Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 235

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 10
Chunk 235
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 be able to use a 
foreign tax credit for any Dutch withholding tax imposed on such distributions unless such credit can be applied 
(subject to applicable limitations) against U.S. federal income tax due on other income derived from foreign sources.
Possible Constructive Distributions
The terms of each Warrant provide for an adjustment to the number of Ordinary Shares for which the Warrant 
may be exercised or to the exercise price of the Warrant in certain events. An adjustment that has the effect of 
preventing dilution is generally not treated as a constructive distribution. Nevertheless, a U.S. Holder of a Warrant 
will generally be treated as receiving a constructive distribution from us if, for example, the adjustment increases the 
holder’s proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of 
Ordinary Shares that would be obtained upon exercise of such warrant) as a result of a distribution of cash to the 
holders of Ordinary Shares. Any such constructive distribution will generally be subject to tax as described above 
under “–Taxation of Dividends” in the same manner as if the U.S. Holder of such Warrant had received a cash 
distribution from us in an amount equal to the fair market value of such increased interest.
Passive Foreign Investment Company
Based on the past and projected composition of our income and assets, and the valuation of our assets, 
including goodwill, we do not believe we were a PFIC for our most recent taxable year, and we do not expect to 
become a PFIC in the current taxable year or the foreseeable future, although there can be no assurance in this 
regard.

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In general, we will be a PFIC for any taxable year in which:
•        at least 75% of our gross income is passive income, or
•        at least 50% of the value (generally determined based on a quarterly average) of our assets is attributable 
to assets that produce or are held for the production of passive income.
For this purpose, passive income generally includes dividends, interest, royalties and rents (other than royalties 
and rents derived in the active conduct of a trade or business and not derived from a related person). In addition, 
cash and other assets readily convertible into cash are generally considered passive assets. If we own at least 25% 
(by value) of the stock of another corporation, for purposes of determining whether we are a PFIC, we will be 
treated as owning our proportionate