Company: CNCKW
Filing Date: 2025-01-28
Form Type: F-1
Source: 0001213900-25-007203
Chunk: 117

Company: Coincheck Group N.V.
Filing Date: 2025-01-28
Form: F-1
Chunk 117
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 counterparties in order to support the operation of our Marketplace platform. Nevertheless, we evaluated our arrangements with cover counterparties to ensure that the operation of our Marketplace platform will not be adversely affected in the event of a change of circumstances, including but not limited to insolvency or regulatory enforcement, at such cover counterparty. In particular, we temporarily limited the amount of crypto assets we deposit with cover counterparties to the extent practicable. We also sought to diversify our options for placing cover transactions in order to limit our dependence on other exchanges by seeking market makers with which we can execute cover transactions without pre -fundingdeposits in order to reduce counterparty custody risk. Our specific actions in response to the above market conditions included: •Reducing crypto assets deposited with Binance to ¥74 million and crypto assets deposited with our cover counterparties to ¥425 million as of December31, 2022 from ¥629 million and ¥1,097 million, respectively, as of September30, 2022. As of March31, 2023, the amount of crypto assets deposited with Binance increased to ¥195 million. Additionally, the amount of crypto assets deposited with our cover counterparties increased to ¥1,088 million, including ¥647 million deposited with OKX, which represented our largest single credit exposure as of March31, 2023. As of September30, 2023, crypto assets deposited with Binance decreased to ¥62 million and total crypto assets deposited with our cover counterparties decreased to ¥251 million. As of March31, 2024, crypto assets deposited with our cover counterparties increased to ¥817 million, with crypto assets deposited with Binance increasing to ¥206 million and crypto assets deposited with OKX of ¥27 million. As of September30, 2024, the amount of crypto assets deposited with our cover counterparties was ¥409million, the amount of crypto assets deposited with bitFlyer was ¥229million and the amount of crypto assets deposited with Binance was ¥142million. •Reducing crypto assets held (current assets) from ¥16,439 million as of September30, 2022 to ¥11,167 million as of December31, 2022, of which ¥8,999 million were held in cold wallets controlled by us. As of September30, 2023, crypto assets held (current assets) increased to ¥19,298 million, of which ¥17,480 million were held in cold wallets, and as of March31, 2024,