Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 117

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 4
Chunk 117
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accounts, based on data provided by the JVCEA:
Source:   Created by us based on public information made available by the JVCEA.
Our product and business strategy is driven in large part by our customer demographics, with broad crypto 
asset coverage and Web3 products or services, such as NFT purchase-and-sale support and the ability of customers 
to participate in IEOs that appeal to millennials and later generations. We provide our young, loyal retail customer 
base with exposure to crypto assets via a user-friendly crypto trading marketplace, mobile-native user interface 
(app), seamless KYC onboarding and our dedicated Coincheck NFT Marketplace. Our strong market position and 
brand recognition helps us not only attract, engage and retain customers, but also attracts engineers and product 
developers to work for and with us. This allows us to continue to operate a consistent cycle of innovation and 
leadership. We believe our brand recognition will be an advantage as we seek to help grow the markets for crypto 
assets in Japan.

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Our overall trading volume (Marketplace platform and Exchange platform, combined), and in particular our 
altcoin trading volume, grew dramatically as the global crypto asset industry saw growth in asset prices and trading 
volumes in 2021, then declined with the price decline in Bitcoin and many altcoins, before beginning to generally 
trend up again starting in early 2024. And while Bitcoin remains the crypto asset most traded in Japan, we appear to 
have more diverse trading volume compared to the industry average.  For example, according to the JVCEA, the 
average share of Bitcoin trading volume on all domestic platforms and exchanges during the year ended March 31, 
2025 was approximately 68%, while the share of Bitcoin trading volume on our Marketplace platform during the 
same period was approximately 43%. We believe our higher proportion of altcoin trading volume demonstrates the 
differentiated value of our Marketplace platform.  
The below graphics further illustrate our overall trading volume, including our overall increasing trend in 
volume beginning in the fourth quarter of our year ended March 31, 2024:
<{self.tag} alt="{self.alt}" src="{self.src}"><{self.tag} alt="{self.alt}" src="{self.src}">Source:   Internal data.

55

Source:   Amounts for Coincheck represent trading on our Marketplace platform, amounts for Japan are 
derived from JVCEA data that include all types of exchanges, and amounts for Coinbase are taken from its public 
disc