Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 157

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 5
Chunk 157
---
Item 5.Operating and Financial Review and Prospects
Unless the context otherwise requires, all references in this section to the “Company,” “we,” “us,” or “our” 
refer to Coincheck, Inc. prior to the closing of the Business Combination and Coincheck Group N.V. and 
subsidiaries after closing.
The following discussion of our financial condition and results of operations should be read in conjunction 
with the financial statements and related notes included elsewhere in this report. Our financial statements are 
prepared in accordance with IFRS Accounting Standards, which differs in certain significant respects from 
accounting principles generally accepted in other jurisdictions, including U.S. GAAP and Japanese GAAP. In 
addition to historical financial information, the following discussion contains forward-looking statements that 
reflect our plans, estimates, and beliefs that involve risks and uncertainties. Our actual results could differ 
materially from those discussed in the forward-looking statements as a result of many factors, including those 
factors in this report set forth in the sections titled “CAUTIONARY STATEMENT REGARDING FORWARD-
LOOKING STATEMENTS” and “Item 3.D: Risk Factors,” which you should review for a discussion of some of the 
factors that could cause actual results to differ materially from the results described in or implied by the forward-
looking statements contained in the following discussion and analysis and elsewhere in this report.

83

<{self.tag} alt="{self.alt}" src="{self.src}">Overview
We believe we are a leader in the Japanese cryptocurrency industry for providing a crypto asset 
marketplace to retail investors. We offer our retail customers a multi-cryptocurrency marketplace, which we 
sometimes call our Marketplace platform business, where most of the time upon our platform identifying  offsetting 
customer orders (or otherwise verifying sufficient liquidity) to manage our risk, we are the seller or buyer against 
our customers’ executed orders. Our customers may also use our Exchange platform, which is targeted at more 
experienced cryptocurrency investors, where we do not act as buyer or seller, but only facilitate order books through 
which the buyer and seller transact directly with each other. We sometimes make purchases on the Exchange 
platform to support liquidity for our transactions on the Marketplace platform. On both platforms, in the aggregate 
(excluding purchases we make on the Exchange platform), we had as of March 31, 2025, according to the JVCEA, a 
24.9% market share in Japan by trading volume. We also had