Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 115

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 4
Chunk 115
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listed exchange-traded funds (ETFs) linked to Bitcoin or Ethereum, further confirming institutional adoption of 
crypto assets as investment vehicles. In addition, traditional financial institutions such as Fidelity Investments and 
BNY Mellon have both launched crypto custody platform businesses. We believe the entry of traditional 
institutional investors supports the premise that crypto assets can form part of a diversified asset portfolio to be held 
over the medium- to long-term. 
The cryptocurrency markets, although they have been volatile, have grown significantly over time.
The total global market capitalization of crypto assets increased from approximately $1.1 billion to 
approximately $2.67 trillion between June 30, 2013 and March 31, 2025, equivalent to a CAGR of over 90%.
The Japanese cryptocurrency market is a large and, we believe, underpenetrated market, representing a 
compelling opportunity in Japan.
Japan’s domestic cryptocurrency market has had periods of strong transaction volume despite periods of 
volatility. In March 2025, the cash-equivalent trading volume on domestic cryptocurrency exchanges, which 
includes ours, was approximately ¥1.9 trillion. The below graph illustrates trends in the trading volume since 2019:

52

Source:   Created by us based on public information made available by the JVCEA.
Potential for growth in the number of registered accounts.
According to the Japan Securities Dealers Association, the number of securities brokerage accounts held by 
individuals in Japan was approximately 38 million as of March 31, 2025. However, according to the JVCEA, there 
were only approximately 12.4 million accounts engaged in trading of crypto assets, including both spot transactions 
and margin trading, as of March 31, 2025. We believe this shows real potential for growth in investment and trading 
of crypto assets by Japanese individuals.
While Japan is the fourth largest global economy, only 10% of the Japanese population owns crypto assets 
as of March 2025 (versus, for example, 17% of the United States population as of April 2025), according to data 
from the JVCEA and Morning Consult. We believe this suggests the potential for further development of the 
Japanese crypto asset market. We believe that the Japanese public is highly engaged and willing to participate in the 
crypto asset revolution and encouraged by the country’s thoughtful crypto regulation model, which is designed 
around protecting the consumer. While our trading volume, together with the trading volume of others in the