Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 171

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 171
---
. 122 is effective for annual periods beginning after December 15, 
2024, and is required to be applied on a fully retrospective basis, with early adoption permitted. The Company 
adopted SAB No.122 and therefore does not recognize the safeguard liabilities and corresponding safeguard assets 
in its consolidated statement of financial position. 
See, also, “Business Overview — Regulatory Environment.”
Components of Results of Operations
Total revenue
Total revenue consists of transaction revenue, commission received, and other revenue. Our primary 
revenue stream is from our Marketplace platform, where 30 different types of cryptocurrencies can be traded as of 
March 31, 2025, including BTC, Ethereum, XRP and other altcoins (altcoins have been an industry term for 
cryptocurrencies other than Bitcoin). However, our revenue is susceptible to significant fluctuations as trading 
volumes in our Marketplace platform depend on cryptocurrency market volatility and prices, which ultimately 
impact how much revenue we earn.
Transaction revenue
Our Marketplace platform business is the main source of transaction revenue. Transaction revenue from our 
Marketplace platform business is derived from transactions with customers and cover transactions that support 
Marketplace platform customer transactions. The table below shows this breakdown of transaction revenue for the 
fiscal years indicated:

                                                For the fiscal year ended March 31,    
2025                                                          2024          2023       
Transaction revenue from customers              ¥243,696      ¥158,733      ¥125,491   
Transaction revenue from cover counterparties   138,009       64,313        49,446     
Transaction revenue (total)                     ¥381,705      ¥223,046      ¥174,937   
Transaction revenue is recognized at the time the transaction is processed. We have experienced periods of 
low and high-trading volume, and therefore transaction revenue, driven primarily by periods of rising or declining 
Bitcoin prices and/or lower or higher-cryptocurrency volatility. During periods of rising Bitcoin prices and higher 
volatility, we have generally observed higher transaction revenue generated by our Marketplace platform business. 
For the years ended March 31, 2025, 2024 and 2023, our average spread (our fee) per transaction was 3.50%, 3.45%
and 3.45%, respectively, a generally flat trend with slight fluctuation due primarily to the change in the mix of 
cryptocurrencies being traded.  Total Marketplace Platform trading volume for these three years was ¥337.5 billion, 
¥234