Company: CNCKW
Filing Date: 2025-09-10
Form Type: 424B3
Source: 0001213900-25-086398
Chunk: 125

Company: Coincheck Group N.V.
Filing Date: 2025-09-10
Form: 424B3
Chunk 125
---
 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 -equivalenttrading volume on domestic cryptocurrency exchanges, which includes ours, was approximately ¥1.9 trillion. The below graph illustrates trends in the trading volume since 2019: Source: Created by us based on public information made available by the JVCEA. 80 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 industry, has seen declines following the significant decline in cryptocurrency prices after their June 2021 peak, and the negative publicity, lawsuits and bankruptcies concerning some large industry players beginning at about the time of the FTX scandal and bankruptcy in 2022, we have continued to see growth in our number of verified accounts through March 31, 2025. We define verified accounts as accounts that have been opened after the account has been approved following completion of all application procedures (including “know your customer” or “KYC”), after subtracting therefrom the total number of closed accounts. Japan