese crypto pioneer performs in one of the world’s most competitive financial arenas. One thing is certain: the fusion of blockchain technology and traditional capital markets is accelerating—and Coincheck is leading the charge from Asia.

Note: This article provides informational content only and does not constitute investment advice.