Company: CNCKW
Filing Date: 2025-04-10
Form Type: 424B3
Source: 0001213900-25-030417
Chunk: 114

Company: Coincheck Group N.V.
Filing Date: 2025-04-10
Form: 424B3
Chunk 114
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 dividend withholding tax regime applicable to dividends distributed by us. 68 MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINA NCIAL CONDITION AND RESULTS OF OPERA TIONS Unless the context otherwise requires, all references in this section to “we,” “us,” or “our” refer to Coincheck, Inc. prior to the closing of the Business Combination and Coincheck Group N.V. and subsidiaries after closing. The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and related notes included elsewhere in this prospectus. Our financial statements are prepared in accordance with IFRS, which differs in certain significant respects from accounting principles generally accepted in other jurisdictions, including U.S. GAAP and Japanese GAAP. In addition to historical financial information, the following discussion contains forward -looking statements that reflect our plans, estimates, and beliefs that involve risks and uncertainties. Our actual results could differ materially from those discussed in the forward -looking statements as a result of many factors, including those factors set forth in the sections titled “Risk Factors” and “Cautionary Statement Regarding Forward -Looking Statements,” which you should review for a discussion of some of the factors that could cause actual results to differ materially from the results described in or implied by the forward -looking statements contained in the following discussion and analysis and elsewhere in this prospectus. Overview We believe we are a leader in the Japanese cryptocurrency industry and are primarily engaged in providing a crypto asset marketplace for retail investors. We offer our customers a multi -currencycrypto marketplace with a deep pool of liquidity for trading crypto assets through our user -friendlyapplications, along with an Exchange platform and several other retail -focusedcrypto services, such as Coincheck Periodic Purchases. We had a 24.3% market share in Japan by trading volume as of December 31, 2024, according to the JVCEA and 18.6% of the market share for retail users by number of verified accounts in Japan. As of December 31, 2024, our number of verified accounts exceeds 2.2million and approximately 51% of these accounts are held by customers under 40. For the nine months ended December 31, 2024 and 2023, 99.4% and 99.5%, respectively, of our total revenue consisted of transaction revenue generated from trades of customers and cover counterparties on our Marketplace platform business, where we take a bid -askspread on all customer trades on such platform and