Japanese cryptocurrency exchange Coincheck Inc. said Tuesday it would list in New York through a merger with special purpose acquisition company (SPAC) Thunder Bridge Capital Partners IV Inc. in a $1.25 billion deal.

Coincheck, which was at the center of a $530 million digital money heist in 2018, was acquired by Japanese online brokerage Monex Group Inc. for about $34 million that year. At the time, Monex had said it would launch an initial public offering of Coincheck shares in the future.

The deal will provide the combined company $237 million in cash held in the SPAC's trust, assuming there are no redemptions. Existing Coincheck shareholders may additionally receive up to 50 million shares based on events linked to future stock price performance.

The combined entity, Coincheck Group NV, will be listed on the Nasdaq under the symbol "CNCK." The deal is expected to close in the second half of this year.

SPACs are publicly listed companies with no business operations. They float their shares to the public in order to raise funds for acquiring a private entity at a later date.