Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 238

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 10
Chunk 238
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a “QEF election”) requires you to include currently in income each year your pro 
rata share of a PFIC’s ordinary earnings and net capital gains (as ordinary income and long-term capital gain, 
respectively), regardless of whether or not such earnings and gains are actually distributed. Thus, you could have a 
tax liability with respect to such earnings or gains without a corresponding receipt of cash. Your basis in the shares 
of a qualified electing fund will be increased to reflect the amount of the taxed but undistributed income. 
Distributions of income that had previously been taxed will result in a corresponding reduction of basis in the shares 
and will not be taxed again as a distribution to you. You must make a QEF election if you wish to have this 
treatment. To make a QEF election, you will need to have an annual information statement from the PFIC setting 
forth the earnings and capital gains for the year. If we determine that Coincheck Parent (or a lower-tier PFIC 
subsidiary, if applicable) is a PFIC for any taxable year, we will endeavor to provide a PFIC annual information 
statement with respect to Coincheck Parent (or the lower-tier PFIC subsidiary, if applicable) for such taxable year. 
However, there can be no assurance that we will know whether Coincheck Parent is a PFIC or that it will provide the 
PFIC annual information statement.
You should consult your own tax advisors as to the consequences of the QEF election (including the 
consequences of making a retroactive election, which may be permitted in particular circumstances, such as if you 
had a reasonable belief that we were not a PFIC and filed a protective election).
The application of the PFIC rules to Warrants is unclear. Proposed Treasury regulations issued under the PFIC 
rules generally treat an “option” (which would include a Warrant) to acquire the stock of a PFIC as stock of the 
PFIC, while final Treasury regulations issued under the PFIC rules provide that the QEF election does not apply to 
options and no mark-to-market election (discussed above) is currently available with respect to options. Therefore, if 
the proposed Treasury regulations are finalized in their current form, U.S. Holders of Warrants would be subject to 
the PFIC rules described above, but would not be able to make any PFIC elections with respect to Warrants.
However, a U.S. Holder may make a QEF election with respect to