Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 132

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 4
Chunk 132
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 Coincheck IEO platform, our customers can apply for the desired purchase amount of tokens, 
and their account will then be debited for the yen amount required for the desired purchase. All tokens sold in the 
IEO are held in the issuer’s account opened with us prior to the start of the IEO subscription. After the subscription 
period (in the event of an oversubscription, a lottery is conducted), settlement occurs to the account of the 
subscribing customer on the delivery date, and are then treated like any other cryptocurrency held by such customer. 
After delivery of tokens to the subscribers is completed, the sales proceeds are transferred to a bank account 
designated by the issuer of the tokens. For our IEOs, we only accept payment for tokens sold in yen and do not 
permit payment with cryptocurrencies. Although we underwrite the tokens, if the total subscription amount falls 
below the total sales amount, we do not buy back any unsold tokens.
Our first IEO, the Hashpalette IEO in July 2021, had a total subscription amount that exceeded the funding 
target of ¥931.5 million within 6 minutes of launch, and was 24 times oversubscribed, receiving ¥22.4 billion in 
subscriptions from over 63,000 customer accounts. We conducted a second IEO with Financie, Inc. in February 
2023, which exceeded the funding target of ¥1,066 million within 60 minutes of launch, and was approximately 19 

66

times oversubscribed, receiving over ¥20.0 billion in subscriptions from approximately 25,000 customer accounts. 
In June 2024, we conducted an IEO with Brilliantcrypto, Inc. in order to help it create a new gaming experience and 
GameFi market (Brilliant Crypto Token games are now offered on our Coincheck NFT Marketplace).  In 2023, the 
JVCEA began to publish proposed regulatory reforms for IEOs in Japan focused on pricing (pricing methods and 
explicit warnings about pricing), liquidity, price stability and sale restrictions. While we have some potential IEOs 
“in the pipeline” that are being considered, we believe that the growth and future size of our IEO platform business 
will depend, in large part, on regulators’ and industry participants’ success in establishing a clearer, and more mature 
and standardized, regulatory structure for IEOs.
Staking Platform Services
As earlier mentioned, we acquired the staking platform