Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 13

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 13
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 be lower than we anticipate.

19

We currently derive all of our total revenue from operations in Japan. Accordingly, our performance is

subject to general economic conditions in Japan and their impact on our base of primarily retail customers. Japan has

experienced downturns in which economic activity declined resulting in lower consumption rates, restricted credit,

reduced profitability, weaknesses in financial markets, bankruptcies and overall uncertainty with respect to the

economy. The outlook for the Japanese economy remains uncertain. In addition, an aging demographic, a declining

birth rate, the overall decline of Japan’s population (including the working-age population), political tensions

between Japan and some of its neighboring countries (such as China and North Korea), and currency fluctuations are

additional factors that add to the uncertainty surrounding the future of the Japanese economy. The impact of

economic conditions in Japan on the trading of crypto assets is highly uncertain and dependent on a variety of

factors, including market adoption, global trends, central bank monetary policies, regulations and other events

beyond our control. To the extent that general economic conditions in Japan materially deteriorate, our ability to

attract and retain customers may suffer. While we have seen a steady increase over the years in the trading of crypto

assets by Japanese retail investors, there can be no assurance that consumer sentiment towards crypto assets and

crypto exchange platforms will not worsen in the future. A lack of growth in, or a drop in demand for, trading of

crypto assets by Japanese retail investors would adversely affect our growth prospects and results of operations.

Due to our limited operating history (and the limited operating history of crypto assets generally), it may be

difficult to evaluate our business and future prospects, and we may not be able to achieve or maintain

profitability in any given period.

We began operations in 2012 and publicly launched our crypto asset trading service in 2014. Our revenue

has significantly grown since our formation, but there is no assurance that this growth rate will continue in future

periods and you should not rely on the revenue growth of any prior quarterly or annual period as an indication of our

future performance. Our limited operating history and the volatile nature of our business make it difficult to evaluate

our current business and our future prospects. We have also encountered, and will continue to encounter, risks and

difficulties frequently experienced by growing companies in rapidly changing and heavily regulated industries,

including achieving market acceptance of our products and services, attracting and retaining customers, complying

with laws and regulations