Company: CNCKW
Filing Date: 2025-04-10
Form Type: 424B3
Source: 0001213900-25-030417
Chunk: 119

Company: Coincheck Group N.V.
Filing Date: 2025-04-10
Form: 424B3
Chunk 119
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 customers. J -GAAPcustomer assets are derived from monthly data prepared for management for purposes of understanding internal performance metrics, and such figures had not been prepared under IFRS basis and do not include NFTs deposited by customers. Source:Coincheck Internal data. Trading Volume (by Currency) The trading volume of our customers is directly correlated with our revenue and is influenced by both price and volatility of Bitcoin, Ethereum, 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 and Exchange platforms. 74

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. For example, over the course of 2020 and 2021, we observed institutions, such as Square, Inc., invest in Bitcoin at an accelerated rate. Occasionally, planned network events, such as an airdrop, where the network provides holders of a particular crypto asset with a reward, or a “halving,” 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 tend to be temporary, and as a result, our financial performance following such events may not be indicative of future operating performance or financial condition. The following table shows the trading volume by currency on our Marketplace platform for each quarter:

|       |     | For the three months ended | December 31, 
         2022 |     |   | March 31, 
      2023 |     |   | June 30, 
     2023 |     |   | September 30, 
          2023 |
|:------|:----|:---------------------------|-------------:|:----|:--|----------:|:----|:--|---------:|:----|:--|--------------:|
|       |     | -Billion yen               |              |     |   |           |     |   |