Coincheck, Japan’s largest retail crypto exchange, debuted on Nasdaq after a de-SPAC process, closing at $12.03 with a $1.5 billion EV. It trades at 20.3x EV/LTM Revenue and 49.6x EV/LTM EBITDA, aligning with Coinbase.
Coincheck (NASDAQ: CNCK), Japan’s largest retail cryptocurrency exchange, has officially commenced trading on Nasdaq. This follows an extensive de-SPAC process that began in March 2022. Coincheck’s listing represents a significant development in the cryptocurrency sector, offering investors an additional avenue for exposure to publicly traded crypto companies.
The company’s stock ended the week at $12.03, reflecting a 20% increase from its initial SPAC price of $10.02. Coincheck’s total enterprise value (EV) stands at $1.5 billion. Notably, its market performance has remained aligned with the valuation announced at the outset of the SPAC merger process, distinguishing it from many other SPAC-backed companies that often experience a decline in valuation post-merger.
Coincheck’s valuation and market performance
When the SPAC merger was first proposed, Coincheck set a valuation target of $1.25 billion. The successful listing and subsequent price appreciation indicate investor confidence and highlight the company’s strong market positioning.
Coincheck currently trades at an EV/LTM Revenue multiple of 20.3x and an EV/LTM EBITDA multiple of 49.6x. These figures place it at a premium compared to Coinbase, another publicly listed cryptocurrency exchange, which holds an EV/LTM Revenue multiple of 14.1x and an identical EV/LTM EBITDA multiple of 49.6x. The valuations suggest strong investor optimism regarding Coincheck’s potential within the expanding digital asset sector.
A growing market for publicly traded crypto companies
The listing of Coincheck marks only the second major cryptocurrency exchange to go public, following Coinbase. This development offers investors an opportunity to geographically diversify their holdings within the public crypto equity space.
Market analysts have observed that the increasing number of high-quality crypto companies entering public markets is contributing to greater liquidity within the sector. Looking ahead, expectations remain high for more cryptocurrency and blockchain-related IPOs in the coming years.
“We are on record, in the WSJ, saying that we expect to see more IPOs in 2025 and 2026 under the incoming administration,” notes Ryan McCulloch. The continued evolution of the regulatory and market landscape may further encourage cryptocurrency firms to explore public listings as a viable avenue for expansion.
With Coincheck’s successful Nasdaq debut, the cryptocurrency industry takes another step toward broader institutional adoption, strengthening the presence of digital asset firms within traditional financial markets.
Shikha Negi is a Content Writer at ztudium with expertise in writing and proofreading content. Having created more than 500 articles encompassing a diverse range of educational topics, from breaking news to in-depth analysis and long-form content, Shikha has a deep understanding of emerging trends in business, technology (including AI, blockchain, and the metaverse), and societal shifts, As the author at Sarvgyan News, Shikha has demonstrated expertise in crafting engaging and informative content tailored for various audiences, including students, educators, and professionals.
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