Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 15

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 15
---
scaling, and which evolve over time largely based on self-determined participation, which may result

in new changes or updates that affect speed, security, usability or value;

• the identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin,

or the transfer of Satoshi’s Bitcoin, if there turns out to be negative reputation or perceptions associated

with such person or persons;

• negative perception of Bitcoin, Ethereum, XRP or any other specific crypto asset we offer that is

currently popular with our customers;

• development in mathematics, technology, including in digital computing, algebraic geometry, and

quantum computing that could result in the cryptography being used by these specific crypto assets

becoming insecure or ineffective;

• regulatory or legislative restrictions or limitations on lending, mining or staking activities, including a

finding that offering lending, mining or staking services to customers as a means to generate passive

yield constitutes offering of a security under the laws of a particular jurisdiction; and

• laws and regulations affecting the networks of Bitcoin, Ethereum, XRP or another specific crypto asset

that is popular, or access to these networks, including a determination that Bitcoin, Ethereum, XRP or

such other specific crypto asset constitutes a security or other regulated financial instrument under the

laws of any applicable jurisdiction.

The recent trend in public companies embracing Bitcoin as part of their corporate treasury strategy, particularly

as a leveraged strategy, could, to the extent such strategies fail, drive down the price of Bitcoin and other crypto

assets, which could negatively affect our trading volume and business.

In recent years, an increasing number of companies have embraced Bitcoin as part of their corporate

treasury strategy. According to Cointelegraph, by mid-2025 over 220 public companies worldwide had adopted

including Bitcoin in their treasury strategies, collectively holding about 592,100 BTC (roughly $60.03 billion in

value as of June 23, 2025). This has led to the creation of what some call “ Bitcoin proxies,” stocks whose values

largely mirror Bitcoin’s price fluctuations. However, the risks are significant. Bitcoin is highly volatile, with its price

subject to sharp fluctuations within short periods. Several of these companies finance their Bitcoin purchases, so that

many Bitcoin-heavy firms issue new stock or take on debt to raise capital for Bitcoin acquisition.

Overreliance on Bitcoin in corporate treasuries, given Bitcoin’s volatility, can lead to a decrease in

shareholder confidence and capital erosion (a company’s