Coincheck Becomes First Japanese Crypto Exchange to List on Nasdaq

Coincheck's U.S. Listing Marks a Major Milestone for Japan's Crypto Industry

On 12 December 2024, Coincheck Group, the holding company of Japan’s prominent cryptocurrency exchange, made its debut on the Nasdaq Global Market.

This move marks a historic moment as Coincheck becomes the first Japanese crypto exchange to list in the United States.

The listing comes with ambitions of expanding its influence, particularly in the growing cryptocurrency markets of the U.S. and Japan.

Expansion Plans Backed by U.S. IPO Proceeds

Coincheck Group’s initial public offering (IPO) raised substantial capital, which will be channelled into acquisitions in both the U.S. and Japan.

The company, under the control of Japanese online broker Monex Group, is focused on strengthening its position within the fast-evolving crypto industry.

Monex Group’s chairperson, Oki Matsumoto, emphasised that the listed shares would act as a “currency” for potential acquisitions, demonstrating his long-term vision to accelerate Coincheck’s growth.

Growth Strategy: Eyes on Acquisitions and Rivals

Matsumoto was clear about his plans for Coincheck’s future, stating his eagerness to pursue rival crypto exchanges as part of the company’s expansion strategy.

In a bold statement, he expressed the desire to acquire competitors until the Japan Fair Trade Commission intervenes.

Oki Matsumoto, Chairman & CEO of Monex Group

The goal is to consolidate the domestic market, with the notable exception of Japan’s largest competitor, BitFlyer.

Matsumoto confirmed, outlining a clear direction for the company’s future:

"The listed shares will be used as a currency for company acquisitions."

A Comeback After a Major Setback

Coincheck has not always been in the position it finds itself today.

In 2018, the exchange was rocked by a massive cryptocurrency theft, which saw over $500 million worth of digital assets stolen.

Monex Group took over Coincheck after the breach, helping to rebuild its reputation and strengthen its operations.

Coincheck now boasts around 2.15 million accounts, reaffirming its standing as one of Japan's leading crypto exchanges.

U.S. Crypto Market and the Role of Trump’s Policies

As Coincheck pursues its growth strategy, the broader cryptocurrency market in the U.S. is also experiencing significant momentum.

With President-elect Donald Trump voicing support for cryptocurrencies, the environment for digital assets has become increasingly positive.

Bitcoin, a major cryptocurrency, recently surpassed $100,000 per coin, highlighting the bullish sentiment surrounding crypto.

This climate could be advantageous for Coincheck’s expansion efforts as it seeks to solidify its presence in the U.S. market.

Coincheck Group’s Market Value and IPO Success

Following its successful merger with a special purpose acquisition company (SPAC), Coincheck Group closed its first day of trading under the ticker $CNCK at $13.35 per share, giving it a market capitalisation of approximately $1.7 billion.

The IPO marks a major step for Monex Group, which has long held strategic plans to expand Coincheck’s footprint globally.

The listing is a signal of the growing legitimacy of the cryptocurrency sector, particularly among established financial institutions, and presents new opportunities for Coincheck to expand and acquire.