Company: CNCKW
Filing Date: 2025-08-29
Form Type: POS AM
Source: 0001213900-25-082038
Chunk: 123

Company: Coincheck Group N.V.
Filing Date: 2025-08-29
Form: POS AM
Chunk 123
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 stablecoin. We anticipate that the infrastructure for institutional investors in Japan that wish to conduct transactions in crypto assets will continue to improve over time. In North America, beginning in 2021 with the ProShares Bitcoin Strategy ETF, there are now approximately 40 listed exchange -tradedfunds (ETFs) linked to Bitcoin or Ethereum, further confirming institutional adoption of 79 crypto assets as investment vehicles. In addition, traditional financial institutions such as Fidelity Investments and BNY Mellon have both launched crypto custody platform businesses. We believe the entry of traditional institutional investors supports the premise that crypto assets can form part of a diversified asset portfolio to be held over the medium- to long -term. The cryptocurrency markets, although they have been volatile, have grown significantly over time. The total global market capitalization of crypto assets increased from approximately $1.1 billion to approximately $2.67 trillion between June 30, 2013 and March 31, 2025, equivalent to a CAGR of over 90%. The Japanese cryptocurrency market is a large and, we believe, underpenetrated market, representing a compelling opportunity in Japan. Japan’s domestic cryptocurrency market has had periods of strong transaction volume despite periods of volatility. In March 2025, the cash -equivalenttrading volume on domestic cryptocurrency exchanges, which includes ours, was approximately ¥1.9 trillion. The below graph illustrates trends in the trading volume since 2019: Source: Created by us based on public information made available by the JVCEA. 80 Potential for growth in the number of registered accounts. According to the Japan Securities Dealers Association, the number of securities brokerage accounts held by individuals in Japan was approximately 38 million as of March 31, 2025. However, according to the JVCEA, there were only approximately 12.4 million accounts engaged in trading of crypto assets, including both spot transactions and margin trading, as of March 31, 2025. We believe this shows real potential for growth in investment and trading of crypto assets by Japanese individuals. While Japan is the fourth largest global economy, only 10% of the Japanese population owns crypto assets as of March 2025 (versus, for example, 17% of the United States population as of April 2025), according to data from the JVCEA and Morning Consult. We believe this suggests the potential for further development of the Japanese crypto asset market. We believe that the Japanese public is highly engaged and willing to participate in the crypto asset revolution