Company: CNCKW
Filing Date: 2025-08-29
Form Type: POS AM
Source: 0001213900-25-082038
Chunk: 96

Company: Coincheck Group N.V.
Filing Date: 2025-08-29
Form: POS AM
Chunk 96
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 factors, some of which are market dependent, this metric has fluctuated in recent periods. For example, according to closing day pricing information from CoinMarketCap, the prices of Bitcoin and Ethereum reached their lowest levels during the fiscal year ended March 31, 2023. However, despite those price declines, our customer assets grew that fiscal year (compared to the prior fiscal year) to ¥344 billion, driven by growth in the price, quantity, or transactions in other types of crypto assets we support, such as XRP. As of March 31, 2024, our customer assets grew further still, to ¥744 billion, of which ¥57 billion consisted of XRP. As of March 31, 2025, our customer assets grew to ¥859 billion, of which ¥179 billion consisted of XRP. As of June30, 2024, our customer assets grew further still, to ¥748billion, of which ¥50billion consisted of XRP. As of June30, 2025, our customer assets grew to ¥1,000billion, of which ¥178billion consisted of XRP. Customer Assets Source: Coincheck internal data. Trading Volume (by Cryptocurrency) The trading volume of our Marketplace platform customers is directly correlated with our revenue and is influenced by both price and volatility of Bitcoin, Ethereum, XRP and other crypto assets. We have experienced periods of low and high trading volume, and therefore revenue, driven by periods of rising or declining crypto asset prices and/or lower or higher volatility within the crypto asset market. During periods of rising Bitcoin prices and higher volatility, we have generally observed higher trading volume on both our Marketplace platform and Exchange platform. There are a number of factors that contribute to changes in price and volatility of a given crypto asset, including, but not limited to: changes in the supply and demand for a particular crypto asset; crypto market sentiment; macroeconomic factors; utility of a particular crypto asset; and other events, such as exchange outages or social media commentary. Market participation by well -knowninvestors can also affect consumer sentiment. Occasionally, planned network events, such as an airdrop, where the network provides holders of a particular crypto asset with a reward, or a “halving,” which is when the reward for validating transactions for a crypto network is reduced by half, can lead to shifts in customer interest in a specific crypto asset. Event -drivenchanges in customer interest may be temporary and, as a result, our financial performance