Coincheck Group (CNCK) Registration Filing summary

Company overview and business model

• Operates one of the largest multi-cryptocurrency marketplaces in Japan, with a focus on retail and institutional customers.

• As of September 30, 2025, held an 18.1% market share by trading volume and 2.4 million verified users, representing an 18.3% retail market share.

• Offers access to 33 cryptocurrencies on its Marketplace platform and 20 on its Exchange platform, with additional services such as an NFT marketplace and IEO platform.

• Expanded internationally through acquisitions, including Next Finance Tech Co. (Japan) and Aplo SAS (France), to serve both retail and institutional clients.

• Majority of revenue is derived from transaction fees on the Marketplace platform.

Financial performance and metrics

• Customer assets grew from ¥344 billion (March 2023) to ¥1,189 billion (September 2025).

• Marketplace trading volume increased from ¥157.1 billion (FY 2023) to ¥337.5 billion (FY 2025); ¥156.2 billion in the six months ended September 30, 2025.

• Maintains a robust and historically profitable financial model.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for working capital and general corporate purposes.

• Management has broad discretion over allocation; proceeds may be invested in short-term, interest-bearing, investment-grade securities or cash equivalents pending use.

• Proceeds from warrant exercises, if any, are not expected to be a primary funding source due to current trading prices below exercise price.