Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 106

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 106
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 crypto assets at the time we purchase them. Selling, general, and administrative expenses Personnel expenses and advertising and promotion expenses are the largest components of our selling, general, and administrative expenses. Our personnel expenses are expected to scale if and as our revenues grow. In addition, systems -relatedexpenses are correlated with user numbers and trading volumes and are incurred in order to support our mobile and desktop web applications. With respect to advertising and promotional expenses, beginning in May 2024 we resumed television advertising. For the three months ended June30, 2025 and 2024, our advertising and promotion expenses were ¥430million and ¥477million, respectively. For the years ended March 31, 2025, 2024 and 2023, our advertising and promotion expenses were ¥1,874 million, ¥661 million and ¥1,294 million, respectively. Our other costs are relatively fixed in nature, which we believe allows us to target significant operating leverage through growth of our customer base. We believe that our expense structure enables us to be profitable, or minimize loss, even in periods with low trading volume.

63 Selling, general, and administrative expenses consist primarily of the following: • Personnel expenses. Personnel expenses consist of salaries and bonuses of our employees and share -basedcompensation for restricted share units. Share -basedcompensation were granted to managing directors and officers, board members and other qualified employees and non -employeeconsultants. The total share -basedcompensation expense was ¥298million and ¥nil million, for the three months ended June30, 2025 and 2024, respectively. • Advertising and promotion expenses. Advertising and promotion expenses primarily include expenses incurred for the advertising of our products in various media, including television, press, and internet (including social media and online video -sharingplatforms) and affiliate marketing programs. • Professional fees. Professional fees consist of legal, financial advisory, accounting and other consulting fees. Professional fee includes transaction expenses related to Company business acquisition activities of ¥143million and ¥179million, for the three months ended June30, 2025 and 2024, respectively. The advisory fees related to the Business Combination were ¥4,607 million, ¥248 million, and ¥717 million, for the years ended March31, 2025, 2024 and 2023, respectively. • Communication expenses. Communication expenses include cloud service expenses such as Amazon Web Services. • Subcontract expenses. Subcontract expenses include outsourcing costs. Selling, general, and administrative expenses also include