Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 2

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 2
---
 various crypto assets, and regulatory permissibility of

derivative crypto transactions and markets in various jurisdictions;

12

• availability of banking and payment services to support crypto-related companies and projects; and

• national and international economic and political conditions, such as rising global interest rates and

wars.

There is no assurance that any crypto asset that is supported on or by our platforms will maintain its value

or that there will be meaningful levels of trading activity of such asset. In particular, we are dependent on Japanese

retail customers who account for nearly all of the trading volume on our Marketplace platform, which is currently

the source of nearly all of our revenue. Accordingly, we are particularly vulnerable to any changes in sentiment

relating to crypto assets from retail investors in Japan, whether due to any of the above factors, or other factors. In

the event that any of the foregoing, or other, factors drive down the price of crypto assets or the demand for trading,

or trading volume of, crypto assets, our business, operating results and financial condition would be adversely

affected.

Our operating results have and are expected to significantly fluctuate from period to period.

Our operating results are heavily dependent on the level of trading of crypto assets on our Marketplace

platform. Due in large part to the highly volatile nature of the prices of crypto assets and trading volume, our

operating results have fluctuated and are expected to continue to fluctuate significantly between periods in

accordance with market sentiments and movements in such prices and volume. As a result, period-to-period

comparisons (both sequential and year over year) of our results of operations should not be relied on as indicators of

future performance. Our operating results will continue to fluctuate significantly as a result of a variety of factors,

many of which are unpredictable and in certain instances, are outside of our control, including:

• our revenue is dependent on crypto asset trading activity by our customers, including trading volume

and the prevailing trading prices for crypto assets, whose trading prices and volume are highly volatile;

• our ability to attract, maintain, and grow our customer base and engage our customers;

• our ability to diversify and grow, including in respect of our non-transaction revenue;

• pricing pressure on our products and services;

• investments we make in the development of products and services as well as our investment in sales

and marketing;

• addition and removal of crypto assets on our cryptocurrency exchanges or NFT marketplace;

• adverse legal proceedings or regulatory enforcement actions, judgments,