エドガーで原本を確認する
(Mark One) |
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
OR |
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For the fiscal year ended March 31, 2025 |
OR |
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
|
For the transition period from to
OR
|
☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of event requiring this shell company report:
|
Not applicable |
The Netherlands |
(Translation of Registrant’s name into English) |
(Jurisdiction of Incorporation or Organization) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Ordinary Shares, nominal value €0.01 per share |
CNCK |
The Nasdaq Stock Market LLC |
Warrants, each exercisable to purchase one ordinary
share at an exercise price of $11.50 per share
|
CNCKW |
The Nasdaq Stock Market LLC |
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
Non-accelerated filer |
☒ |
Emerging growth company |
☐ |
U.S. GAAP ☐ |
International Financial Reporting Standards as issued by the International Accounting
Standards Board ☒
|
Other ☐ |
CERTAIN DEFINED TERMS ........................................................................................................................ |
|
NOTE ON PRESENTATION ......................................................................................................................... |
|
TRADEMARKS, TRADE NAMES AND SERVICE MARKS .................................................................... |
|
EXCHANGE RATE PRESENTATION ......................................................................................................... |
|
MARKET AND INDUSTRY DATA .............................................................................................................. |
|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS .......................... |
|
Part I. ........................................................................................................................................................... |
|
Item 1.Identity of Directors, Senior Management and Advisers .............................................................. |
|
Item 2.Offer Statistics and Expected Timetable ....................................................................................... |
|
Item 3.Key Information ............................................................................................................................ |
|
Item 4.Information on the Company ........................................................................................................ |
|
Item 4.AUnresolved Staff Comments ......................................................................................................... |
|
Item 5.Operating and Financial Review and Prospects ............................................................................ |
|
Item 6.Directors, Senior Management and Employees ............................................................................ |
|
Item 7.Major Shareholders and Related Party Transactions .................................................................... |
|
Item 8.Financial Information .................................................................................................................... |
|
Item 9.The Offer and Listing .................................................................................................................... |
|
Item 10.Additional Information .................................................................................................................. |
|
Item 11.Quantitative and Qualitative Disclosure About Markets Risks .................................................... |
|
Item 12.Description of Securities other than Equity Securities .................................................................. |
|
Part II. ........................................................................................................................................................... |
|
Item 13.Defaults, Dividend Arrearages and Delinquencies ....................................................................... |
|
Item 14.Material Modifications to the Rights of Security Holders and Use of Proceeds .......................... |
|
Item 15.Controls and Procedures ............................................................................................................... |
|
Item 16. ...................................................................................................................................................... |
|
Item 16.AAudit Committee Financial Expert ................................................................................. |
|
Item 16.BCode of Ethics ................................................................................................................. |
|
Item 16.CPrincipal Accountant Fees and Services ......................................................................... |
|
Item 16.DExemptions from the Listing Standards for Audit Committees ...................................... |
|
Item 16.EPurchases of Equity Securities by the Issuer and Affiliated Purchasers ......................... |
|
Item 16.FChange In Registrant’s Certifying Accountant ............................................................... |
|
Item 16.GCorporate Governance .................................................................................................... |
|
Item 16.HMine Safety Disclosure ................................................................................................... |
|
Item 16.IDisclosure Regarding Foreign Jurisdictions that Prevent Inspections ............................ |
|
Item 16.JInsider Trading Policies .................................................................................................. |
|
Item 16.KCybersecurity .................................................................................................................. |
|
Part III. ........................................................................................................................................................... |
|
Item 17.Financial Statements ..................................................................................................................... |
|
Item 18.Financial Statements ..................................................................................................................... |
|
SIGNATURES ................................................................................................................................................. |
CONSOLIDATED FINANCIAL STATEMENTS ......................................................................................... |
F-1 |
Term |
Description |
|
altcoin |
A term sometimes used to refer to a cryptocurrency other than
Bitcoin.
|
|
Bitcoin (“BTC”) |
The first system of global, decentralized, scarce, digital money as
initially introduced in a white paper titled “Bitcoin: A Peer-to-Peer
Electronic Cash System” by Satoshi Nakamoto.
