Coincheck this week became the 10th cryptocurrency firm to agree to a reverse merger with a special purpose acquisition firm (SPAC) since last year, while stablecoin platform Circle and mining firms BitFuFu and Bitdeer hope to exit. stock market this year, according to a Bloomberg report.
"Oftentimes you can't assess the success of these deals until they close, because they will trade at least close to their cash-in-escrow value before a shareholder vote," said Kristi Marvin, CEO of the research firm. SPACInsider. in the Bloomberg report on Wednesday (March 23).
โThe best way to assess their performance is after the transaction closes,โ he said.
Three cryptocurrency firms have bucked the trend of SPAC's recent dismal performance: Core Scientific Inc., one of the largest Bitcoin miners in North America, Bakkt Holdings Inc. (up 43% in recent months), and Cipher Mining Inc. (11%). .
The De-SPAC index, a group of 25 companies including SoFi Technologies and WeWork started after a blank check deal, fell 9%. Core Scientific is the only crypto firm in the index.
Cipher and Bakkt are trading below where they started when they traded after their respective SPAC deals, according to the report.
Related: Japanese Crypto Exchange Coincheck Plans $1.3B SPAC
Japanese cryptocurrency exchange Coincheck will go public on the Nasdaq through a SPAC merger worth $1.3 billion. Coincheck expects to complete the merger with Thunder Bridge Capital Partners IV in the second half of the year, receiving $240 million in cash from the deal, according to Bloomberg.
The exchange, owned by Monex, has approximately 1.5 million verified customers, according to the report. Following the merger with SPAC, Monex will retain a majority stake in the new company, holding 82% of the combined organization versus 94% it now owns.
Coincheck fell victim to one of the largest crypto hacks in history in 2018, when cybercriminals broke into the exchange and stole roughly $500 million worth of XEM, the native currency of the New Economy Movement, or NEM, blockchain project, according to the report.
