Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 166

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 166
---
 asset; and other events, such as exchange outages, social media commentary, and government 
policies.
Adoption of crypto assets and offering of new crypto assets
Our financial performance is dependent on the continued growth in interest for, and adoption of, crypto 
assets by investors in Japan. Moreover, our growth strategy depends on our continued ability to add customers, 
expand the breadth of crypto assets on our cryptocurrency exchanges, and launch innovative products.

90

The number of crypto assets that are tradeable on our cryptocurrency exchanges has increased over time, 
and we offer 30 different crypto assets on our Marketplace platform as of March 31, 2025. We only offer trading in 
crypto assets which have been approved for trading by crypto asset exchange service providers under the guidelines 
of the JVCEA. For the years ended March 31, 2025, 2024 and 2023, respectively, Bitcoin and Ethereum trading 
volume, as a percentage of total crypto trading volume in Japan  (according to the JVCEA data that includes all 
types of Japanese exchanges), was approximately (i) 62% and 11%, (ii) 73% and 12%, and (iii) 70% and 16%, 
respectively.  However, trading volume of Bitcoin and Ethereum on our Marketplace platform for the years ended 
March 31, 2025, 2024 and 2023 were, respectively, 43% and 23% (2025), 46% and 27% (for 2024), and 42% and 
26% (for 2023). We believe that our higher percentage of trading volume in crypto assets other than Bitcoin and 
Ethereum demonstrates the depth and value of our Marketplace platform offering, which helps us attract, engage and 
retain customers.
Over time, we have observed an overall positive trend in the total market capitalization of crypto assets, 
which indicates increased adoption. However, these historical trends are not indicative of future adoption, and it is 
possible that the adoption of crypto assets and blockchain technology may slow, decline, take longer to develop, or 
never be as broadly adopted as many anticipate, which would negatively impact our business and operating results.
Offering leading technology and providing successful products and services
We believe that the development of new products and services to enhance the value proposition of our 
crypto asset offerings to our customers is important to maintain our existing customer base and grow it, as well as to 
reach new customer