Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 128

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 4
Chunk 128
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Borrowing by Coincheck of Customers’ Cryptocurrencies)
We provide a service, Coincheck Lending, to our customers through which they can lend their deposited 
cryptocurrencies to Coincheck, as borrower, for selected periods of time, in exchange for which Coincheck pays 
them an in-kind fee measured as a per annum percentage of the amount borrowed.  All cryptocurrencies we support 
are eligible, and the program is entirely voluntary. Coincheck is not obligated to make any borrowing a customer has 
authorized.  Upon expiration of the pre-selected authorized borrowing period, Coincheck returns the borrowed 
cryptocurrencies, including the customer’s fee, in kind. The customer’s fee is paid only on the borrowed customer 
crypto assets during the time they are held in Coincheck’s segregated hot wallets, regardless of the amount the 
customer has authorized to be borrowed.  A customer’s authorized loan size for a cryptocurrency is limited by the 
amount of such cryptocurrency the customer has deposited with us. As of March 31, 2025, 5.5% of customer 
cryptocurrency assets were authorized to be borrowed under Coincheck Lending and, at such date, we had borrowed 
(by holding them in Coincheck hot wallets) approximately 0.6% of total customer cryptocurrencies. Our Coincheck 
Lending program is in keeping with the provisions of the Cabinet Office Ordinance on Crypto Asset Exchanges and 
was launched after we consulted with the JFSA.
Customers can participate in Coincheck Lending in amounts greater than ¥10,000 of equivalent value in the 
cryptocurrency being loaned, and select lending periods of 14 days, 30 days, 90 days, 180 days and 365 days, at an 
implied yield (a fee amount in the same cryptocurrency loaned) of 1%, 2%, 3%, 4% and 5% per year, respectively, 
which we may change from time to time for new loans. As of March 31, 2025, we had ¥44,479 million in crypto 
asset borrowings, an increase from ¥44,020 million in crypto asset borrowings as of March 31, 2024, and the top ten 
lenders accounted for 11% of our crypto asset borrowings as of March 31, 2025. Under the borrowing agreements, 
there is no restriction on our use of the borrowed crypto assets during the relevant lending period.
Coincheck Lending has two business objectives