Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 1

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 1
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price. Volatility in our share price could negatively impact public market perception of our business, and our ability

to raise equity financing and to acquire other businesses using our shares as consideration (in whole or in part).

11

The price of crypto assets, including Bitcoin and Ethereum, which constitute the majority of trading volume

for our business, and associated demand for trading those and other crypto assets, have historically been volatile,

and our revenue and operating results have often followed these price trends, meaning they tend to be more

favorable as prices rise and less favorable as prices decline. Sharp declines in the prices of the crypto assets we have

for our customers to trade, particularly Bitcoin and Ethereum, also result in a decline in our customer assets.

The price and trading volume of any crypto asset is subject to significant uncertainty and volatility,

depending on a number of factors, including:

• market conditions of, and overall sentiment towards, crypto assets;

• changes in liquidity, market-making volume and trading activities;

• trading activities on other crypto platforms worldwide, many of which may be unregulated, and may be

subject to manipulative activities;

• investment and trading activities of highly active retail and institutional users, speculators and miners;

• the speed and rate at which crypto assets are able to gain adoption as a medium of exchange, utility,

store of value, consumptive asset, or usage worldwide, if at all;

• decreased user and investor confidence in crypto assets and crypto platforms;

• negative publicity and events relating to crypto assets including due to bankruptcies, fraud or

allegations of fraud, failures of management and hacks;

• unpredictable social media coverage or “trending” of, or other rumors and market speculation

regarding, crypto assets;

• Retail customer preferences and perceived value by them of crypto assets and crypto asset markets;

• regulatory or legislative changes and updates affecting the use and regulation of crypto assets, both in

Japan and globally;

• the maintenance, troubleshooting, and development of the blockchain networks underlying crypto

assets, including by miners, validators, and developers worldwide;

• the ability of crypto networks to attract and retain miners or validators to secure and confirm

transactions accurately and efficiently;

• ongoing technological viability and security of crypto assets and their associated smart contracts,

applications and networks, including vulnerabilities against hacks and scalability;

• financial strength of market participants;

• interruptions in service in, or failures of, major crypto platforms;

• availability and cost of funding and capital;

• liquidity of major crypto platforms;

• availability of an active derivatives market for