Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 26

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 26
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 increasingly engage with competing products and services, including products and services

that we are unable to offer or do not offer;

• we fail to support new and in-demand crypto assets or if we elect to support crypto assets with negative

reputations;

• our more recently offered products and services, such as our Coincheck NFT Marketplace or IEO

business, are unsuccessful in achieving our expected goals for such products and services;

• there are adverse changes in our products and services that are mandated by legislation, regulatory

authorities, or litigation;

• customers perceive the crypto assets on our cryptocurrency marketplace or exchanges, or NFT

marketplace, to be bad investments, or experience significant losses in investments made using our

crypto asset product or service offerings;

• technical or other problems prevent us from delivering our products and services with the speed,

functionality, security, and reliability that our customers expect;

• cybersecurity or other incidents causes losses to us or our customers, including losses to assets held by

us on behalf of our customers;

• our pricing model is or becomes uncompetitive;

• we fail to provide adequate customer service to customers; or

• we or other companies in our industry are the subject of adverse media reports or other negative

publicity.

If we are unable to maintain or increase our customer base and customer engagement, our total revenue and

financial results may be adversely affected.

Many of our customers are first-time users and our trading volumes and total revenues could be reduced if these

customers stop trading crypto assets altogether or stop using our Marketplace platform services for their trading

activities.

27

Our business model focuses on making crypto assets accessible to a broad demographic of retail customers

in Japan, including first-time users. The number of new accounts opened with us by retail investors totaled 182,178,

178,949 and 309,951 in the years ended March 31, 2023, 2024 and 2025, respectively. Our success, and our ability

to increase total revenue, depends in part on such customers continuing to utilize our cryptocurrency exchanges and

platforms, even as crypto asset prices fluctuate and economic conditions change. Our customers do not have long-

term contractual arrangements with us and may cease to use our cryptocurrency exchanges at any time. Retail

investors, including particularly first-time and younger-aged users, which constitute a significant portion of our

customer base, may be more inclined to explore or move to competing platforms that seek to target the same

demographic and to stop trading crypto, some perhaps