Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 97

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 97
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 grew to ¥859 billion, of which ¥179 billion consisted of XRP. As of June30, 2024, our customer assets grew further still, to ¥748billion, of which ¥50billion consisted of XRP. As of June30, 2025, our customer assets grew to ¥1,000billion, of which ¥178billion consisted of XRP. Customer Assets Source: Coincheck internal data. Trading Volume (by Cryptocurrency) The trading volume of our Marketplace platform customers is directly correlated with our revenue and is influenced by both price and volatility of Bitcoin, Ethereum, XRP and other crypto assets. We have experienced periods of low and high trading volume, and therefore revenue, driven by periods of rising or declining crypto asset prices and/or lower or higher volatility within the crypto asset market. During periods of rising Bitcoin prices and higher volatility, we have generally observed higher trading volume on both our Marketplace platform and Exchange platform. There are a number of factors that contribute to changes in price and volatility of a given crypto asset, including, but not limited to: changes in the supply and demand for a particular crypto asset; crypto market sentiment; macroeconomic factors; utility of a particular crypto asset; and other events, such as exchange outages or social media commentary. Market participation by well -knowninvestors can also affect consumer sentiment. Occasionally, planned network events, such as an airdrop, where the network provides holders of a particular crypto asset with a reward, or a “halving,” which is when the reward for validating transactions for a crypto network is reduced by half, can lead to shifts in customer interest in a specific crypto asset. Event -drivenchanges in customer interest may be temporary and, as a result, our financial performance following such events may not be indicative of future operating performance or financial condition. 57

The following table shows the trading volume by currency on our Marketplace platform for the fiscal years ended March 31, 2025, 2024 and 2023:

|        |     | For the fiscal year ended March 31, |    2025 |     |              |    2024 |     |   |    2023 |
|:-------|:----|:------------------------------------|--------:|:----|:-------------|--------:|:----|:--|--------:|
|        |     |                                     |         |     | -In millions |         |     |   |         |
| BTC    |     | ¥