Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 181

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 181
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4, for the purpose of stable operating capital. As of March 31, 2025, the balance 
outstanding under this was ¥751 million.
In addition, Coincheck entered into a committed credit line for ¥200 million with JSF Trust and Banking 
Co., Ltd. in June 2021, which was increased to ¥500 million as of March 31, 2025, and has been making short-term 
borrowings under this agreement several times a year, however, all of the borrowings were repaid within about a 
week of the making of each respective loan and the credit line was unused as of March 31, 2025. We believe our 
existing cash and cash equivalents, together with our loan arrangements, are sufficient to meet our immediate 
working capital and capital expenditure needs.
We hold crypto assets on our consolidated statements of financial position principally to facilitate customer 
transactions on our Marketplace platform. Because most customer crypto assets are held in segregated cold wallets 
and are not accessible for settlement purposes, we hold crypto assets in our own wallets (nearly all of which are 
crypto assets borrowed from customers under our Coincheck Lending program) to facilitate prompt settlement of 
transactions. As of March 31, 2025, we had ¥44,680 million of crypto assets held (current assets). These 
cryptocurrencies are held and treated as inventories that are recorded at fair value as of the end of the reporting 
period. The fair value is measured by using a midmarket pricing of the principal market or the most advantageous 
market. As of March 31, 2025, crypto asset borrowings under our Coincheck Lending program totaled ¥44,479 
million. We determine the amount of crypto assets to hold based on the total size of our customer assets and recent 
trading levels. Our accounting and finance department is responsible for monitoring and determining the appropriate 
amount, and our dealing department is then responsible for managing what amount of crypto assets to hold in hot 

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wallets and to deposit with cover counterparties in accordance with our internal policies. In the interest of security, 
our policy is to hold the majority of borrowed customer crypto assets in cold wallets and to hold in hot wallets only 
the amount of crypto assets we deem necessary for expected settlement transactions with cover counterparties and 
external transfer requests.
The following table shows the amounts held by crypto asset, as well as in hot wallets and cold wallets, or 
deposited with cover counterparties, as of