Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 256

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 11
Chunk 256
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 assets. Crypto asset prices, along with our operating results, have fluctuated significantly from 
quarter to quarter. There is no assurance that crypto asset prices will reflect historical trends. A decline in the market 
price of Bitcoin, Ethereum, XRP, and other crypto assets has in the past had and could in the future have an adverse 
effect on our earnings and our future cash flows. This may also affect our liquidity and ability to meet ongoing 
obligations.
In addition to the exposures described above, we hold crypto assets borrowed from customers (crypto assets 
held) to facilitate customer transactions.  As of March 31, 2025, we had 44,680 million yen of crypto assets held, 
with a related crypto asset borrowings balance of 44,479 million yen.  See Note 3. Summary of Material Accounting 
Policies of the Notes to our consolidated financial statements included in this report for further information about 
these different categories of assets and liabilities.
Our market risk exposure for our crypto assets  held and crypto asset borrowings is limited due to their 
short-term nature or offsetting positions. A hypothetical 10% increase or decrease in crypto asset prices applied to 
the value of our crypto assets held and crypto asset borrowings as of March 31, 2025 and 2024 would not have had a 
material impact on our consolidated financial statements. 
Market Risk of Derivatives
We have exposure to derivatives measured and recorded at fair value. Market risk on derivatives is the 
exposure created by potential fluctuations in market prices and other factors and is a function of the type of 
derivative product, the volume of transactions, the tenor and terms of the agreement, and the underlying volatility.
Warrant Liabilities
We have issued liability-classified warrants whose fair value is sensitive to changes in the underlying share 
price and volatility. The fair value is measured at each reporting date with changes recognized in earnings.  A 
hypothetical 10% increase in the Ordinary Share price as of the reporting date would not have a material adverse 
impact on our warrant liabilities.

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