Company: CNCKW
Filing Date: 2025-03-27
Form Type: F-1/A
Source: 0001013762-25-003470
Chunk: 38

Company: Coincheck Group N.V.
Filing Date: 2025-03-27
Form: F-1/A
Chunk 38
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 demand, our business, operating results, and financial condition could be adversely affected. Across our Marketplace and Exchange platforms we support 31 different types of cryptocurrencies for trading and custody as of December31, 2024, an increase from 28 different types of cryptocurrencies as of September 30, 2024. Because we only support trading in cryptocurrencies that have been approved for trading by crypto asset exchange operators in Japan under the guidelines of the JVCEA, we support fewer types of crypto assets than some exchange operators in other jurisdictions. For the fiscal year ended March 31, 2024 and the nine months ended December 31, 2024, we derived the majority of our revenue from transaction revenue generated in connection with the buying, selling, and trading of Bitcoin, Ethereum, XRP and other specific crypto assets. Depending on broader trends within the crypto asset market, our total revenue may be concentrated into certain specific assets at various times in the future. As a result, in addition to the factors impacting the broader crypto markets described in this section, our business may also be adversely affected if the markets for Bitcoin, Ethereum or any particular crypto asset deteriorate or if their prices decline, including as a result of the following factors: •the reduction in mining rewards of Bitcoin, including block reward halving events, which are events that occur after a specific period of time which reduces the block reward earned by miners; 19 •changes in the nature or regulation of Ethereum following its migration to a proof -of -stakemodel; •disruptions, hacks, splits in the underlying network also known as “forks,” attacks by malicious actors who control a significant portion of the networks’ hash rate such as double spend or 51% attacks, or other similar incidents affecting the Bitcoin or Ethereum blockchain networks; •hard “forks” resulting in the creation of and divergence into multiple separate networks, such as Bitcoin Cash and Ethereum Classic; •the ability for blockchain networks to resolve significant scaling challenges and increase the volume and speed of transactions; •transaction congestion and fees associated with processing transactions on the Bitcoin, Ethereum or other networks; •informal governance led by the core developers of Bitcoin, Ethereum or other crypto assets that lead to revisions to the underlying source code or inactions that prevent network scaling, and which evolve over time largely based on self -determinedparticipation, which may result in new changes or updates that affect their speed, security, usability, or value; •the ability to attract and retain developers and users to use a specific crypto asset for