|
|
blockchain |
A cryptographically secure digital ledger that maintains a record of
all transactions that occur on a network and follows a consensus
protocol for confirming new blocks to be added.
|
|
Board or Board of Directors |
The board of directors of Coincheck Group N.V. |
|
Business Combination |
The Business Combination consummated on December 10, 2024
pursuant to the Business Combination Agreement, including related
transactions therein described.
|
|
Business Combination Agreement |
The Business Combination Agreement, dated as of March 22, 2022,
as amended, by and among Thunder Bridge, Coincheck Parent, M1
GK, Coincheck Merger Sub, Inc., and Coincheck, and the
agreements contemplated therein for related transactions to be
signed or completed at closing.
|
|
Coincheck |
Coincheck, Inc., a Japanese joint stock company (kabushiki kaisha)
and the principal operating subsidiary of Coincheck Parent, and is a
licensed cryptocurrency exchange services provider in Japan.
|
|
Coincheck Parent |
Coincheck Group N.V., a Dutch public limited liability company
(naamloze vennootschap).
|
|
Coincheck NFT Marketplace |
Coincheck’s service available to customers that enables non-
fungible tokens (NFTs) to be purchased.
|
|
cold wallet |
Sometimes also described as cold storage, the storage of private
keys in any fashion that is disconnected from the internet in order
to protect data from unauthorized access. Common examples
include offline computers, USB drives or paper records.
|
|
cover counterparties |
Counterparties with which cover transactions are executed. |
|
cover transactions |
Transactions executed by Coincheck on the Exchange platform
with a customer, or with a party on an external exchange or market
maker that is connected via API to Coincheck’s systems, in order to
offset Coincheck’s own positions or reduce its exposure arising
from transactions in crypto assets with customers using
Coincheck’s Marketplace platform.
|
|
crypto |
A broad term for any cryptography-based market, system,
application, or decentralized network.
|
crypto asset or a “token” |
A digital asset built using blockchain technology, including
cryptocurrencies and NFTs. Under PSA, digital assets that
constitute a “security token” (i.e., ERTRs or ERTRISs under FIEA)
are excluded from the definition of crypto assets. Accordingly,
crypto assets consist only of digital assets that have been
determined not to constitute ERTRs or ERTRISs.
|
|
cryptocurrency |
Bitcoin and altcoins. This category of crypto asset is designed to
work as a medium of exchange, store of value, or to power
applications and excludes security tokens.
|
|
customer account or customer’s
account
|
The single account, as governed by one customer agreement,
opened by a customer that enables the customer to use the
Marketplace platform, Exchange platform, Coincheck NFT
Marketplace, participate in Coincheck’s IEO platform offerings, and
otherwise use Coincheck’s crypto services offered to its
accountholders (i.e., there is one account per verified user for all
accountholder services, and not separate accounts or customer
agreements for each platform or service).
|
|
customer assets |
Cryptocurrencies held for customers + fiat currency deposited by
customers, on a J-GAAP basis. This definition, as used in the
description of our business, does not include NFTs.
|
|
customers (or “users”) |
Parties who hold accounts and utilize the services provided on
crypto asset platforms. This definition, as used in the description of
our business, generally does not include cover counterparties, and
thus such definition differs from the definition of “customer” under
IFRS 15. Notwithstanding the foregoing, for purposes of the
Company’s audited financial statements included elsewhere in this
report, "customers" refers to customers that meet the definition
under IFRS 15, including cover counterparties.
|
|
DeFi |
Short for “Decentralized Finance,” referring to a peer-to-peer
network built on blockchain technology that can be used to
facilitate traditional financial services like borrowing, lending,
trading derivatives, and insurance.
|
|
ERTRs and ERTRISs |
Electronically recorded transferable rights (ERTRs) and
electronically recorded transferable rights to be indicated on
securities (ERTRIS) under FIEA.
|
|
Ethereum |
A decentralized global computing platform that supports smart
contract transactions and peer-to-peer applications, as well as the
native crypto assets, such as Ether (ETH), on the Ethereum
network.
|
|
Exchange Act |
The U.S. Securities Exchange Act of 1934, as amended. |
|
Exchange platform |
Coincheck’s exchange platform, targeted to more sophisticated
crypto investors and traders, which facilitates crypto asset purchase
and sale transactions between customers generally on a no-fee
basis, and on which Coincheck from time to time purchases or sells
crypto assets to help support the covering of transactions on its
Marketplace platform.
|
|
FEFTA |
The Foreign Exchange and Foreign Trade Act of Japan (Act No.
