Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 19

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 19
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ely affect our business, financial condition, and results of operations.

If the utility and usage of crypto assets, the development of which is difficult to predict, do not grow as we expect,

our business, operating results, financial condition and prospects could be adversely affected.

Crypto assets built on blockchain technology were first introduced in 2008 and remain, in our view, in the

early stages of development. In addition, different crypto assets are designed for different purposes. Bitcoin, for

example, was designed to serve as a peer-to-peer electronic cash system, while Ethereum was designed to be a smart

contract and decentralized application platform. The further growth and development of particular crypto assets and

their underlying networks and other cryptographic and algorithmic protocols governing the creation, transfer, and

usage of crypto assets are subject to a variety of factors that are difficult to evaluate or predict, including the

following:

• Many crypto networks have limited operating histories, have not been validated in production, are still

in the process of developing, and are therefore subject to significant decisions that will affect the

design, supply, issuance, functionality, and governance of their respective crypto assets and

blockchains, any of which could adversely affect their respective crypto assets.

• Many crypto networks implement software upgrades and other changes to their protocols which could

introduce bugs, security risks, or otherwise adversely affect them.

• Several large networks develop new features to address fundamental speed, scalability, and energy

usage issues. If these issues are not successfully addressed, or if proposed solutions are unable to

receive widespread adoption, or those development modifications cause new unintended issues, that

could adversely affect the underlying crypto assets.

• Security issues, bugs, and software errors have been identified with many crypto assets and their

underlying blockchain networks, some of which have been exploited by malicious actors. There are

also inherent security weaknesses in some crypto assets, such as when creators of certain crypto

networks use procedures that could allow hackers to counterfeit tokens. Any weaknesses identified

with a crypto asset could adversely affect its price, security, liquidity, and adoption. If a malicious

actor or botnet (a volunteer or hacked collection of computers controlled by networked software

coordinating the actions of the computers) obtains a majority of the compute power or staking power

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on a crypto network, as has happened in the past, it may be able to manipulate transactions which could

cause financial losses to holders, damage the network’s reputation and security, and adversely affect its

value.

•