Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 163

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 163
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 a  trust account with a trust 
bank, and customers’ crypto assets that we hold in custody.
Changes in the price and quantity, particularly for Bitcoin, Ethereum and XRP, or in the types and mix of 
crypto assets we make available to our customers, can result in growth or decline in customer assets within a 
particular period. For example, we could see an increase in the quantity of customer assets we hold — meaning 
measured in units of crypto assets — but the value of customer assets could decline if the corresponding price of a 
crypto asset declines. Conversely, a decline in the quantity of assets we hold can be offset, or partially offset, by 
rising crypto asset prices.
Our ability to protect our customers’ crypto assets is also an important factor, since any inability to do so 
could result in us compensating our customers for their loss (even if we are not legally required to do so), our 
customers losing trust in our services, the withdrawal of customer assets or a reduction in the deposit of customer 
assets. We work continuously to comply with applicable security measures to ensure that customer assets are 
protected. For more information, see “Risk Factors — Risks Relating to Our Business, the Crypto Industry, and 
Crypto Assets” and “Business — Regulatory Environment — Regulations on Crypto Asset Exchange Service.” We 
provide custody services to our customers for their crypto assets. Customer assets as of March 31, 2025, and 
March 31, 2024 were ¥859,204 million and ¥744,201 million, respectively.
Because the amount and value of our customer assets are driven by multiple factors, some of which are 
market dependent, this metric has fluctuated in recent periods. For example, according to closing day pricing 
information from CoinMarketCap, the prices of Bitcoin and Ethereum reached their lowest levels during the fiscal 
year ended March 31, 2023. However, despite those price declines, our customer assets grew that fiscal year 
(compared to the prior fiscal year) to ¥344 billion, driven by growth in the price, quantity, or transactions in other 

88

types of crypto assets we support, such as XRP. As of March 31, 2024, our customer assets  grew further still, to 
¥744 billion, of which ¥57 billion consisted of XRP. As of March 31, 2025, our customer assets grew to ¥859 
billion, of which ¥179 billion consisted of XRP.
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