Company: CNCKW
Filing Date: 2025-08-29
Form Type: POS AM
Source: 0001213900-25-082038
Chunk: 97

Company: Coincheck Group N.V.
Filing Date: 2025-08-29
Form: POS AM
Chunk 97
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 business as well as our financial condition and operating results have been and will continue to be affected by a number of factors, as described in more detail below. Price and volatility of crypto assets For the three months ended June30, 2025 and 2024, 99.3% and 99.1%, respectively, of our total revenue consisted of transaction revenue generated from trades with customers and cover counterparties on our Marketplace platform business. For both the years ended March 31, 2025 and 2024, 99.6% of our total revenue consisted of transaction revenue generated from trades relating to our Marketplace platform business. As a result, our total revenue is highly correlated with the price and volatility of crypto assets. As earlier mentioned, 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, and government policies. Adoption of crypto assets and offering of new crypto assets Our financial performance is dependent on the continued growth in interest for, 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 34 different crypto assets on our Marketplace platform as of June30, 2025 (and we offered 30 different crypto assets on our Marketplace platform as of March31, 2025). 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. For the three months ended June30, 2025 and 2024, respectively, Bitcoin and Ethereum trading volume, as a percentage of total crypto trading volume in Japan (according to the JVCEA data that includes all types of Japanese exchanges), was approximately (i) 67% and 14% and (ii) 75.0% and 13.0%, respectively. However, trading volume of Bitcoin and Ethereum on our Marketplace platform for the three months ended June30, 2025 and 2024 were (i) 42% and 36% and (ii) 46% and 25% (for 2024), respectively. For