228 of 1948). Under FEFTA, Japan’s Ministry of Finance and its
ministries with jurisdiction over a target entity’s business review
foreign direct investments and impose certain restrictions on such
investments made by foreign investors.
|
FIEA |
Japan’s Financial Instruments and Exchange Act |
|
fork |
A “soft” fork aims to be a backward-compatible upgrade to a
blockchain, allowing nodes running older versions to still validate
new transactions. A “hard” fork is a non-backward-compatible
change that requires all nodes to upgrade to the new version, often
resulting in a permanent split in the blockchain which results in two
different blockchains, the original, and the new version, resulting in
the creation of a new token.
|
|
hot wallet |
A wallet that is connected to the Internet, enabling it to broadcast
transactions.
|
|
Initial Exchange Offering (“IEO”)/
Initial Token Offering
|
A fundraising event where a crypto start-up raises money through a
cryptocurrency exchange. An IEO is a type of Initial Token
Offering where a company or project electronically issues utility
tokens to procure funds, with a cryptocurrency exchange acting as
the main party for screening the project and selling the issuer
tokens. Interested supporters can buy tokens with fiat currency or
cryptocurrency. The token may be exchangeable in the future for a
new cryptocurrency to be launched by the project, or a discount or
early rights to a product or service proposed to be offered by the
project.
|
|
Japan Virtual and Crypto assets
Exchange Association (the “JVCEA”)
|
The JVCEA is a self-regulatory organization for the Japanese
cryptocurrency industry under the Payment Services Act, which is
formally recognized by the Financial Services Agency of Japan (the
“JFSA”). The JVCEA was established in 2018 after a hacking
incident of NEM digital tokens occurred with an operational focus
on the inspection of the security of domestic exchanges and the
enforcement of stricter regulations. The members of the JVCEA
consist of the 32 licensed class 1 Japanese virtual currency
exchange service providers as of April 15, 2025.
|
|
M1 GK |
M1 Co G.K., a Japanese limited liability company (godo kaisha)
that was a direct, wholly owned subsidiary of Coincheck Parent and
the sole shareholder of Coincheck, which was merged into
Coincheck on June 20, 2025, resulting in Coincheck Parent
becoming the sole shareholder of Coincheck.
|
|
Marketplace platform |
Coincheck’s main platform offering that supports, as of March 31,
2025, 30 different cryptocurrencies, and is used primarily by retail
customers to buy and sell the supported cryptocurrencies.
|
|
miner |
Individuals or entities who operate a computer or group of
computers that add new transactions to blocks and verify blocks
created by other miners. Miners collect transaction fees and are
rewarded with new tokens for their service.
|
|
mining |
The process by which new blocks are created, and thus new
transactions are added to the blockchain.
|
|
Monex |
Monex Group, Inc., a Japanese joint stock company (kabushiki
kaisha) listed on the Tokyo Stock Exchange.
|
|
Nasdaq |
Nasdaq Global Market. |
NEM (“XEM”) |
NEM (abbreviated as “XEM” on exchange platforms) is a type of
open-source cryptocurrency developed for the “New Economic
Movement” network. NEM is a crypto asset with a strong
community in Japan in particular, and the goal of NEM is to
establish a new economic framework based on the principles of
decentralization, economic freedom and equality rather than the
existing frameworks managed by countries and governments.
|
|
network |
Also sometimes referred to as a crypto network, cryptocurrency
network or blockchain network, a system of interconnected
computers that records and verifies cryptocurrency transactions,
including the collection of all miners that use computing power to
maintain the ledger and add new blocks to the blockchain.
