Coincheck, a Japanese-based crypto exchange founded in 2012 under the Monex Group is set to go public via a SPAC deal with blank-check firm Thunder Bridge Capital Partners IV Inc (THCP).
Coincheck is one of the largest multi-cryptocurrency marketplaces and digital asset exchanges in Japan, with approximately 1.5 million verified customers. The company offers a basic crypto exchange for retail customers and an advanced trading platform for professional traders. It also operates an NFT marketplace for customers to buy and sell NFTs.
Coincheck is the leading crypto company in Japan with over $3.8 billion in customer assets. It is growing very quickly with its revenue increasing 446% from $33.1 million in 2020 to $180.8 million in 2021. Using the FY21 revenue, the company is priced at a price to sales ratio of 6.94.
After the combination, the company is planning to use its $234 million cash provided by Thunder Bridge IV to o 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. Upon closing, the combined company is expected to be listed on the Nasdaq under the ticker symbol “CNCK”. The deal is expected to close in 2H 2022.
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