Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 47

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 47
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 on the effectiveness of products, and UX refers to user experience design, a human -firstapproach to product design that focuses on the aesthetic experience of products.) There is no assurance that we will be able to retain our current customers or attract new customers, or keep our customers engaged. In particular, as the majority of our total revenue is currently derived from Japanese retail customers, we are sensitive to any changes in sentiment among retail investors. Moreover, as we seek to attract new customers, we may try to expand to institutional customers within Japan, and we may 25 be unsuccessful in any such expansion efforts due to differences in needs and expectations between Japanese institutional and retail customers. Any number of factors can negatively affect our customer retention, growth, and engagement, including if: •customers 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 -demandcrypto 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 Coincheck 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. Our business model focuses on making crypto assets accessible to a broad demographic of retail customers in Japan, including first -timeusers. The number of new accounts opened with us by retail investors totaled 182,178, 178,949 and 309