Company: CNCKW
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001913847-25-000033
Chunk: 30

Company: Coincheck Group N.V.
Filing Date: 2025-11-18
Form: 424B3
Chunk 30
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 number of factors, as described in more detail below.

#### Price and volatility of crypto assets
For the three months ended September 30, 2025 and 2024, 99.1% and 99.7%, and for the six months ended September 30, 2025 and 2024, 99.2% and 99.4%, respectively, of our total revenue consisted of transaction revenue generated from trades with customers and cover counterparties on our Marketplace platform business. As a result, our total revenue is highly correlated with the price and volatility of crypto assets. As earlier mentioned, there are a number of factors that contribute to changes in crypto asset prices and volatility, including, but not limited to: changes in the supply and demand for a particular crypto asset; overall crypto market sentiment; macroeconomic factors; the utility of a particular crypto asset; and other events, such as exchange outages, social media commentary, and government policies.

Adoption of crypto assets and offering of new crypto assets

Our financial performance is dependent on the continued growth in interest for, and adoption of, crypto assets by investors in Japan. Moreover, our growth strategy depends on our continued ability to add customers, expand the breadth of crypto assets on our cryptocurrency exchanges, and launch innovative products.

The number of crypto assets that are tradeable on our cryptocurrency exchanges has increased over time, and we offer 33 different crypto assets on our Marketplace platform as of September 30, 2025. We only offer trading in crypto assets which have been approved for trading by crypto asset exchange service providers under the guidelines of the JVCEA. Bitcoin and Ethereum trading volume, as a percentage of total crypto trading volume in Japan (according to the JVCEA data that includes all types of Japanese exchanges) was approximately (i) 52.3% and

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22.7% and (ii) 78% and 12% for the three months ended September 30, 2025 and 2024, and, approximately (i) 59% and 19% and (ii) 76% and 12% for the six months ended September 30, 2025 and 2024, respectively. However, trading volume of Bitcoin and Ethereum on our Marketplace platform were (i) 36% and 41% and (ii) 49% and 29% for the three months ended September 30, 2025 and 2024, and (i) 38% and 39%