Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 165

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 165
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 5,539         1,545         2,277
XEM              607           444         2,684
BCH            4,782         3,624         1,494
BAT              541           571         1,070
OMG                —           494         1,349
DOT            1,473         1,338           478
QTUM             733           560           709
MONA             435           509           370
LSK              174           484           657
FCT                —             —            98
SHIB          16,286             —             —
Others        20,871        21,903             —
Total       ¥337,527      ¥234,566      ¥157,093
IEO Revenue
We launched our IEO platform, Coincheck IEO, in July 2021, which is the first of its kind in Japan, and on 
which the first approved IEO in Japan was launched later that year. We charge fees to companies seeking to list on 
our exchange using our IEO platform, including a certain proportion of the tokens to be sold on the exchange. 
Commissions received from the issuer and customers, which are based on the fair value of the tokens at the time 
received, were ¥397 million, ¥nil million and ¥256 million, for the years ended March 31, 2025, 2024 and 2023, 
respectively.  IEO-related commissions are recorded by us as commissions received.
Factors Affecting Our Results of Operations
The success and historical growth of our business as well as our financial condition and operating results 
have been and will continue to be affected by a number of factors, as described in more detail below.
Price and volatility of crypto assets
For both the years ended March 31, 2025 and 2024, 99.6% of our total revenue consisted of transaction 
revenue generated from trades relating to our Marketplace platform business. As a result, our total revenue is highly 
correlated with the price and volatility of crypto assets. As earlier mentioned, there are a number of factors that 
contribute to changes in crypto asset prices and volatility, including, but not limited to: changes in the supply and 
demand for a particular crypto asset; overall crypto market sentiment; macroeconomic factors; the utility of a 
particular crypto