Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 72

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 72
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We believe that we have a strong brand that is trusted by users, and that a strong trusted brand is critical in

acquiring customers who are first-time crypto users and to attract larger, including institutional, investors. Following

our acquisition by Monex in April 2018 we strengthened, and have since that time continued to strengthen, our

cybersecurity and governance, continuously investing in the stability of our platforms and their underlying systems.

We have also played a constructive role in the JVCEA, which was granted self-regulatory status by the JFSA in

October 2018 to set standardized operating procedures for cryptocurrency exchanges in Japan. Coincheck’s

Chairman, Representative Director & Executive Director currently serves as a director of the JVCEA. We believe

we are considered by many to be the company of choice to begin investing in crypto assets safely.

We have a robust and historically profitable financial model.

We believe our historical growth and profitability, combined with re-investment in our platforms and

brand, position us well to pursue further opportunities, and we have invested, and expect to continue to invest, in

new products and services to enable us to grow during various market cycles. We historically have had a strong

financial profile, as reflected in our high revenue growth and positive net profit throughout various cycles in the

market through the year ended March 31, 2022. When declines in the prices of crypto assets and trading volume led

to a sharp decline in our total revenue in the year ended March 31, 2023, after taking measures to reduce our

variable expenses in light of those market conditions we recorded a net loss of ¥559 million for the year ended

March 31, 2023, a net profit of ¥1,967 million for the year ended March 31, 2024 and a net loss of ¥14,350 million

for the year ended March 31, 2025; however, it should be noted that our net loss for the year ended March 31, 2025

included large cash and non-cash expenses of ¥18,321 million (¥4,607 million cash expense and ¥13,714 million

non-cash expense) related to the consummation of the Business Combination and the listing of our Ordinary Shares

on Nasdaq. Accordingly, we had an Adjusted EBITDA loss of ¥360 million for the year ended March 31, 2023,

Adjusted EBITDA of ¥3,773 million for the