Japanese cryptocurrency exchange Coincheck and Thunder Bridge Capital Partners IV have initiated the process to become a publicly traded entity on Nasdaq through a $1.25 billion merger.

The proposed merger is structured as a de-SPAC transaction, aiming for completion between Q2 and Q3 of 2024, subject to shareholder and SEC approvals.

Post-merger, the new entity will be known as Coincheck Group, N.V. and will be listed on Nasdaq with the ticker symbol CNCK.

Coincheck's move to go public follows its acquisition by Monex Group in 2018 after a major security breach, with Monex reporting substantial profits from crypto trading in early 2024.

The merger reflects a growing trend of cryptocurrency businesses seeking legitimacy and market expansion by entering public financial markets.

The upcoming Benzinga Future of Digital Assets event will feature this news as a significant topic of discussion.