Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 167

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 167
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 segments. We continually focus on having leading user interface/user experience (UI/UX) 
design features for our mobile application to attract and engage retail users as their first access point to trading of 
crypto assets.
We also focus on our platforms’ ease-of-use and adding new products and services to our offering, such as 
additional crypto assets to buy and sell, and our Coincheck NFT Marketplace and IEO platform offerings, which we 
believe appeal to our Marketplace platform users. Subject to the effect of acquisitions or strategic joint ventures, if 
any, we may do in the future, we believe that our Marketplace platform will continue to be the primary driver of our 
revenue.
Substantially all of our customers are retail users, some more sophisticated than others, but we are also 
interested in introducing our products and services more to institutional investors who may be interested in crypto 
assets, such as through our recently launched “Coincheck Prime” branded offering. However, we may not be able to 
introduce attractive products or services to institutional users, or such institutions may choose to do business with 
our competitors. 
Ability to competitively price our products and services
Our operating results also depend on our ability to competitively price our products and services. Similar to 
other financial products, as the crypto asset industry matures we anticipate increased pressure on spreads and 
commission fees to emerge over time as new, and potentially larger and more established, financial institutions enter 
the market.
While we believe that we will be able to maintain our position as a trusted brand in Japan and continue to 
enhance our customer-value proposition and grow our scale, including growing our customer base, in order to offset 
the effects of any future price pressure on our fees, if we are unable to do so or if such price pressure emerges more 
rapidly than we anticipate our operating results may be adversely affected.
<{self.tag} alt="{self.alt}" src="{self.src}">Marketing
Our primary means of marketing is digital marketing, which allows us to respond flexibly to the impact of 
changes in the market price of crypto assets. We use television advertisements only to the extent we believe those 
investments can produce a reasonable return within a reasonable period of time based on our estimated conversion 

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ratio and other factors. Generally, we estimate our return of investment per marketing campaign, which is a primary 
factor in our decision as to whether launch the campaign.
Our advertising and promotion expenses are directed towards customer acquisition. They totaled ¥1,874