|
|
Next Finance |
Next Finance Tech Co., Ltd, a Japanese private company engaged
in a staking platform services business, that Coincheck Parent
acquired in March 2025.
|
|
non-fungible token, or NFT |
A unique and non-interchangeable unit of data stored on a
blockchain which allows for a verified and public proof of
ownership, first launched on the Ethereum blockchain.
|
|
on-chain |
A type of crypto transaction that is directly recorded as data on a
blockchain. A type of transaction that is not directly recorded on a
blockchain is referred to as “off-chain.”
|
|
Ordinary Shares |
Ordinary Shares of Coincheck Parent, traded on Nasdaq under the
symbol “CNCK.”
|
|
protocol |
A type of algorithm or software that governs how a blockchain
operates.
|
|
Private Warrants |
Warrants, issued by Coincheck Parent, and held by Thunder Bridge
Sponsor.
|
|
PSA |
Japan’s Payment Services Act, a law governing registration and
other requirements relating to the issuance and exchange of prepaid
payments, as amended to cover crypto assets.
|
|
public key or private key |
Each public address has a corresponding public key and private key
that are cryptographically generated. A private key allows the
recipient to access any funds belonging to the address, similar to a
bank account password. A public key helps validate transactions
that are broadcasted to and from the address. Addresses are
shortened versions of public keys, which are derived from private
keys.
|
|
Public Warrants |
Warrants, issued by Coincheck Parent, and traded on Nasdaq under
the symbol “CNCKW.”
|
|
SEC |
The U.S. Securities and Exchange Commission. |
|
Securities Act |
The U.S. Securities Act of 1933, as amended. |
|
smart contract |
Software that digitally facilitates or enforces a rules-based
agreement or terms between transacting parties.
|
|
Thunder Bridge |
Thunder Bridge Capital Partners IV, Inc., a Delaware corporation,
the special purpose acquisition company (SPAC) for the de-SPAC
transaction embodied by the Business Combination Agreement.
|
|
Thunder Bridge Sponsor |
TBCP IV, LLC, a Delaware limited liability company, Thunder
Bridge’s sponsor and the recipient of Ordinary Shares as “sponsor
shares” pursuant to the Business Combination Agreement.
|
|
US$ or $ |
Refers to U.S. dollars. |
wallet |
A place to store public and private keys for crypto assets. |
|
Warrants |
The Public Warrants and Private Warrants, collectively. |
As of
December 31,
2022
|
As of
March 31,
2023
|
As of
June 30,
2023
|
As of
September 30,
2023
|
As of
December 31,
2023
|
As of
March 31,
2024
|
As of
June 30,
2024
|
As of
September 30,
2024
|
As of
December 31,
2024
|
As of
March 31,
2025
|
||||||||||||||||||||||||||||||
(in millions of yen except for percentage figures) |
|||||||||||||||||||||||||||||||||||||||
Amount deposited
with OKX
|
¥58 |
¥647 |
¥92 |
¥88 |
¥148 |
¥27 |
¥0 |
¥0 |
¥0 |
¥0 |
|||||||||||||||||||||||||||||
Amount deposited
with bitFlyer
|
216 |
195 |
213 |
101 |
389 |
581 |
214 |
229 |
398 |
211 |
