The holding company of Coincheck debuted on the Nasdaq Global Market on Wednesday, making it the first Japanese cryptocurrency exchange to be listed in the United States.
Coincheck, effectively controlled by Japanese online broker Monex Group, aims to expand its operations through acquisitions in the U.S. and Japan, where the cryptocurrency industry is growing, using proceeds from the initial public offering of the holding company, Coincheck Group NV.
Coincheck Group closed at $13.35 for a market capitalization of about $1.7 billion. It went public in the U.S. through a merger with a special purpose acquisition company, based on a plan made by Monex Group.
The listed shares will be used as a "currency" for company acquisitions, Monex Group Chairperson Oki Matsumoto said, expressing his desire to implement a growth strategy for Coincheck over the coming year.
Regarding the Japanese crypto industry, he showed an eagerness to buy rivals to expand Coincheck until the Japan Fair Trade Commission steps in to stop his group.
The group could buy up all domestic competitors other than main rival BitFlyer, he added.
Monex Group took over Coincheck following a massive cryptocurrency theft at the exchange in 2018. Coincheck was among Japan's leading crypto exchanges, with around 2.15 million accounts, as of the end of last month.
The crypto industry is gaining momentum in the U.S. amid high hopes for policies under President-elect Donald Trump, who has expressed support for cryptocurrencies. The value of bitcoin, a major cryptocurrency, exceeded $100,000 per bitcoin earlier this month.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.