Coincheck Sees 75% Revenue Surge Following Nasdaq Listing And Merger

Japanese cryptocurrency exchange Coincheck recorded a significant 75% increase in revenue during its fiscal third quarter, a surge attributed to its recent merger and successful Nasdaq listing.

According to its earnings report for the period spanning October 1 to December 31, Coincheck’s revenue soared to $782 million, up from $447 million in the previous quarter.

Despite this strong performance, the exchange reported a net loss of $98.1 million, primarily due to $751 million in sales and administrative expenses.

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Coincheck Group CEO Attributes Revenue Surge to Thunder Bridge Capital Merger

Coincheck Group CEO Gary Simanson credited the revenue boost to the December 11 completion of a merger with Thunder Bridge Capital, a blank-check company.

The deal paved the way for Coincheck’s stock and warrants to begin trading on Nasdaq under the tickers CNCK and CNCKW.

Originally announced in March 2022, the merger aimed to transition Coincheck into a publicly traded company via a $1.25 billion de-SPAC transaction.

Founded in 2012, Coincheck is one of Japan’s leading crypto exchanges, serving 2.2 million verified users as of December. It ranks 66th globally, with daily trading volume of approximately $120 million, according to CoinGecko data.

Coincheck gained worldwide attention in January 2018 following a major security breach that resulted in the theft of $534 million worth of NEM tokens. The exchange compensated affected users and has since maintained operations while pursuing public listing efforts.

Coincheck Group N.V.のNASDAQ上場のお知らせhttps://t.co/2kEZo6JCBq@NasdaqExchange

— Coincheck(コインチェック) (@coincheckjp) December 10, 2024

Initially targeting a public debut in 2023, Coincheck confirmed its Nasdaq listing plans in October 2022, with an intended launch in July 2023. However, adjustments to the merger agreement led to an extension into 2024.

The US Securities and Exchange Commission approved its Nasdaq listing in early November, allowing the company to proceed.

Coincheck’s merger with Thunder Bridge ultimately generated approximately $31.6 million in gross proceeds for the newly combined entity, marking a key milestone in its expansion strategy.

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Japan Considers Approving Bitcoin ETFs

Recently, it was reported that the Financial Services Agency (FSA) of Japan may lift the ban on Bitcoin spot exchange-traded funds (ETFs) and approve it sooner rather than later. 

Japan is also considering the reclassification of cryptocurrencies. Currently, digital assets are treated as payment instruments under the Payment Services Act (PSA). In the future, crypto maybe classified under Financial Instruments and Exchange Act (FIEA).

The regulatory shift comes amid growing adoption of digital assets in the country.

Last month, Japanese energy consulting firm Remixpoint expanded its cryptocurrency portfolio. It acquired an additional 33.34 Bitcoin (BTC) for 500 million yen ($3.2 million).

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