Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 141

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 141
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 total subscription amount falls below the total sales amount, we do not buy back any unsold tokens. Our first IEO, the Hashpalette IEO in July 2021, had a total subscription amount that exceeded the funding target of ¥931.5 million within 6 minutes of launch, and was 24 times oversubscribed, receiving ¥22.4 billion in subscriptions from over 63,000 customer accounts. We conducted a second IEO with Financie, Inc. in February 2023, which exceeded the funding target of ¥1,066 million within 60 minutes of launch, and was approximately 19 times oversubscribed, receiving over ¥20.0 billion in subscriptions from approximately 25,000 customer accounts. In June 2024, we conducted an IEO with Brilliantcrypto, Inc. in order to help it create a new gaming experience and GameFi market (Brilliant Crypto Token games are now offered on our Coincheck NFT Marketplace). In 2023, the JVCEA began to publish proposed regulatory reforms for IEOs in Japan focused on pricing (pricing methods and explicit warnings about pricing), liquidity, price stability and sale restrictions. While we have some potential IEOs “in the pipeline” that are being considered, we believe that the growth and future size of our IEO platform business will depend, in large part, on regulators’ and industry participants’ success in establishing a clearer, and more mature and standardized, regulatory structure for IEOs. Staking Platform Services As earlier mentioned, we acquired the staking platform service provider Next Finance in March 2025 for, among other reasons, to be able to have our own staking platform and not have to share our staking reward service fee with a third -partyplatform provider (as we do now), and we expect to complete our testing and integration, and be able to provide Coincheck Staking to our customers using our own (i.e. Next Finance’s) staking platform service, during the 2026 calendar year. However, another reason we made this acquisition is to be able to provide, as a service vendor, the Next Finance staking platform service to crypto asset exchanges and similar crypto asset businesses, both inside and outside of Japan, who wish to offer to their customers or otherwise engage in staking. We intend to focus more on this potential vendor service following the launch of the Next Finance staking platform service for use in our own Coincheck Staking offering. Web3 As earlier described, our Web