Company: CNCKW
Filing Date: 2025-04-10
Form Type: 424B3
Source: 0001213900-25-030417
Chunk: 115

Company: Coincheck Group N.V.
Filing Date: 2025-04-10
Form: 424B3
Chunk 115
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 offer 29 different crypto assets as of December31, 2024, an increase from 28 different crypto assets as of September 30, 2024. As of December 31, 2024, more than 90% of our users utilize our mobile trading application for our Marketplace platform, while the remaining users utilize our desktop trading application. We also operate an Exchange platform targeted at more experienced users that mediates order books between such users for a more limited number of crypto assets and for which we generally do not charge a commission on each transaction. We believe that we are one of the leading innovators within the Japanese crypto markets. In 2021, we introduced an NFT platform and conducted the country’s first IEO. The growth of crypto assets and crypto markets has come in waves aligned with crypto asset price cycles, which tend to be volatile and draw new customers, investments, and developers into the crypto ecosystem. For example, according to closing day pricing information from CoinMarketCap, as the price of Bitcoin increased from approximately ¥432,000 during March 2020 to more than ¥3,000,000 in December 2020 to new all -timehighs of more than ¥7,500,000 in November 2021, we experienced a corresponding increase in the usage on our Marketplace platform. However, the price of Bitcoin fell to approximately ¥5,330,000 as of December 31, 2021, and was approximately ¥5,550,000 as of March 31, 2022, before falling further to approximately ¥3,800,000 as of March 31, 2023. These price trends and other uncertainties affecting the global crypto markets adversely affected trading volume on our Marketplace platform in the fiscal year ended March 31, 2023, contributing to a sharp decline in total revenue and recognition of a net loss for the fiscal year. Although the price of Bitcoin increased to approximately ¥5,960,000 as of December 31, 2023, and has been on a general trend upwards since, with prices reaching record highs at approximately ¥10,800,000 as of March 31, 2024, and remaining at relatively stable levels since then despite dropping slightly to approximately ¥9,790,000 as of December 31, 2024, there have been a number of major crypto asset price cycles over the past decade, and price cycles continue to be volatile. 69

Due to the highly volatile nature of crypto asset prices and trading activity, historically our