Japanese CEX Coincheck posts 75% revenue growth during fiscal Q3

Japanese crypto exchange Coincheck posted a 75% jump in revenue in its fiscal third quarter, which the CEO of its parent company has attributed to a successful merger and subsequent listing on the Nasdaq.

According to the firm’s earnings report for its fiscal third quarter (Oct. 1 to Dec. 31), Coincheck’s quarterly revenue jumped to $782 million, up 75% from $447 million in revenue in the fiscal second quarter. 

While reporting strong revenue growth and a 72% uptick in customer assets, the exchange still posted a net loss of $98.1 million due in large part to $751 million in sales expenses and other administrative costs. 

Gary Simanson — the CEO of Coincheck’s Amsterdam-based parent company Coincheck Group — attributed the strong earnings report to the “successful closing” of a merger with blank check company Thunder Bridge Capital last December. 

Following the completion of the merger on Dec. 11, Coincheck’s ordinary shares and warrants began trading on the tech-heavy United States’ Nasdaq exchange under the tickers CNCK and CNCKW, respectively.

First disclosed in March 2022, the merger deal with Thunder Bridge sought to make Coincheck a publicly traded firm through a $1.25 billion de-SPAC transaction.

Founded in 2012, Coincheck is one of the largest crypto exchanges in Japan, with 2.2 million verified customers as of December. It is the 66th largest crypto exchange in the world, with around $120 million in daily trading volume, according to CoinGecko data.

The exchange gained international attention in January 2018 after it suffered a major hack that resulted in the theft of $534 million worth of NEM (XEM) tokens.

After repaying its customers, Coincheck has continued serving its crypto business and has been actively working to go public.

Related: Bitwise predicts 2025 as year for crypto IPO — Kraken, Circle to go public

Notably, Coincheck first planned to launch as a public company in 2023.

In October 2022, Coincheck confirmed its Nasdaq listing plans, targeting the listing for July 2023. However, the company had to amend its merger with Thunder Bridge, and in May 2023, it extended the deadline for another year. 

In early November, the United States Securities and Exchange Commission approved Coincheck’s Nasdaq listing application.

Coincheck’s merger with Thunder Bridge eventually resulted in gross proceeds of about $31.6 million for the combined company, according to the latest announcement.

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