Company: CNCKW
Filing Date: 2025-01-28
Form Type: F-1
Source: 0001213900-25-007203
Chunk: 116

Company: Coincheck Group N.V.
Filing Date: 2025-01-28
Form: F-1
Chunk 116
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31, 2022 before recovering to ¥344 billion as of March 31, 2023, ¥362 billion as of June 30, 2023, ¥351 billion as of September 30, 2023, ¥744 billion as of March 31, 2024, ¥748 billion as of June 30, 2024, ¥669 billion as of September 30, 2024, and ¥1.142 trillion as of December 31, 2024. (J -GAAPcustomer assets are derived from monthly data prepared for management for purposes of understanding internal performance metrics and such figures had not been prepared under IFRS and do not include NFTs deposited by customers). We believe the decline of the amount of J -GAAPcustomer assets held by us in December 2022 due to price declines had been offset in part by Japanese investors repatriating crypto assets to licensed crypto asset exchanges in Japan, such as ours, from offshore platforms following the FTX bankruptcy. We did not experience excessive redemptions or withdrawals during the years ended March 31, 2023 and 2024 and we have not suspended redemptions or withdrawals of crypto assets. The quantity of Bitcoin held by our customers increased by 16.7% to 43,209 and the quantity of Ethereum increased by 13.2% to 257,656 between June 30, 2024 and September 30, 2024. On March 27, 2023, the CFTC announced the filing of a civil enforcement action in the U.S. District Court for the Northern District of Illinois charging, among others, various entities that operate the Binance platform and Changpeng Zhao, the CEO of Binance, with numerous violations of the Commodity Exchange Act and CFTC regulations. Based on these market trends during the fiscal year ended March 31, 2023, we experienced significant declines in trading volume on our Marketplace platform and our transaction revenue in the fiscal year ended March 31, 2023 as compared to the prior year, however, in part due to recovery in the markets for crypto assets, trading volume and our transaction revenue increased slightly for the year ended March 31, 2024 and further increased year -on -yearfor 74 the six months ended September 30, 2024. We did not experience difficulties in borrowing crypto assets from our customers or in executing hedging transactions which we refer to as cover transactions with our various cover or hedging