Company: CNCKW
Filing Date: 2025-04-10
Form Type: 424B3
Source: 0001213900-25-030417
Chunk: 127

Company: Coincheck Group N.V.
Filing Date: 2025-04-10
Form: 424B3
Chunk 127
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121,952 |     | ¥    | 267,479 |     | ¥    |                     58,809 |     | ¥    | 122,695 |

Transaction revenue mainly refers to revenue from these sales transactions and is recognized at the time the transaction is processed and is directly correlated with the trading volume on our Marketplace platform, which has historically been influenced by the price of Bitcoin, Ethereum and the volatility of the cryptocurrency markets. We have experienced periods of low and high -tradingvolume, and therefore transaction revenue, driven by periods of rising or declining Bitcoin prices and/or lower or higher -cryptocurrencyvolatility. During periods of rising Bitcoin prices and higher volatility, we have generally observed higher -tradingvolume on our Marketplace platform. For the years ended March 31, 2022, 2023 and 2024 and for the nine months ended December 31, 2023 and 2024, the average spread, or the difference between transaction revenue and cost of sales, for each transaction respectively was 4.05%, 3.45%, 3.45%, 3.36% and 3.50%, showing a generally flat trend with slight fluctuation due to the change in the mix of cryptocurrencies being traded, and had a total transaction volume of ¥568.4 billion, ¥157.1 billion ¥123.5 billion and ¥245.6 billion, respectively, on our Marketplace platform. For the fiscal years ended March 31, 2022 and 2023, we received cryptocurrencies in relation to our IEO business and sold them on the Exchange platform. The revenue was recognized as transaction revenue. We did not receive any cryptocurrencies in relation to our IEO business for the fiscal year ended March 31, 2024. In the nine months ended December 31, 2024, we recorded ¥397million of commissions attributable to IEOs. Over the long term, we expect further diversification of market participants, to add support for more cryptocurrencies, and for cryptocurrencies use cases to expand. We believe these factors will contribute to diversification in the composition of our trading volume and reduce the correlation to the price and volatility of specific cryptocurrencies.

80 Commission received Our commission received primarily consists of remittance fees, deposit and withdrawal fees, commissions received from the issuer and applicants in the IEO business, commissions that arise from transactions on the Coincheck NFT marketplace and commissions that arise from transactions on our Exchange platform and other commissions. Expenses Expenses consist of cost of sales and selling, general