Company: CNCKW
Filing Date: 2025-07-30
Form Type: 20-F
Source: 0001628280-25-036727
Chunk: 0

Company: Coincheck Group N.V.
Filing Date: 2025-07-30
Form: 20-F
Item: Item 3
Chunk 0
---
Risk Factors

Investors should carefully consider the risks described below before making an investment decision.

Additional risks not presently known to us or that we currently deem immaterial (but may turn out to be material)

may also impair our business operations. Our business, financial condition or results of operations could be

materially and adversely affected by any of these risks. The trading price and value of our Ordinary Shares could

decline due to any of these risks, and you may lose all or part of your investment. This report also contains forward-

looking statements that involve risks and uncertainties. Our actual results could differ materially from those

anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us

described below and elsewhere in this report. Wherever in this report we use the terms “adverse effect,” “adversely

affect(ed),” “adverse impact,” “adversely impact(ed),”or similar terms, you should read that to mean that such

adverse effect or impact may be material to our business, financial condition, results or operation and/or prospects.

Risks Relating to Our Business, the Crypto Industry, and Crypto Assets

Our total revenue is substantially dependent on the prices of crypto assets and volume of transactions conducted

on our Marketplace platform. If such prices or volumes decline, our business, operating results, and financial

condition would be adversely affected, as well as our share price.

In the years ended March 31, 2023, 2024 and 2025, 98.9%, 99.6% and 99.6%, respectively, of our total

revenue consisted of transaction revenue we derive from transactions on our Marketplace platform. Any declines in

the volume of crypto asset transactions by retail investors in Japan, the prices of crypto assets we support, especially

the ones our customers trade most frequently, or market liquidity for crypto assets generally, may result in lower

revenue to us. Additionally, a decline in the number of our monthly users may negatively impact our volume of

transactions. Prolonged volatility, or lack of volatility, in these markets can also have a significant impact on our

share price. Ongoing volatility in the prices and volumes of crypto assets which result in volatile swings in our total

revenue quarter-to-quarter may also result in volatility of our share price, including depreciation in our share price,

and we cannot predict future crypto asset prices, trading volume or volatility and those factors will affect our share