Coincheck Group, the holding company of Japanese cryptocurrency exchange Coincheck, has successfully listed on the US Nasdaq, becoming the second cryptocurrency exchange to go public on the US stock market. Market expectations are that the long-standing IPO restrictions on the cryptocurrency industry will be lifted in the near future.
Japanese online securities firm Monex Group announced on November 11 that its subsidiary, Coincheck Group (CCG), has successfully listed on the US Nasdaq and started trading on the same day. The stock is listed under the ticker symbol “CNCK”.
According to CoinDesk, CCG is the holding company of Coincheck, a Japanese cryptocurrency exchange. After the listing, Monex Group will hold 80% of CCG’s shares, and the current market value of CCG is approximately $1.6 billion.
With the listing on Nasdaq, Coincheck Group has become the second cryptocurrency exchange to go public on the US stock market (Coinbase being the first).
Will more cryptocurrency companies go public on the US stock market in the future?
In addition, the cryptocurrency industry has been restricted by incomplete regulations and strict policies from the Securities and Exchange Commission (SEC), which has resulted in many cryptocurrency companies being unable to successfully apply for IPOs. However, with the Trump administration coming into power, the market expects the IPO restrictions on cryptocurrency companies to be fully lifted.
IPO refers to the process in which a company issues its shares to the general public through a stock exchange for the first time. This process transforms a private company into a publicly traded company.
ARK Invest also released an article in mid-November, stating that the US is expected to reopen the IPO window for mature digital asset companies such as Circle and Kraken:
As the price of Bitcoin soars to new highs, the new administration seems prepared to bring much-needed clarity to the regulation of digital assets in the United States. Possible changes include a more crypto-friendly Securities and Exchange Commission (SEC), ending Chairman Gary Gensler’s “enforcement-oriented regulation,” reopening the IPO window for mature digital asset companies like Circle and Kraken, and advancing much-anticipated and needed digital asset legislation.
Potential list of cryptocurrency company IPOs
On the other hand, according to previous reports from Dynamic Zone, despite the SEC crackdown on the cryptocurrency industry in recent years, many companies are planning IPOs, including:
– Cryptocurrency exchange Kraken
– Blockchain technology provider Chia Network
– Stablecoin USDC issuer Circle
– Trading platform eToro
Although the SEC, currently led by Gary Gensler, and conservative figures in the Biden administration still hold sway over the cryptocurrency industry, the listing of Coincheck Group on Nasdaq suggests that a wave of cryptocurrency company IPOs may be imminent.