Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 162

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 162
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 our products and services and the overall increase in interest in BTC, Ethereum, XRP and other crypto 
assets in Japan. As of March 31, 2025, our number of verified users was approximately 2.3 million. Verified user 
metrics are used as a key performance indicator in our business management process because our current businesses 
principally serve retail users. We are able to compare our number of verified users against industry data compiled by 
the JVCEA to assess our competitive position. Our definition of verified users may be revised in the future if the 
industry data or metric used changes or there are changes in Japanese rules regarding approval of new users or 
accounts and how that should be defined.

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<{self.tag} alt="{self.alt}" src="{self.src}">Verified Users
Source:  Public information made available by the JVCEA.
<{self.tag} alt="{self.alt}" src="{self.src}">Monthly Users
Monthly users represent our verified users with at least one transaction (a purchase, sale, deposit or 
withdrawal) on either our Marketplace or Exchange platform in the prior calendar month. We view them as the 
active users on our cryptocurrency exchanges. Monthly users drive retail trading volume, and growth in our monthly 
users has historically been correlated with both the price of Bitcoin, Ethereum, XRP and other crypto assets and 
volatility within the crypto asset market. We have aimed to expand our revenue opportunities by, in recent years, 
adding new cryptocurrencies to give more investment options and by marketing cryptocurrency trading to retail 
investors. Our number of monthly users was on a declining trend since its peak in the first quarter of the fiscal year 
ended March 31, 2022 (April - June 2021); however, beginning in the third quarter of the fiscal year ended 
March 31, 2024, we have seen an increase in our number of monthly users. Our number of average monthly users 
was approximately 146,200 for the fourth quarter of the fiscal year ended March 31, 2025.

87

Source:  Internal data
Customer Assets (by Currency)
Customer assets is a measure of the scale of total value held on our cryptocurrency exchanges as of the 
period indicated. We believe that customer assets reflect the trusted nature of our cryptocurrency exchanges and 
services. The value of our customer assets is driven by the price, quantity, and type of crypto assets held by 
customers. Customer assets include cash deposited by customers, which is segregated in