Company: CNCKW
Filing Date: 2025-11-18
Form Type: 424B3
Source: 0001913847-25-000033
Chunk: 43

Company: Coincheck Group N.V.
Filing Date: 2025-11-18
Form: 424B3
Chunk 43
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 about a week of the making of each respective loan and the credit line was unused as of September 30, 2025. We believe our existing cash and cash equivalents, together with our loan arrangements, are sufficient to meet our immediate working capital and capital expenditure needs.

We recognize crypto assets on our condensed consolidated interim statements of financial position, when we obtain control over the crypto assets including the customer crypto assets. We borrow crypto assets from customers to facilitate customer transactions on our Marketplace platform or our cover transactions on external exchanges. Most deposited customer crypto assets are held in segregated cold wallets and are not used for our settlement purposes. Therefore, we hold borrowed crypto assets in our own wallets or on deposit with external exchanges to facilitate prompt settlement of transactions. As of September 30, 2025, we had ¥63,246 million of crypto assets held (current assets). These cryptocurrencies are held and treated as inventories that are recorded at fair value as of the end of the reporting period. The fair value is measured by using a midmarket pricing of the principal market or the most advantageous market. As of September 30, 2025, crypto asset borrowings under our Coincheck Lending program totaled ¥62,844 million. We determine the amount of crypto assets to hold in hot wallets or deposited with external exchanges based on the total size of our customer assets and recent trading levels. Our accounting and finance department is then responsible for monitoring and determining the appropriate amount. Our dealing department is then responsible for managing the amount of crypto assets to hold in hot wallets and to deposit with cover counterparties in accordance with our internal policies. In the interest of security, our policy is to hold the majority of customer crypto assets in cold wallets and to hold in hot wallets the amount of crypto assets we deem necessary for expected settlement transactions with cover counterparties and external transfer requests.

The following table shows the amounts held by crypto asset, as well as in hot wallets and cold wallets, or deposited with cover counterparties, as of September 30, 2025 and March 31, 2025.

|                                           | (In millions) | As of | September 30, 2025 |     |   | March 31, 2025 |
|:------------------------------------------|:--------------|:------|-------------------:|:----|:--|---------------:|
| BTC                                       |               | ¥     |             46,310 |     | ¥ |         33,690 |
| ETH                                       |               |       |              5,121 |