Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 269

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 269
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 Tax rate differences with Coincheck Parent                        |     |                                   — | %  |     |    — | % |     |    (1.3 | )% |
| Current-year losses for which no deferred tax asset is recognised |     |                                   — | %  |     |    — | % |     |    (6.0 | )% |
| Non-deductible expenses                                           |     |                                (0.8 | )% |     |  0.1 | % |     |     0.7 | %  |
| Others(2)                                                         |     |                                 4.1 | %  |     |    — | % |     |    (0.1 | )% |
| Effective tax rate                                                |     |                                33.9 | %  |     | 30.7 | % |     |    (7.4 | )% |

____________ (1)For the year ended March 31, 2023, the Company recognized loss before income taxes and, consequently, reconciling items shown in the table which increase Income tax expenses are presented as negative amounts and reconciling items which reduce Income tax expenses are presented as positive amounts. (2)Others mainly consist of recognition of previously unrecognized deductible temporary differences. (3)For the year ended March 31, 2025, the effective tax rate differs from the statutory effective rate of 25.8% primarily because of the listing expense and professional fees related to the Reverse Recapitalization that were recorded on Coincheck Parent’s books.

F-41

COINCHECK GROUP N.V. and its subsidiaries NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 20.Crypto asset borrowings Under the Coincheck Lending program, when the Company enters into borrowing agreements with customers, the Company obtains control over the crypto assets deposited by those customers, regardless of whether the Company has actually borrowed the crypto assets or the crypto assets remain deposited with the Company. These crypto assets are recognized as inventories under “Crypto assets held” in the consolidated statement of financial position and the Company’s corresponding obligation to return these crypto assets to customers is recognized as a liability under “Crypto asset borrowings.” Crypto asset borrowings are initially measured at the fair value of the crypto assets borrowed/deposited. Subsequent to initial recognition, changes in fair value of crypto asset borrowings are recognized in profit or loss in the corresponding period. See Note 25 “Fair value measurement.” The fee expenses (calculated as in -