Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 172

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 172
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.6 billion, and ¥157.1 billion, respectively.
Commission received
Our commission received consist primarily of remittance fees, deposit and withdrawal and transfer fees, 
commissions received from the issuer and subscribing customers in the IEO business, commissions that arise from 
transactions on the Coincheck NFT Marketplace, commissions that arise from transactions on our Exchange 
platform, and other commissions.
Expenses
Expenses consist of cost of sales and selling, general, and administrative expenses.

94

Cost of sales
We purchase crypto assets from customers or cover counterparties to complete customer Marketplace 
platform orders. Our cost of sales is, mainly, the aggregate price of the 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. 
Systems-related expenses are a mix of fixed and variable costs, with the variable costs correlated to some extent 
with user numbers and trading volumes, and 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, 
which increased our advertising costs in the year ended March 31, 2025. 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.
Selling, general, and administrative expenses consist primarily of the following:
•Personnel expenses.  Personnel expenses consist of salaries and bonuses of our employees.
•Advertising and promotion expenses.  Advertising and promotion expenses primarily include
expenses incurred for the advertising of our products in various media, including television, internet
(including social media and online video-sharing platforms) and affiliate marketing programs, and the
press.
•Professional fees.  Professional fees consist of legal, financial advisory, accounting and other
consulting fees. The advisory fees related to the Business Combination were ¥4,607 million, ¥248
million, and ¥717 million, for the years ended March 31, 2025,