Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 93

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 93
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, while the remaining users utilize our desktop trading application. We generally do not charge commissions or fees for use of our Exchange platform. We believe that we are one of the leading innovators in the Japanese crypto markets. In 2021, we introduced our Coincheck NFT Marketplace platform and also conducted Japan’s first approved IEO. The growth of crypto assets and crypto markets has come in waves, typically aligned with crypto asset price cycles, which tend to be volatile and draw new customers, investments, and developers into the crypto ecosystem. For example, according to closing day pricing information from CoinMarketCap, as the price of Bitcoin surged from approximately ¥432 thousand during March 2020 to all -timehighs of more than ¥7,500 thousand in November 2021, we experienced a corresponding increase in the usage on our Marketplace platform. However, the price of Bitcoin subsequently declined to approximately ¥3,781 thousand as of March31, 2023. Then, the price of Bitcoin rebounded to approximately ¥10,801 thousand during the fiscal year ended March31, 2024. For the fiscal 52

year ended March31, 2025, the price of Bitcoin slightly declined to ¥10,084 thousand as of June30, 2024, then reached a new all -timehigh of approximately ¥17,041 thousand in January 2025 then declined to approximately ¥12,382 thousand as of March31, 2025. The price then recovered to approximately to ¥15,415 thousand as of June30, 2025, which we believe was a key factor supporting our increased revenue for the three months ended June30, 2025 as compared to the three months ended June30, 2024. There have been a number of major crypto asset price cycles over the past decade, and price cycles continue to be volatile. Due to the highly volatile nature of crypto asset prices and trading activity, historically our operating results have fluctuated significantly from quarter to quarter in line with market sentiment and trading activity. As of June30, 2025, our customer assets were ¥1,000billion, and our marketplace trading volume during the three months ended June30, 2025 was ¥62billion. As of March 31, 2025 our customer assets were ¥859 billion, and our marketplace trading volume during the year ended March 31, 2025, was ¥337.5 billion. For the three months ended June30, 2025, our total revenue was ¥83