The Japanese exchange Coincheck is set to go public on NASDAQ through a SPAC, and the Trump administration may provide support for more cryptocurrency companies' IPOs. Coincheck was founded in 2012 and faced a hacking incident, but after being acquired by Monex Group, it was reorganized and enhanced its security. This listing is expected to stimulate cryptocurrency trading and provide opportunities for entrepreneurs. Other crypto companies like Circle and Kraken are also preparing for IPOs but still require regulatory support and legislative progress. Investment bankers have begun meeting with cryptocurrency companies, indicating a growing interest in the crypto space.

A new crypto player is set to enter the traditional U.S. capital markets. 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) take effect on November 12, meaning Coincheck will go public through a SPAC, with the earliest listing on NASDAQ set for December 10, becoming the first Japanese crypto exchange to be listed on NASDAQ. 

This news has garnered widespread market attention, and with a regulatory framework expected to become clearer under the Trump administration, will the IPO process for crypto companies accelerate? ARK Invest stated in its latest newsletter that Trump's return to the White House could open the IPO doors for digital asset companies and bring about a clearer regulatory environment. ARK Invest noted, "This could potentially include reopening the IPO window for digital asset companies like Circle and Kraken."

In anticipation of policy changes, 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.

According to the announced schedule, Coincheck's IPO will be realized 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 executed around December 10. Shares of Coincheck Group BV (CCG) are anticipated to begin trading on NASDAQ the day after the merger is completed.

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

Coincheck, the Japanese crypto exchange, was established in 2012 and began providing cryptocurrency trading services in 2014, becoming 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, marking one of the largest hacking thefts in crypto history. The exchange had to compensate affected users, resulting in significant financial impacts.

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

On the X platform, HARA, the CFO of the Japanese IoT crypto project Jasmy, stated on X, "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."

In the U.S., several cryptocurrency mining companies and the well-known crypto exchange Coinbase have already gone public. This has set a precedent for crypto companies transitioning to publicly traded entities; however, some crypto companies continue to face delays from the SEC.

The most tumultuous IPO journey belongs to 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 from Barron's, the SEC expressed reservations regarding Circle's core products, which could delay or affect the company's listing process. This stablecoin issuer also relocated its headquarters to the U.S. in May, a move considered to enhance market confidence. However, according to Barron's, the SEC has expressed concerns about the risks associated with stablecoins. The regulatory body remains cautious regarding these assets, especially amidst their growing market presence.

Another major crypto exchange, Kraken, is also preparing for an IPO. According to Bloomberg's June report, 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. government's ascendance is expected to bring about a shift in crypto regulatory policies.

Former SEC Chairman Jay Clayton recently pointed out that Congress may pass legislation regulating cryptocurrencies following Trump's return to power. Clayton stated that he supports easing regulatory burdens to encourage companies to go public, suggesting a broad change in public policy, which is what the crypto industry is currently anticipating, having spent significant sums to influence this month's presidential election.

On November 13, ARK Invest expressed optimism in its latest newsletter, 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, "Potentialities 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.In addition, the asset management company expects that the "enforcement-oriented" approach of SEC Chairman Gary Gensler will come to an end, potentially creating a more competitive environment for cryptocurrency companies.<br>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 towards digital assets. This will influence the prospects of cryptocurrency IPOs, especially with changes in the SEC leadership and the regulatory framework it has established. Haseeb Qureshi, managing partner at San Francisco cryptocurrency venture capital fund Dragonfly Capital, stated that the post-election environment should be better for cryptocurrency IPOs.<br>According to The Information, as the prospects for crypto industry IPOs 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 departure from the past two years, during which many Wall Street banks considered crypto companies too risky and were reluctant to take them on as clients.<br>Previously, there were rumors in the industry that companies such as Circle Internet Financial, Kraken, Fireblocks, Chainalysis, and eToro might go public within the next one to two years. Although there have been reports of these companies planning to go public for months, there has yet to be any substantial progress. Advisors from investment banks indicated that a solid plan for crypto companies to go public in 2025 or 2026 is gradually taking shape.<br>Currently, the list of potential crypto IPOs includes crypto custodian Anchorage Digital, blockchain and staking infrastructure company Blockdaemon, crypto custodian BitGo, crypto data analytics company Chainalysis, stablecoin issuer Circle, cryptocurrency brokerage FalconX, crypto custody technology provider Fireblocks, crypto exchange Kraken, crypto wallet provider Ledger, and bitcoin financial services company NYDIG, among others.

Japanese exchange Coincheck to go public on Nasdaq, Trump administration may support more crypto company IPOs