Coincheck Group (CNCK) Investor presentation summary

Business highlights

• 2.48 million verified accounts as of December 2025, up 13% YoY, but down 7% QoQ.

• $6.0 billion in assets under custody, with marketplace trading volume at $559 million for Q3'26.

• Announced acquisition of 3iQ, a regulated crypto ETF and institutional asset manager, expected to close in Q2 2026.

• Gross margin for Q3'26 was $24.4 million, down 20% YoY, and adjusted EBITDA was $9.1 million, down 39% YoY.

• Marketplace average spread was 3.25% in Q3'26.

Financial results

• FY25 revenue was $2.45 billion, up 71% YoY, but net profit swung to a loss of $91.4 million.

• Q3'26 revenue was $915 million, up 8% QoQ, with net profit of $2.58 million.

• Adjusted EBITDA for Q3'26 was $9.1 million, down 4% QoQ.

• Gross margin and adjusted EBITDA margins have declined from FY23 highs, reflecting market volatility.

• Crypto asset balances remain stable in token terms, with AUM fluctuations driven by price and FX changes.

Strategic growth and acquisitions

• Group structure now spans retail, institutional asset management, and infrastructure, integrating Coincheck, 3iQ, Next Finance Tech, and Aplo.

• Growth strategy focuses on expanding distribution channels and product offerings, leveraging new capabilities from acquisitions.

• Next Finance Tech acquisition enhances staking services, with transition planned for 2026.

• Aplo acquisition marks first overseas expansion, providing institutional prime brokerage under EU MICA framework.

• Collaboration with Monex Group, the 80.3% owner, aims to drive synergies and institutional adoption in Japan.