Company: CNCKW
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001913847-25-000033
Chunk: 22

Company: Coincheck Group N.V.
Filing Date: 2025-11-18
Form: 424B3
Chunk 22
---
, Coincheck, or either’s failure to comply with any laws or regulations;

• administrative sanctions, including fines, or legal claims if we are found to have offered services in violations of the laws of jurisdictions other than Japan or to have violated international sanctions regimes;

21

<div align='center'>MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

• Coincheck’s ability to compete and increase market share in a highly competitive industry;

• Coincheck’s ability to introduce new products and services, timely or at all;

• any interruptions in services provided by third-party service providers;

• the status of any particular crypto asset as to whether it is deemed a “security” in any relevant jurisdiction;

• legal, regulatory, and other risks in connection with Coincheck’s operation of the Coincheck NFT Marketplace that could adversely affect our business, operating results, and financial condition;

• our obligations to comply with the laws, rules, regulations, and policies of a variety of jurisdictions if we expand our business outside of Japan;

• the inability to maintain the listing of our Ordinary Shares on Nasdaq;

• the ability to grow and manage growth profitably; and

• other risks and uncertainties indicated in this discussion and analysis, as well as those set forth in our Form 20-F for the fiscal year ended March 31, 2025, filed with the SEC on July 30, 2025, accessible on the SEC’s website at www.sec.gov. (the “Form 20-F”), including those set forth under the section of the Form 20-F titled “Risk Factors.”

Should one or more of these risks or uncertainties materialize or should any of the assumptions made by our management prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should keep in mind that any event described in a forward-looking statement made in this discussion and analysis or elsewhere might not occur.

#### Overview
We believe we are a leader in the Japanese cryptocurrency industry for providing a crypto asset marketplace to retail investors. We offer our retail customers a multi-cryptocurrency marketplace where we, after securing matching or offsetting orders of our customers or otherwise verifying sufficient liquidity, are the seller or buyer against our customers’ executed orders. Our customers may also use our Exchange platform, which is targeted at more experienced cryptocurrency investors, where we do not act as buyer or seller, but only facilitate order books through which the buyer and seller transact directly with each other. We sometimes make purchases