Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 189

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 189
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 assets borrowed/deposited. 
Subsequent to initial recognition, changes in fair value of crypto asset borrowings are recognized in profit or loss in 
the corresponding period. In addition, the fee expenses (calculated as in-kind interest on the amount borrowed) 
related to crypto asset borrowings are recognized over the borrowing period.
Revenue recognition
Transaction revenue
Transaction revenue from our Marketplace platform business is derived from transactions with customers 
and cover counterparties.
We have a performance obligation to deliver cryptocurrencies for transactions with customers or with cover 
counterparties. Revenue is recognized at the point of time when performance obligation is fulfilled in accordance 
with IFRS 15 Revenue from Contracts with Customers.
Contracts with customers and cover counterparties to purchase or sell cryptocurrencies are usually open-
ended and can be terminated by either party without a termination penalty. Therefore, contracts are defined at the 
transaction level and do not extend beyond the service already provided. When we receive cryptocurrencies as non-
cash consideration, we measure the received cryptocurrencies at fair value at the time of delivery.
We have determined that we act as the principal in such transactions as we have the ability to direct the use 
of, and obtain substantially all of the remaining benefits from, the cryptocurrencies we hold as inventory before they 
are transferred to the Company’s customers. Additionally, we are primarily responsible for fulfilling the promise to 
provide cryptocurrencies to customers on our Marketplace platform pursuant to our terms of service, have inventory 
risk as we have no right to return unsold cryptocurrencies to the customers or cover counterparties from which we 
have purchased such cryptocurrencies, and set the price of the cryptocurrencies sold on our Marketplace platform.
Changes in Accounting Policies
On January 30, 2025, the SEC issued Staff Accounting Bulletin (“SAB”) No. 122 (“SAB 122”). SAB 122 
rescinds the interpretive guidance in SAB No. 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity 
Holds for Platform Users (“SAB 121”). We have adopted SAB 122 as of March 31, 2025 on a retrospective basis. 
As a result of the adoption of SAB 122, and because we do not have control over the crypto assets held on behalf of 
customers, we no longer recognize the safeguard liabilities and the corresponding safeguard assets, and related 
deferred tax asset and liability, previously recognized in the consolidated statements of financial position. SAB 122 
indicates that an entity is to apply IAS