Company: CNCKW
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001913847-25-000033
Chunk: 35

Company: Coincheck Group N.V.
Filing Date: 2025-11-18
Form: 424B3
Chunk 35
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 Components of Results of Operations

#### Total revenue
Total revenue consists of transaction revenue, commission received, and other revenue. Our primary revenue stream is from our Marketplace platform, where 33 different types of cryptocurrencies can be traded as of September 30, 2025, including BTC, Ethereum, XRP and other altcoins. However, our revenue is susceptible to

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significant fluctuations as trading volumes in our Marketplace platform depend on cryptocurrency market volatility and prices, which ultimately impact how much revenue we earn.

#### Transaction revenue
Our Marketplace platform business is the main source of transaction revenue. Transaction revenue from our Marketplace platform business is derived from transactions with customers and cover counterparties. The table below shows this breakdown of transaction revenue for the fiscal periods indicated:

|                                               |     | For the three months ended September 30, |     |         |      |     |        |
|                                               |     |                                     2025 |     |         | 2024 |     |        |
| Transaction revenue from customers            |     |                                        ¥ |     |  70,433 |    ¥ |     | 41,829 |
| Transaction revenue from cover counterparties |     |                                          |     |  61,526 |      |     | 28,322 |
| Transaction revenue (total)                   |     |                                        ¥ |     | 131,959 |    ¥ |     | 70,151 |

|                                               |     | For the six months ended September 30, |     |         |      |     |         |
|                                               |     |                                   2025 |     |         | 2024 |     |         |
| Transaction revenue from customers            |     |                                      ¥ |     | 115,288 |    ¥ |     |  94,564 |
| Transaction revenue from cover counterparties |     |                                        |     | 100,030 |      |     |  50,220 |
| Transaction revenue (total)                   |     |                                      ¥ |     | 215,319 |    ¥ |     | 144,784 |

Transaction revenue is recognized at the time the transaction is processed. We have experienced periods of low and high-trading volume, and therefore transaction revenue, driven primarily by periods of rising or declining Bitcoin prices and/or lower or higher-cryptocurrency volatility. During periods of rising Bitcoin prices and higher volatility, we have generally observed higher transaction revenue generated by our Marketplace platform business.

For the three months ended September 30, 2025 and 2024