Company: CNCKW
Filing Date: 2025-08-29
Form Type: POS AM
Source: 0001213900-25-082038
Chunk: 48

Company: Coincheck Group N.V.
Filing Date: 2025-08-29
Form: POS AM
Chunk 48
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; •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 309,951 in the years ended March 31, 2023, 2024 and 2025, respectively. Our success, and our ability to increase total revenue, depends in part on such customers continuing to utilize our cryptocurrency exchanges and platforms, even as crypto asset prices fluctuate and economic conditions change. Our customers do not have long -termcontractual arrangements with us and may cease to use our cryptocurrency exchanges at any time. Retail investors, including particularly first -timeand younger -agedusers, which constitute a significant portion of our customer base, may be more inclined to explore or move to competing platforms that seek to target the same demographic and to stop trading crypto, some perhaps permanently, when a broad decline in the crypto asset markets occurs. Any significant loss of customers or a significant reduction in their use of our Marketplace platform could have a material impact on our trading volumes and total revenue, and adversely affect our business, financial condition and results of operations. We may suffer losses due to staking, delegating, and other related services we provide to our customers. Certain supported crypto assets enable holders to earn rewards by participating in decentralized governance, bookkeeping and transaction confirmation activities on their underlying blockchain networks, such as through staking activities, including staking through validation, delegating, and baking. We currently provide and expect to continue to provide such services for Ethereum (ETH) to our customers in order to enable them to earn rewards based on the amount that we hold on their behalf. For instance, as a service to customers, we operate staking nodes on certain blockchain 26 networks utilizing customers’ crypto assets and pass through the rewards received to those customers, less a service fee. In other cases, we may delegate our customers’ assets to third -partyservice providers