Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 105

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 105
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 We have experienced periods of low and high -tradingvolume, and therefore transaction revenue, driven primarily by periods of rising or declining Bitcoin prices and/or lower or higher -cryptocurrencyvolatility. During periods of rising Bitcoin prices and higher volatility, we have generally observed higher transaction revenue generated by our Marketplace platform business. For the years ended March 31, 2025, 2024 and 2023, our average spread (our fee) per transaction with customers was 3.50%, 3.45% and 3.45%, respectively, a generally flat trend with slight fluctuation due primarily to the change in the mix of cryptocurrencies being traded. Total Marketplace Platform trading volume with customers for these three years was ¥337.5 billion, ¥234.6 billion, and ¥157.1 billion, respectively. The table below shows a breakdown of transaction revenue for the fiscal quarters indicated:

|                                               |     | For the three months ended 
                   June 30, |        |     |      |        |
|                                               |     |                       2025 |        |     | 2024 |        |
| Transaction revenue from customers            |     |                          ¥ | 44,860 |     |    ¥ | 52,736 |
| Transaction revenue from cover counterparties |     |                            | 38,504 |     |      | 21,898 |
| Transaction revenue (total)                   |     |                          ¥ | 83,364 |     |    ¥ | 74,634 |

For the three months ended June30, 2025 and 2024, our average spread (our fee) per transaction with customers was 3.31% and 3.46%, respectively, a decline due primarily to the change in the mix of cryptocurrencies being traded. Total Marketplace platform trading volume with customers for the three months ended June30, 2025 and 2024 was ¥61.5billion and ¥73.0billion, respectively. Commission received Our commission received consist primarily of remittance fees, deposit and withdrawal and transfer fees, commissions received from the issuer and subscribing customers in the IEO business, commissions that arise from transactions on the Coincheck NFT Marketplace, commissions that arise from transactions on our Exchange platform, and other commissions. Expenses Expenses consist of cost of sales and selling, general, and administrative expenses. Cost of sales We purchase crypto assets from customers or cover counterparties to complete customer Marketplace platform orders. Our cost of sales is, mainly, the aggregate price of the