Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 159

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 159
---
 that 
year. For the fiscal year ended March 31, 2025, the price of Bitcoin reached a new all-time high of ¥17,041 thousand
in January 2025. Although the price of Bitcoin later declined to approximately ¥12,382 thousand as of March 31, 
2025, this rise in price earlier in the year appears to have been a factor in our increased revenue for the year. 
There have been a number of major crypto asset price cycles over the past decade, and price cycles 
continue to be volatile. Due to the highly volatile nature of crypto asset prices and trading activity, historically our 
operating results have fluctuated significantly from quarter to quarter in line with market sentiment and trading 
activity.

1 Customer Assets are determined in accordance with Japanese generally accepted accounting principles 
(J-GAAP), which are  cryptocurrencies deposited by customers + fiat currency deposited by customers. Customer 
assets are derived from monthly data prepared for management for purposes of understanding internal performance 
metrics, and such figures are not prepared under IFRS Accounting Standards basis. Customer assets do not include 
NFTs. We have historically published our KPI presentations for customer assets on this J-GAAP basis; however, 
prior to our retroactive adoption of SAB No. 122, which rescinded SAB No. 121, Accounting for Obligations to 
Safeguard Crypto-Assets an Entity Holds for Platform Users, discussed later in this report, for our prior 
consolidated financial statements safeguard assets were calculated in accordance with IFRS Accounting Standards 
and SAB No. 121.
2 Exchange trading volume includes trading between matched sellers and purchasers but does not include 
transactions in which we are a party (including our transactions with cover counterparties). Monthly exchange 
trading volume data reflects trading volume by sellers and purchasers on a gross basis, and is based on information 
that we are required to prepare for purposes of monthly reporting to the JVCEA using the calculation methods they 
prescribe.

84

As of March 31, 2025 our customer assets1 were ¥859 billion, and our marketplace trading volume during 
the year ended March 31, 2025, was ¥337.5 billion.
For the year ended March 31, 2025, our total revenue was ¥383,330 million; our net loss was ¥14,350 
million; EBITDA, a non-IFRS measure, was a loss of ¥12,603 million; and Adjusted E