Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 85

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 85
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 to other crypto assets handled by the CAESP (See

“ - Regulatory Environment”). Therefore, we only support tokens that are approved to be traded as crypto assets

(which do not fall under the category of either ERTR or ERTRIS). We have not set any criteria for the minimum

size of an IEO and consider the potential size together with the above factors in evaluating a proposal.

Through our Coincheck IEO platform, our customers can apply for the desired purchase amount of tokens,

and their account will then be debited for the yen amount required for the desired purchase. All tokens sold in the

IEO are held in the issuer’s account opened with us prior to the start of the IEO subscription. After the subscription

period (in the event of an oversubscription, a lottery is conducted), settlement occurs to the account of the

subscribing customer on the delivery date, and are then treated like any other cryptocurrency held by such customer.

After delivery of tokens to the subscribers is completed, the sales proceeds are transferred to a bank account

designated by the issuer of the tokens. For our IEOs, we only accept payment for tokens sold in yen and do not

permit payment with cryptocurrencies. Although we underwrite the tokens, if the total subscription amount falls

below the total sales amount, we do not buy back any unsold tokens.

Our first IEO, the Hashpalette IEO in July 2021, had a total subscription amount that exceeded the funding

target of ¥931.5 million within 6 minutes of launch, and was 24 times oversubscribed, receiving ¥22.4 billion in

subscriptions from over 63,000 customer accounts. We conducted a second IEO with Financie, Inc. in February

2023, which exceeded the funding target of ¥1,066 million within 60 minutes of launch, and was approximately 19

66

times oversubscribed, receiving over ¥20.0 billion in subscriptions from approximately 25,000 customer accounts.

In June 2024, we conducted an IEO with Brilliantcrypto, Inc. in order to help it create a new gaming experience and

GameFi market (Brilliant Crypto Token games are now offered on our Coincheck NFT Marketplace). In 2023, the

JVCEA began to publish proposed regulatory reforms for IEOs in Japan focused on pricing (pricing methods and

explicit warnings about pricing), liquidity, price stability and sale restrictions. While we have some potential I