Company: CNCKW
Filing Date: 2025-01-28
Form Type: F-1
Source: 0001213900-25-007203
Chunk: 125

Company: Coincheck Group N.V.
Filing Date: 2025-01-28
Form: F-1
Chunk 125
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 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 September 30, 2024, our customer assets (IFRS) was ¥639billion, of which ¥56billion of customer assets (IFRS) consisted of XRP while ¥7billion 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:Internal data. Trading Volume (by Currency) The trading volume of our customers is directly correlated with our revenue and is influenced by both the 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. 81

There are a number of factors that contribute to changes in price and volatility of a given crypto asset, including, but not limited to, changes in the supply and demand for a particular crypto asset, crypto market sentiment, macroeconomic factors, utility of a particular crypto asset, and other events such as exchange outages or social media commentary. Market participation by well -knowninvestors can also affect consumer sentiment. For example, over the course of 2020 and 2021 we observed institutions, such as Square, Inc., invest in Bitcoin at an accelerated rate. Occasionally, planned network events such as an airdrop, where the network provides holders of a particular crypto asset with a reward, or a “halving,” when the reward for validating transactions for a crypto network is reduced by half, such as the incident that occurred with Bitcoin in May 2020, can lead to shifts in customer interest in a specific crypto asset. Event -drivenchanges in customer interest tend to be temporary, and as a result, our financial performance following such events may not be indicative of future operating performance or financial condition. Trading volume on