|||||||||||||||||||||||||||||
Amount deposited
with Binance
|
74 |
195 |
48 |
62 |
137 |
206 |
142 |
142 |
300 |
129 |
|||||||||||||||||||||||||||||
Amount deposited
with Bittrex
|
77 |
50 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
6 |
|||||||||||||||||||||||||||||
Amount deposited
with B2C2
|
0 |
0 |
0 |
0 |
0 |
3 |
3 |
15 |
17 |
0 |
|||||||||||||||||||||||||||||
Amount deposited
with
Wintermute
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
22 |
17 |
24 |
|||||||||||||||||||||||||||||
Amount deposited
with all of our
cover
counterparties
|
425 |
1,088 |
354 |
251 |
674 |
817 |
359 |
409 |
732 |
370 |
|||||||||||||||||||||||||||||
% of total
equity(1)
|
4.0 |
% |
10.4 |
% |
3.5 |
% |
2.5 |
% |
6.4 |
% |
6.6 |
% |
2.8 |
% |
3.2 |
% |
8.2 |
% |
2.5% |
||||||||||||||||||||
Total equity |
10,537 |
10,477 |
10,207 |
10,095 |
10,492 |
12,444 |
12,881 |
12,896 |
8,965 |
15,056 |
|||||||||||||||||||||||||||||
Cash and cash
equivalents
|
¥8,826 |
¥7,697 |
¥7,579 |
¥7,581 |
¥8,866 |
¥10,837 |
¥11,510 |
¥10,628 |
¥12,673 |
8,389 |
|||||||||||||||||||||||||||||
For the fiscal year ended March 31, |
||||||
(in millions) |
2023 |
2024 |
2025 |
|||
Reconciliation of Adjusted EBITDA: |
||||||
Net profit (loss) for the year or the period |
¥(559) |
¥1,967 |
¥(14,350) |
|||
Add: Income tax expenses (benefits) |
(287) |
873 |
991 |
|||
Profit (loss) before income taxes |
(846) |
2,840 |
(13,359) |
|||
Add: Interest expense |
3 |
6 |
29 |
|||
Add: Transaction expenses excluding listing expense |
717 |
248 |
4,607 |
|||
Add: Listing expense |
— |
— |
13,714 |
|||
Add: Depreciation and amortization |
483 |
679 |
727 |
|||
Adjusted EBITDA |
¥(357) |
¥3,773 |
¥5,718 |
|||
• Bitcoin (BTC)* |
• FiNANCiE (FNCT)* |
||
• Ethereum Classic (ETC)* |
• Immutable (IMX)* |
||
• Ripple (XRP)* |
• IOST (IOST)* |
||
• ApeCoin (APE) |
• Lisk (LSK)* |
||
• Avalanche (AVAX)* |
• Litecoin (LTC) |
||
• Axie Infinity (AXS) |
• Maker (MKR) |
||
• Basic Attention Token (BAT) |
• Monacoin (MONA)* |
||
• Blood Crystal (BC)* |
• NEM (XEM)* |
||
• Bitcoin Cash (BCH)* |
• Quantum (QTUM) |
||
• Brilliantcrypto Token (BRIL)* |
• Polygon (MATIC) |
||
• Chainlink (LINK) |
• Polkadot (DOT) |
||
• Chiliz (CHZ)* |
• Stellar Lumens (XLM) |
||
• Dai (DAI)* |
• The Sandbox (SAND) |
||
• Dogecoin (DOGE)* |
• Shiba Inu (SHIB)* |
||
• Enjin Coin (ENJ)* |
• Wrapped Bitcoin (WBTC)* |
||
• Ethereum (ETH)* |
As of
March 31,
2022
|
As of
September 30,
2022
|
As of
March 31,
2023
|
As of
September 30,
2023
|
As of
March 31,
2024
|
As of
September 30,
2024
|
As of
March
31, 2025
|
||||||||||||||
(in billions of yen) |
||||||||||||||||||||
Crypto assets held (current
assets)
|
34.1 |
16.4 |
19.0 |
19.3 |
44.2 |
35.6 |
44.7 |
|||||||||||||
Amount held in cold wallets |
27.9 |
13.4 |
15.8 |
17.5 |
39.7 |
33.1 |
41.3 |
|||||||||||||
Amount held in hot wallets |
3.9 |
1.9 |
2.0 |
1.6 |
3.6 |
2.2 |
3.0 |
|||||||||||||
Amount deposited with
counterparties
|
2.3 |
1.1 |
1.1 |
0.3 |
0.8 |
0.4 |
0.4 |
|||||||||||||
