Company: CNCKW
Filing Date: 2025-03-27
Form Type: F-1/A
Source: 0001013762-25-003470
Chunk: 121

Company: Coincheck Group N.V.
Filing Date: 2025-03-27
Form: F-1/A
Chunk 121
---
 financial results, we use the following business metrics to evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions: Verified Users Verified users represent users who have fully completed the applicable KYC procedures with us. Accordingly, there should only be one account per user. The verified user total is adjusted for accounts that are subsequently closed, but not for those that are inactive. Our verified users increased sequentially for all quarters beginning from the three months ended June 30, 2019, until the three months ended September 30, 2022, primarily due to growth in our products and services and the overall increase in interest in BTC, Ethereum and other crypto assets in Japan. As of December31, 2024, our number of verified accounts was approximately 2.2million after deducting the number of closed accounts. Verified user metrics are used as a key performance indicator in our business management process because our current businesses principally serve retail users. We are able to compare our number of verified

71 users against industry data compiled by the JVCEA to assess our competitive position. In addition, our definition of verified users may be revised in the future in accordance with any revisions in the KYC/AML procedures required in Japan. Verified Users Source: Public information made available by the JVCEA. Monthly Users Monthly users represent our verified users with at least one transaction on either our Marketplace or Exchange platforms, including the buying or selling of a crypto asset or the depositing or withdrawing of crypto assets or funds, in the prior calendar month and constitute the active transacting base of retail users on our cryptocurrency exchanges. Monthly users drive retail trading volume, and growth in our monthly users has historically been correlated with both the price of Bitcoin, Ethereum, and other crypto assets and volatility within the crypto asset market. We have aimed to expand our revenue opportunities by adding new cryptocurrencies to give more investment options and promote cryptocurrency trading for retail investors in recent years. Our number of monthly users was on a declining trend since its peak in the first quarter of the fiscal year ended March 31, 2022; however, from the third quarter of the fiscal year ended March31, 2024, we have seen an increase in the number of monthly users. Our number of monthly users was approximately 141,000 for the three months ended December31, 2024. 72 Monthly Users Source: Internal data. Customer Assets (by Currency) Customer assets is a measure of the scale of total value held on our cryptocurrency exchanges as of the period indicated