Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 29

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 29
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 of, our products and services. Such negative publicity also could have an adverse effect on the size and

engagement of our customers and could result in decreased total revenue, which could have an adverse effect on our

business, operating results, and financial condition.

Our key business metrics and other estimates are subject to inherent challenges in measurement, and our

business, operating results, and financial condition could be adversely affected by real or perceived inaccuracies

in those metrics.

We regularly review key business metrics, including the number of verified and active users, trading

volume, customer assets and other measures to evaluate growth trends, measure our performance, and make strategic

decisions. These key metrics are calculated using internal company data and have not been validated by an

independent third party. In particular, we need to be vigilant that our verified users do not include users who should

be discarded in the calculation as invalid accounts due to fraud, trading bans, or spam or other reasons. While these

numbers are based on what we currently believe to be reasonable estimates for the applicable period of

measurement, there are inherent challenges in such measurements. If we fail to maintain an effective analytics

platform, our key metrics calculations may be inaccurate, and we may not be able to identify those inaccuracies. We

regularly review our processes for calculating these metrics, and from time to time we make adjustments to improve

their accuracy. We generally will not update previously disclosed key business metrics for any such inaccuracies or

adjustments that are immaterial. If our metrics provide us with incorrect or incomplete information about users and

their behavior, we may make inaccurate conclusions about our business.

Unfavorable media coverage could negatively affect our business.

We receive a high degree of media coverage in Japan. Unfavorable publicity regarding, for example, our

product changes, product quality, litigation or regulatory activity, privacy practices, terms of service, employment

matters, the use of our products, services, or supported crypto assets for illicit or objectionable ends, the actions of

our customers, or the actions of other companies that provide similar services to ours, could adversely affect our

reputation. Further, we could in the future be the target of social media campaigns criticizing actual or perceived

actions or inactions that are disfavored by our customers, employees, or society at-large. Such campaigns could

materially impact our customers’ decisions to trade on our crypto asset platforms. Any such negative publicity could

have an adverse effect on the size, activity, and