Company: CNCKW
Filing Date: 2025-01-28
Form Type: F-1
Source: 0001213900-25-007203
Chunk: 318

Company: Coincheck Group N.V.
Filing Date: 2025-01-28
Form: F-1
Chunk 318
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, respectively. 8.Crypto asset borrowings The Company enters into borrowing agreements with customers under the Coincheck Lending program. The Company has control over crypto assets borrowed/deposited under the program. Therefore, the repayment obligation with respect to the crypto assets borrowed/deposited is recorded as “Crypto asset borrowings,” and the corresponding crypto assets received are recognized as inventories in the statements of financial position.

F-60

COINCHECK, INC.
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) 8.Crypto asset borrowings (cont.) Crypto asset borrowings are initially measured at the fair value of the crypto assets borrowed/deposited. Subsequent to initial recognition, changes in fair value of crypto asset borrowings are recognized in profit or loss in the corresponding period. See Note 10 “Fair value measurement.” The interest expenses related to crypto asset borrowings, paid in the same cryptocurrency, for the six months ended September 30, 2023 and September 30, 2024 were 14 million yen and 18 million yen, respectively, which were included in “Selling, general and administrative expenses” in the condensed interim statements of profit or loss and other comprehensive income. The interest expenses related to crypto asset borrowings for the six months ended September 30, 2023 and September 30, 2024 are included as an adjustment to reconcile profit (loss) to “Cash flows from operating activities” in the condensed interim statements of cash flows. 9.Financial instruments (1)The fair values of financial assets and liabilities are determined as below. Information about the fair value hierarchy is described in Note 10 “Fair value measurement.” (a)Cash and cash equivalents Since cash and cash equivalents mainly consist of bank deposits, the carrying amount approximates its fair value. (b)Cash segregated as deposits Cash segregated as deposits includes cash deposited in trust accounts. The carrying amount approximates its fair value. (c)Customer accounts receivable, Other financial assets, Deposits received and Other financial liabilities The carrying amount of instruments with short -termmaturity approximates its fair value. The fair value of instruments with long -termmaturity is measured using future cash flows discounted by a rate reflecting the counterparty or the Company’s credibility, which is a reasonable approximation of the carrying amount. Derivative assets and liabilities are included in “Other financial assets” under current assets and “Other financial liabilities” under current liabilities, respectively. Derivative assets