Company: CNCKW
Filing Date: 2025-03-27
Form Type: F-1/A
Source: 0001013762-25-003470
Chunk: 123

Company: Coincheck Group N.V.
Filing Date: 2025-03-27
Form: F-1/A
Chunk 123
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 in our customer assets when crypto asset prices, in particular those of Bitcoin and Ethereum, declined between April and July, and increases when such crypto asset prices temporarily recovered in November 2021. According to closing day pricing information from CoinMarketCap, the price of Bitcoin and Ethereum reached their lowest levels during the fiscal year of approximately ¥3,260,000 and ¥196,000, respectively, in July 2021, while the price of Bitcoin and Ethereum reached their highest levels during the same fiscal year of approximately ¥7,667,000 and ¥546,000, respectively, in November 2021. However, despite these short -termfluctuations, our customer assets (IFRS) grew to ¥485 billion as of March 31, 2022, driven by growth in the price, quantity, and types of crypto assets we support. We also saw significant growth in other crypto assets during these periods, primarily XRP and IOST. As of March 31, 2024, our customer assets (IFRS) grew further still to ¥708 billion, of which ¥54 billion of customer assets (IFRS) consisted of XRP while ¥17 billion consisted of IOST. As of December 31, 2024, our customer assets (IFRS) continued to grow to ¥1,096billion, of which ¥198billion of customer assets (IFRS) consisted of XRP while ¥9billion consisted of IOST. J -GAAP Customer Assets and NFTs Deposited by Customers (1) ____________ (1)Calculated by adding the amount of J -GAAPcustomer assets and the amount of NFTs deposited by customers. J -GAAPcustomer assets are derived from monthly data prepared for management for purposes of understanding internal performance metrics, and such figures had not been prepared under IFRS basis and do not include NFTs deposited by customers. Source:Coincheck Internal data. Trading Volume (by Currency) The trading volume of our customers is directly correlated with our revenue and is influenced by both price and volatility of Bitcoin, Ethereum, and other crypto assets. We have experienced periods of low and high trading volume, and therefore revenue, driven by periods of rising or declining crypto asset prices and/or lower or higher volatility within the crypto asset market. During periods of rising Bitcoin prices and higher volatility, we have generally observed higher trading volume on both our Marketplace and Exchange platforms. 74

There are a number of factors that contribute to changes in price and volatility