Company: CNCKW
Filing Date: 2025-03-27
Form Type: F-1/A
Source: 0001013762-25-003470
Chunk: 27

Company: Coincheck Group N.V.
Filing Date: 2025-03-27
Form: F-1/A
Chunk 27
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 financial condition or results of operations could be materially and adversely affected by any of these risks. The trading price and value of our Ordinary Shares and Warrants could decline due to any of these risks, and you may lose all or part of your investment. This prospectus and any prospectus supplement also contain forward -looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward -looking statements as a result of certain factors, including the risks faced by us described below and elsewhere in this prospectus and any prospectus supplement. Risks Relating to Our Business and Industry Our total revenue is substantially dependent on the prices of crypto assets and volume of transactions conducted on our Marketplace platform. If such prices or volumes decline, our business, operating results, and financial condition would be adversely affected, as well as our share price. In the years ended March 31, 2022, 2023 and 2024 and in the nine months ended December 31, 2024, 99.6%, 98.9%, 99.6% and 99.5%, respectively, of our total revenue consisted of transaction revenue generated from trades of customers and cover counterparties on our Marketplace platform business. Any declines in the volume of crypto asset transactions by retail investors in Japan, the price of crypto assets we support, or market liquidity for crypto assets generally may result in lower revenue to us. Additionally, a decline in the number of our monthly users may negatively impact our volume of transactions. Furthermore, as a result of our total revenue being substantially dependent on the volume of crypto asset transactions by retail investors in Japan, the price of crypto assets we support, or market liquidity for crypto assets generally, any declines in prices or volumes or prolonged volatility in these markets can have a significant impact on our share price. In particular, as a result of ongoing volatility in the prices and volumes of crypto assets, we could experience depreciation in our share price and it remains uncertain how future volatility would affect our share price. However, any such future share price volatility could negatively impact our public market perception and our ability to raise any equity financing in the future. The price of crypto assets and associated demand for trading crypto assets have historically been subject to significant volatility. For instance, in 2017, the value of certain crypto assets, including Bitcoin, experienced steep increases in value, and our customer base in Japan expanded. The increase in value of Bitcoin from 2016 to 2017 was followed by a steep decline in 2018