Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 122

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 122
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 period. In addition, the fee expenses (calculated as in -kindinterest on the amount borrowed) related to crypto asset borrowings are recognized over the borrowing period. Revenue recognition Transaction revenue Transaction revenue from our Marketplace platform business is derived from transactions with customers and cover counterparties. 77 We have a performance obligation to deliver cryptocurrencies for transactions with customers or with cover counterparties. Revenue is recognized at the point of time when performance obligation is fulfilled in accordance with IFRS 15 Revenue from Contracts with Customers. Contracts with customers and cover counterparties to purchase or sell cryptocurrencies are usually open -endedand can be terminated by either party without a termination penalty. Therefore, contracts are defined at the transaction level and do not extend beyond the service already provided. When we receive cryptocurrencies as non -cashconsideration, we measure the received cryptocurrencies at fair value at the time of delivery. We have determined that we act as the principal in such transactions as we have the ability to direct the use of, and obtain substantially all of the remaining benefits from, the cryptocurrencies we hold as inventory before they are transferred to the Company’s customers. Additionally, we are primarily responsible for fulfilling the promise to provide cryptocurrencies to customers on our Marketplace platform pursuant to our terms of service, have inventory risk as we have no right to return unsold cryptocurrencies to the customers or cover counterparties from which we have purchased such cryptocurrencies, and set the price of the cryptocurrencies sold on our Marketplace platform. Changes in Accounting Policies On January 30, 2025, the SEC issued Staff Accounting Bulletin (“SAB”) No. 122 (“SAB 122”). SAB 122 rescinds the interpretive guidance in SAB No. 121, Accounting for Obligations to Safeguard Crypto -Assets an Entity Holds for Platform Users(“SAB 121”). We have adopted SAB 122 as of March 31, 2025 on a retrospective basis. As a result of the adoption of SAB 122, and because we do not have control over the crypto assets held on behalf of customers, we no longer recognize the safeguard liabilities and the corresponding safeguard assets, and related deferred tax asset and liability, previously recognized in the consolidated statements of financial position. SAB 122 indicates that an entity is to apply IAS37, Provisions, Contingent Liabilities and Contingent Assets, to determine whether an entity has a liability related to the risk of loss from an obligation to safeguard crypto assets for customers. The amendments of IAS21, The Effects of Changes