Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 169

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 169
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 that respective quarter.

92

(2) MCC and revenue in the table above also include items that are recognized as deductions from sales for accounting 
purposes.
(3) For example, for the three months ended June 2022, our total MCC was ¥591 million, which equated to approximately 
¥6,927 in CPA for each customer that completed our KYC process in that quarter. This total MCC of ¥591 million should 
be viewed in context of the revenue generated from the month each customer completed our KYC process for that cohort 
of customers acquired during the three months ended June 2022, which is ¥1,144 million for those customers through to 
the 24 months from, and including, the month in which each customer completes the KYC process (and if 24 months have 
not passed, from the month in which each customer completed the KYC process to the end of December 2024). The left 
bar is static as that represents the total amount of marketing costs that were incurred during the three months ended June 
2021. The right bar represents the total of cumulative revenue generated from for the 24 months from, and including, the 
month each customer completed the KYC process (and if 24 months have not passed, represents the cumulative revenue 
from the month each customer completed the KYC process to the end of March 2025) for the cohort of customers 
acquired during the three months ended June 2023. The gray portion of the stacked bar represents revenue generated in 
the first to third month for each customer post-acquisition, the light blue represents revenue generated in the fourth to 
sixth month for each customer post-acquisition, the purple represents revenue generated in the seventh to ninth month for 
each customer post-acquisition, and the light green represents revenue generated 10 to 24 months onwards for each 
customer post-acquisition.
Source:  Coincheck internal data.
The markets for crypto assets continue to evolve, and the number of new accounts opened in a certain 
period is heavily influenced by a variety of external factors, including price trends of the cryptocurrencies supported 
on our cryptocurrency exchanges and media coverage regarding crypto asset markets. Because of the volatility in 
markets for crypto assets and the highly variable nature of our advertising and promotion expenses, these historical 
metrics may be of limited value in predicting future performance. We expect to continue to consider the latest 
market trends, our financial condition and other factors, in addition to historical experience of marketing 
effectiveness in