Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 158

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 158
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, according to the JVCEA, 18.5% of the market share 
for retail users by number of verified users in Japan.
As of March 31, 2025, our number of verified users exceeded 2.3 million, with approximately 51.0% of 
those accounts held by customers under age 40. Each verified user has one customer account, which we sometimes 
call a verified account.
For the years ended March 31, 2025 and 2024, 99.6% and 99.6%, respectively, of our total revenue 
consisted of transaction revenue generated from the Marketplace platform. We offer 30 different crypto assets on 
our Marketplace platform as of March 31, 2025. As of March 31, 2025, more than 90% of our users utilize our 
mobile trading application for our Marketplace platform, while the remaining users utilize our desktop trading 
application. We generally do not charge commissions or fees for use of our Exchange platform.
We believe that we are one of the leading innovators in the Japanese crypto markets. In 2021, we 
introduced our Coincheck NFT Marketplace platform and also conducted Japan’s first approved IEO.
The growth of crypto assets and crypto markets has come in waves, typically aligned with crypto asset 
price cycles, which tend to be volatile and draw new customers, investments, and developers into the crypto 
ecosystem. For example, according to closing day pricing information from CoinMarketCap, as the price of Bitcoin 
surged from approximately ¥432 thousand during March 2020 to all-time highs of more than ¥7,500 thousand in 
November 2021, we experienced a corresponding increase in the usage on our Marketplace platform. However, the 
price of Bitcoin subsequently declined to approximately ¥5,546 thousand as of March 31, 2022 and further to 
approximately ¥3,781 thousand as of March 31, 2023. We believe these price trends, along with broader 
uncertainties in the global crypto markets, adversely affected trading volume on our Marketplace platform during the 
fiscal year ended March 31, 2023, leading to a sharp decline in total revenue and recognition of a net loss for that 
fiscal year. Then, the price of Bitcoin rebounded to approximately ¥10,801 thousand during the fiscal year ended 
March 31, 2024, which we believe contributed to our increase in total revenue and return to profitability for