Company: CNCKW
Filing Date: 2025-01-28
Form Type: F-1
Source: 0001213900-25-007203
Chunk: 121

Company: Coincheck Group N.V.
Filing Date: 2025-01-28
Form: F-1
Chunk 121
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 Mango DAO and Blockworks Foundation for engaging in the unregistered offer and sale of crypto assets called “MNGO” tokens, as well as settled charges against Blockworks Foundation and Mango Labs LLC for engaging in unregistered broker activity in connection with various crypto assets being offered and sold as securities on the Mango Market platform. 76

Transaction revenue from our Marketplace platform business is derived from transactions with users and cover counterparties in which we buy and sell cryptocurrencies to users with a spread. The spread is set/revised by us in a range of 0.1% to 5.0% as of the end of September 2024 for each cryptocurrency based on prevailing market conditions, including competitors’ offers. We hold the discretion to add a spread which might be higher than the above -mentionedrange in instances where there is sudden market movement and shortage of liquidity in the market to ensure the execution of the transactions with customers. As a result, trends in Marketplace trading volume show a level of correlation with trends in the transaction revenue. With regard to our Exchange platform, there is currently no direct correlation between our Exchange trading volumes and commission received. This is because we generally do not charge commissions to the retail customers of our Exchange platform, with some exceptions. However, because the size of the Exchange trading volume reflects the size of our customer base and their trading frequency tendencies, we believe an increase in trading volume will potentially provide us with more strategic options for the future utilization of our Exchange platform within our business as a whole. The below table shows monthly operating data for April 2021 through July 2024, which covers our fiscal years ended March 31, 2022, 2023 and 2024, as well as through the third quarter of the fiscal year ending March 31, 2025:

|                             |     | April                                                
 2021                                                 |           |     | May  
 2021 |           |     | June 
 2021 |           |
|                             |     | -millions of yen, except number of verified accounts |           |     |      |           |     |      |           |
| Exchange trading volume(1)  |     | ¥                                                    |   523,215 |     | ¥    |   809,848 |     | ¥    |   482,483 |
| Marketplace trading volume  |     | ¥                                                    |   133,741 |     | ¥    |   109,128 |     | ¥    |    29,854 |
| J