Company: CNCKW
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001913847-25-000033
Chunk: 36

Company: Coincheck Group N.V.
Filing Date: 2025-11-18
Form: 424B3
Chunk 36
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, our average spread (our fee) per transaction with customers was 3.33% and 3.29%, respectively. Total Marketplace platform trading volume with customers for the three months ended September 30, 2025 and 2024 was ¥94.7 billion and ¥55.1 billion, respectively. For the six months ended September 30, 2025 and 2024, our average spread (our fee) per transaction with customers was 3.32% and 3.39%, respectively. Total Marketplace platform trading volume with customers for the six months ended September 30, 2025 and 2024 was ¥156.2 billion and ¥128.1 billion, respectively. The change in average spreads for the three and six months ended September 30, 2025 are due primarily to the change in the mix of cryptocurrencies being traded.

#### Commission received
Our commission received consists primarily of remittance fees, deposit and withdrawal and transfer fees, commissions received from the issuer and subscribing customers in the IEO business, commissions that arise from transactions on the Coincheck NFT Marketplace, commissions that arise from transactions on our Exchange platform, and other commissions.

#### Expenses
Expenses consist of cost of sales and selling, general, and administrative expenses.

Cost of sales

Our cost of sales mainly consists of crypto assets once acquired from users and cover counterparties on the Marketplace platform or Exchange platform.

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Selling, general, and administrative expenses

Personnel expenses and advertising and promotion expenses are the largest components of our selling, general, and administrative expenses. Our personnel expenses are expected to scale if and as our revenues grow. In addition, systems-related expenses are correlated with user numbers and trading volumes and are incurred in order to support our mobile and desktop web applications and trading operations system.

Our other costs are relatively fixed in nature, which we believe allows us to target significant operating leverage through growth of our customer base. We believe that our expense structure enables us to be profitable, or minimize loss, even in periods with low trading volume.

Selling, general, and administrative expenses consist primarily of the following:

• Personnel expenses . Personnel expenses consist of salaries and bonuses of our employees, and share-based compensation for restricted share units. Share-based compensation were granted to managing directors and officers, board members and other qualified employees and non-employee consultants.

• Advertising and promotion expenses . Advertising and promotion expenses primarily include expenses incurred for the advertising of our products in various media, including television, press, and internet (including social media