Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 237

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 10
Chunk 237
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 election with respect to Ordinary Shares provided such Ordinary Shares are treated as “marketable 
stock.” The Ordinary Shares generally will be treated as marketable stock if they are regularly traded on a “qualified 
exchange or other market” (within the meaning of the applicable Treasury regulations).
If you make an effective mark-to-market election, for each taxable year that we are a PFIC you will include as 
ordinary income the excess of the fair market value of your Ordinary Shares at the end of the year over your 
adjusted tax basis in your Ordinary Shares. You will be entitled to deduct as an ordinary loss in each such year the 
excess of your adjusted tax basis in the Ordinary Shares over their fair market value at the end of the year, but only 
to the extent of the net amount previously included in income as a result of the mark-to-market election. Your 
adjusted tax basis in your Ordinary Shares will be increased by the amount of any income inclusion and decreased 
by the amount of any deductions under the mark-to-market rules. In addition, upon the sale or other disposition of 
Ordinary Shares in a year that we are a PFIC, any gain will be treated as ordinary income and any loss will be 
treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-
market election, and thereafter as capital loss.
If you make a mark-to-market election, it will be effective for the taxable year for which the election is made 
and all subsequent taxable years unless the Ordinary Shares are no longer regularly traded on a qualified exchange 
or other market, or the IRS consents to the revocation of the election. However, because a mark-to-market election 
cannot be made for any lower-tier PFICs that we may own, you will generally continue to be subject to the adverse 

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U.S. federal income tax consequences discussed above with respect to your indirect interest in any such lower-tier 
PFIC. You are urged to consult your tax advisor about the availability of the mark-to-market election, and whether 
making the election would be advisable in your particular circumstances. Currently, a mark-to-market election may 
not be made with respect to the Warrants.
Alternatively, you can sometimes avoid the adverse U.S. federal income tax consequences in respect of PFIC 
shares, described above, by electing to treat a PFIC as a “qualified electing fund” under Section 1295 of the Code. A 
“qualified electing fund” election (