Company: CNCKW
Filing Date: 2025-01-28
Form Type: F-1
Source: 0001213900-25-007203
Chunk: 132

Company: Coincheck Group N.V.
Filing Date: 2025-01-28
Form: F-1
Chunk 132
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 ended 
            September 30, |     | 2024 |         |
|:---------------------------------------|:----|:-----------------|--------------------------:|:----|:-----|--------:|:----|:-----|--------:|:----|:-----|-------------------------:|:----|:-----|--------:|
|                                        |     | -millions of yen |                           |     |      |         |     |      |         |     |      |                          |     |      |         |
| Transactions with customers            |     | ¥                |                   436,071 |     | ¥    | 125,491 |     | ¥    | 158,358 |     | ¥    |                   45,152 |     | ¥    |  94,563 |
| Transactions with cover counterparties |     |                  |                   252,367 |     |      |  49,446 |     |      |  64,688 |     |      |                   17,992 |     |      |  50,220 |
| Transaction revenue                    |     | ¥                |                   688,437 |     | ¥    | 174,937 |     | ¥    | 223,046 |     | ¥    |                   63,144 |     | ¥    | 144,784 |

Transaction revenue mainly refers to revenue from these sales transactions and is recognized at the time the transaction is processed and is directly correlated with the trading volume on our Marketplace platform, which has historically been influenced by the price of Bitcoin, Ethereum and the volatility of the cryptocurrency markets. We have experienced periods of low and high trading volume, and therefore transaction revenue, driven by periods of

87 rising or declining Bitcoin prices and/or lower or higher cryptocurrency volatility. During periods of rising Bitcoin prices and higher volatility, we have generally observed higher trading volume on our Marketplace platform. For the years ended March 31, 2022, 2023 and 2024 and the six months ended September 30, 2024, the average spread, or the difference between transaction revenue and cost of sales, for each transaction respectively was 4.05%, 3.45%, 3.45% and 3.39%, showing a declining trend with slight fluctuation due to the change in the mix of cryptocurrencies being traded, and had a total transaction volume of ¥568.4 billion, ¥157.1 billion, ¥234.6 billion and ¥128.1 billion