Company: CNCKW
Filing Date: 2025-08-29
Form Type: POS AM
Source: 0001213900-25-082038
Chunk: 103

Company: Coincheck Group N.V.
Filing Date: 2025-08-29
Form: POS AM
Chunk 103
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--------------|:----|:------------------------------------|--------:|:----|:--|--------:|:----|:--|--------:|
| Transaction revenue from customers            |     | ¥                                   | 243,696 |     | ¥ | 158,733 |     | ¥ | 125,491 |
| Transaction revenue from cover counterparties |     |                                     | 138,009 |     |   |  64,313 |     |   |  49,446 |
| Transaction revenue (total)                   |     | ¥                                   | 381,705 |     | ¥ | 223,046 |     | ¥ | 174,937 |

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Transaction revenue is recognized at the time the transaction is processed. We have experienced periods of low and high -tradingvolume, and therefore transaction revenue, driven primarily by periods of rising or declining Bitcoin prices and/or lower or higher -cryptocurrencyvolatility. During periods of rising Bitcoin prices and higher volatility, we have generally observed higher transaction revenue generated by our Marketplace platform business. For the years ended March 31, 2025, 2024 and 2023, our average spread (our fee) per transaction with customers was 3.50%, 3.45% and 3.45%, respectively, a generally flat trend with slight fluctuation due primarily to the change in the mix of cryptocurrencies being traded. Total Marketplace Platform trading volume with customers for these three years was ¥337.5 billion, ¥234.6 billion, and ¥157.1 billion, respectively. The table below shows a breakdown of transaction revenue for the fiscal quarters indicated:

|                                               |     | For the three months ended 
                   June 30, |        |     |      |        |
|                                               |     |                       2025 |        |     | 2024 |        |
| Transaction revenue from customers            |     |                          ¥ | 44,860 |     |    ¥ | 52,736 |
| Transaction revenue from cover counterparties |     |                            | 38,504 |     |      | 21,898 |
| Transaction revenue (total)                   |     |                          ¥ | 83,364 |     |    ¥ | 74,634 |

For the three months ended June30, 2025 and 2024, our average spread (our fee) per transaction with customers was 3.31% and 3.46%, respectively, a decline due primarily to the change in the mix of