Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 164

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 164
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self.tag} alt="{self.alt}" src="{self.src}">Customer Assets 
Source:  Coincheck internal data.
Trading Volume (by Cryptocurrency)
The trading volume of our Marketplace platform customers is directly correlated with our revenue and is 
influenced by both price and volatility of Bitcoin, Ethereum, XRP and other crypto assets. We have experienced 
periods of low and high trading volume, and therefore revenue, driven by periods of rising or declining crypto asset 
prices and/or lower or higher volatility within the crypto asset market. During periods of rising Bitcoin prices and 
higher volatility, we have generally observed higher trading volume on both our Marketplace platform and 
Exchange platform.
There are a number of factors that contribute to changes in price and volatility of a given crypto asset, 
including, but not limited to: changes in the supply and demand for a particular crypto asset; crypto market 
sentiment; macroeconomic factors; utility of a particular crypto asset; and other events, such as exchange outages or 
social media commentary. Market participation by well-known investors can also affect consumer sentiment. 
Occasionally, planned network events, such as an airdrop, where the network provides holders of a 
particular crypto asset with a reward, or a “halving,” which is when the reward for validating transactions for a 
crypto network is reduced by half, can lead to shifts in customer interest in a specific crypto asset. Event-driven 
changes in customer interest may be temporary and, as a result, our financial performance following such events 
may not be indicative of future operating performance or financial condition.
The following table shows the trading volume by currency on our Marketplace platform for the fiscal years 
ended March 31, 2025, 2024 and 2023:

89

             For the fiscal year ended March 31,
2025                          2024          2023
                                   (In millions)
BTC         ¥143,717      ¥106,976       ¥66,219
ETH           78,468        63,711        40,170
XRP           55,644        20,729        18,072
IOST           3,016         5,450        11,974
ENJ              352         1,642         4,818
LTC            2,642         2,529         1,959
SAND           2,247         2,056         2,695
XLM