Coincheck Group (CNCK) Q4 2024 earnings summary

Executive summary

• Coincheck Group N.V. completed a business combination with Thunder Bridge Capital Partners IV, Inc. on December 10, 2024, resulting in Coincheck becoming a wholly owned subsidiary and listing on NASDAQ under symbols CNCK and CNCKW.

• The transaction was unanimously approved by Thunder Bridge's board and shareholders, with trading of shares and warrants commencing on December 11, 2024.

• Coincheck Group now operates through its subsidiary Coincheck, a leading crypto exchange in Japan.

Financial highlights

• As of September 30, 2024 (pro forma), Coincheck Group reported $10,279 million in cash and cash equivalents and $7,559 million in total equity.

• Total liabilities stood at $682,455 million, with current liabilities at $680,937 million and non-current liabilities at $1,518 million.

• 129,703,076 ordinary shares and 4,860,148 warrants to purchase ordinary shares were outstanding as of December 10, 2024.

Capital allocation and financing

• The WCL Promissory Note of $869,000 remained outstanding at closing and may be convertible into ordinary shares and private warrants at $10.00 per share and one-fifth warrant at the lender's option.

• A non-redemption and share forward agreement was entered with Ghisallo Master Fund LP to support the business combination, involving 973,000 shares.