Company: CNCKW
Filing Date: 2025-01-28
Form Type: F-1
Source: 0001213900-25-007203
Chunk: 126

Company: Coincheck Group N.V.
Filing Date: 2025-01-28
Form: F-1
Chunk 126
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 31, 2024, we also did not receive any commissions. In the six months ended September 30, 2024, we recorded ¥397million of commissions attributable to IEOs. Factors Affecting Our Results of Operations The success and historical growth of our business as well as our financial condition and operating results, have been and will continue to be, affected by a number of factors described in more detail below. Price and volatility of crypto assets In the years ended March 31, 2022, 2023 and 2024 and in the six months ended September 30, 2024, 99.6%, 98.9%, 99.6% and 99.4%, respectively, of our total revenue consisted of transaction revenue generated from trades of customers and cover counterparties on our Marketplace platform business. As a result, our total revenue is highly correlated with the price and volatility of crypto assets. There are a number of factors that contribute to changes in crypto asset prices and volatility, including, but not limited to, changes in the supply and demand for a particular crypto asset, overall crypto market sentiment, macroeconomic factors, the utility of a particular crypto asset, and other events such as exchange outages, social media commentary, government policies, such as the Chinese government enacting various restrictions on crypto assets or geopolitical events, such as the Russia -Ukraineconflict. Adoption of crypto assets and offering of new crypto assets Our financial performance is dependent on the continued growth in interest and adoption of crypto assets by investors in Japan. Moreover, our growth strategy depends on our continued ability to add customers, expand the breadth of crypto assets on our cryptocurrency exchanges, and launch innovative products. The number of crypto assets that are tradeable on our cryptocurrency exchanges has increased over time, and we offer 28 different crypto assets on our Marketplace platform as of September 30, 2024, unchanged from June30, 2024. We only offer trading in crypto assets which have been approved for trading by crypto asset exchange service providers under the guidelines of the JVCEA. Our overall trading volume, and in particular our altcoin trading volume, grew dramatically from March 2020 to April 2021 as prices of crypto assets increased strongly, which drove our prior growth and profitability. While the average of Bitcoin and Ethereum trading volume of the total trading volume within the cryptocurrency industry as a whole in Japan (according to the JVCEA data that includes all types of exchanges) was approximately 58% and 17