Author: Weilin, PANews

The traditional capital markets in the United States are about to welcome a new crypto entrant.

On November 13, Japanese brokerage and crypto exchange operator Monex Group announced that its subsidiary Coincheck Group BV (CCG) had its registration statement (Form F-4) submitted to the U.S. Securities and Exchange Commission (SEC) become effective on November 12. This means Coincheck will go public via a SPAC, with the earliest listing on Nasdaq expected on December 10, becoming the first Japanese crypto exchange to list on Nasdaq.

This news has garnered widespread market attention. Under the Trump administration, with a clearer regulatory framework anticipated, will the IPO process for crypto companies accelerate? ARK Invest expressed optimism in its latest communication, stating that Trump's return to the White House could open the IPO door for digital asset companies and bring about a clearer regulatory environment. ARK Invest noted, "This could include reopening the IPO window for digital asset companies like Circle and Kraken."

In anticipation of a policy shift, reports indicate that investment bankers from JPMorgan, Goldman Sachs, and Morgan Stanley have begun engaging with crypto companies, showing a growing interest from investment banks in the crypto sector.

Expected to List on Nasdaq as Early as December 10

According to the announced schedule, Coincheck's IPO will be achieved through a merger with Thunder Bridge Capital Partners (THCP). The special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV (THCP) will hold a shareholder meeting on December 5, with the merger expected to be completed around December 10. Coincheck Group BV (CCG) shares (ticker symbol: CNCK) are expected to begin trading on Nasdaq the next trading day after the merger is completed.

As early as March 2022, Coincheck announced its plan to merge with THCP to achieve its IPO, initially scheduled for completion in the second half of that year. However, it subsequently underwent three contract changes, in May 2023, May 2024, and October, ultimately receiving SEC approval.

Founded in 2012, Japanese crypto exchange Coincheck began offering cryptocurrency trading services in 2014 and became a leading exchange in the Japanese crypto market in 2017. In January 2018, Coincheck suffered a hacking attack that resulted in the theft of $530 million worth of NEM (XEM) tokens, becoming one of the largest hacking thefts in crypto history. The exchange had to compensate affected users, leading to significant financial impacts.

In 2018, Japanese brokerage Monex Group acquired Coincheck, restructured the company, and enhanced its security to regain user trust.

On the X platform, HARA, CFO of the Japanese IoT crypto project Jasmy, stated, "Coincheck's listing on Nasdaq is a significant announcement with great potential; it can stimulate cryptocurrency trading through capital from the stock market and become a place for creating many entrepreneurs."

Trump Administration May "Greenlight" Crypto Company IPOs, Investment Banks Engaging with Crypto Companies

In the U.S., several cryptocurrency mining companies and the well-known crypto exchange Coinbase have already gone public on stock exchanges. This has set a precedent for crypto companies transitioning to publicly traded companies; however, some crypto companies are still facing ongoing delays from the SEC.

The most tumultuous listing process has been that of Circle, the issuer of the USDC stablecoin, which began its listing journey in 2021 but ultimately fell short during the bull market. Reports indicate that Circle confidentially submitted its IPO application in January this year. However, according to a June report by Barron's, the SEC expressed reservations about Circle's core product, which could delay or impact the company's listing process. The stablecoin issuer also moved its headquarters to the U.S. in May, a move seen as an effort to bolster market confidence. However, Barron's reported that the SEC has concerns about the risks associated with stablecoins. The regulatory agency remains cautious about these assets, especially as their market continues to grow.

Another major crypto exchange, Kraken, is also preparing for an IPO. According to a June report by Bloomberg, the company raised $100 million in a pre-IPO funding round, indicating investor confidence in its future. However, Kraken's listing will largely depend on regulatory support and legislative progress.

The new U.S. administration is expected to bring a shift in crypto regulatory policies.

Former SEC Chairman Jay Clayton recently pointed out that Congress may pass legislation regulating cryptocurrencies after Trump takes office. Clayton stated that he supports easing regulatory burdens to encourage companies to go public, signaling a broad change in public policy that the crypto industry is currently anticipating, for which they have spent significant amounts to influence this month's presidential election.

On November 13, ARK Invest expressed optimism in its latest communication, stating that Trump's return to the White House could allow digital asset companies like Circle and Kraken to go public and achieve regulatory clarity. ARK Invest wrote, "Possibilities include reopening the IPO window for digital asset companies like Circle and Kraken." The firm noted that potential legislative reforms, such as the Financial Innovation and Technology for the 21st Century Act (FIT21), could clarify regulatory provisions for stablecoins and digital assets. Additionally, the asset management company expects that SEC Chairman Gary Gensler's "enforcement-based regulatory" approach will end, potentially creating a more competitive environment for cryptocurrency companies.

Some industry insiders have also expressed their views on the possibility of an IPO window. Matthew Kimmell, an analyst at crypto asset management firm CoinShares, pointed out that the Trump administration may nominate leaders more favorable to crypto assets based on its supportive rhetoric, which will influence the prospects for cryptocurrency IPOs, especially with changes in SEC leadership and the regulatory framework established. Haseeb Qureshi, managing partner at San Francisco-based crypto venture capital firm Dragonfly Capital, stated that the post-election environment should be better for cryptocurrency IPOs.

According to The Information, as the IPO prospects for the crypto industry look promising after the U.S. presidential election, investment bankers from JPMorgan, Goldman Sachs, and Morgan Stanley have begun meeting with crypto companies. This marks a stark contrast to the past two years when many Wall Street banks considered crypto companies too risky and were reluctant to take them on as clients.

Previously, industry rumors suggested that companies like Circle Internet Financial, Kraken, Fireblocks, Chainalysis, and eToro might go public within the next year or two. Although these companies have been rumored to be listing for months, there has been no substantial progress. Investment banking advisors indicated that robust plans for crypto companies to go public in 2025 or 2026 are gradually taking shape.

Currently, the potential list of crypto IPOs includes crypto custodian Anchorage Digital, blockchain and staking infrastructure company Blockdaemon, crypto custodian BitGo, crypto data analytics company Chainalysis, stablecoin issuer Circle, crypto brokerage FalconX, crypto custody technology provider Fireblocks, crypto exchange Kraken, crypto wallet provider Ledger, and Bitcoin financial services company NYDIG, among others.

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