April |
May |
June |
||||
2022 |
||||||
(In millions, except number of verified
users)
|
||||||
Exchange trading volume |
¥247,033 |
¥323,442 |
¥289,704 |
|||
Marketplace trading volume |
¥18,822 |
¥26,171 |
¥19,007 |
|||
Customer assets |
¥399,143 |
¥317,567 |
¥233,411 |
|||
Number of verified users |
1,643,603 |
1,676,509 |
1,705,307 |
|||
July |
August |
September |
October |
November |
December |
|
2022 |
||||||
(In millions, except number of verified users) |
||||||
Exchange trading volume |
¥300,918 |
¥244,844 |
¥210,837 |
¥181,739 |
¥224,326 |
¥86,479 |
Marketplace trading volume |
¥12,639 |
¥11,335 |
¥11,190 |
¥8,120 |
¥11,917 |
¥7,597 |
Customer assets |
¥291,546 |
¥265,504 |
¥279,614 |
¥289,276 |
¥231,625 |
¥210,172 |
Number of verified users |
1,718,174 |
1,730,890 |
1,749,692 |
1,758,732 |
1,770,108 |
1,775,420 |
January |
February |
March |
April |
May |
June |
|
2023 |
||||||
(In millions, except number of verified users) |
||||||
Exchange trading volume |
¥127,100 |
¥155,880 |
¥246,434 |
¥161,783 |
¥149,721 |
¥180,540 |
Marketplace trading volume |
¥8,269 |
¥8,208 |
¥13,818 |
¥10,699 |
¥7,872 |
¥11,659 |
Customer assets |
¥268,980 |
¥292,649 |
¥343,964 |
¥350,923 |
¥339,193 |
¥362,197 |
Number of verified users |
1,784,789 |
1,791,980 |
1,802,203 |
1,810,351 |
1,820,242 |
1,830,148 |
July |
August |
September |
October |
November |
December |
|
2023 |
||||||
(In millions, except number of verified users) |
||||||
Exchange trading volume |
¥153,038 |
¥135,467 |
¥107,178 |
¥196,953 |
¥264,854 |
¥291,973 |
Marketplace trading volume |
¥14,361 |
¥11,060 |
¥9,140 |
¥16,365 |
¥18,190 |
¥24,101 |
Customer assets |
¥377,832 |
¥345,869 |
¥350,550 |
¥413,291 |
¥440,819 |
¥468,415 |
Number of verified users |
1,844,687 |
1,855,980 |
1,864,765 |
1,872,825 |
1,884,184 |
1,898,785 |
January |
February |
March |
April |
May |
June |
|
2024 |
||||||
(In millions, except number of verified users) |
||||||
Exchange trading volume |
¥343,495 |
¥368,271 |
¥625,318 |
¥463,858 |
¥314,753 |
¥271,697 |
Marketplace trading volume |
¥24,808 |
¥31,101 |
¥55,205 |
¥28,222 |
¥23,112 |
¥21,658 |
Customer assets |
¥476,125 |
¥669,685 |
¥744,197 |
¥658,149 |
¥736,853 |
¥747,891 |
Number of verified users |
1,915,646 |
1,935,987 |
1,981,152 |
2,014,832 |
2,040,838 |
2,060,379 |
July |
August |
September |
October |
November |
December |
|
2024 |
||||||
(In millions, except number of verified users) |
||||||
Exchange trading volume |
¥371,801 |
¥411,847 |
¥278,984 |
¥324,265 |
¥728,270 |
¥621,559 |
Marketplace trading volume |
¥22,724 |
¥18,992 |
¥13,412 |
¥18,916 |
¥50,404 |
¥48,116 |
Customer assets |
¥750,366 |
¥635,917 |
¥669,357 |
¥735,675 |
¥1,106,754 |
¥1,142,223 |
Number of verified users |
2,077,756 |
2,090,251 |
2,100,374 |
2,110,974 |
2,152,448 |
2,197,619 |
January |
February |
March |
April |
May |
June |
|
2025 |
||||||
(In millions, except number of verified users) |
||||||
Exchange trading volume |
¥595,094 |
¥410,135 |
¥454,277 |
¥366,050 |
¥375,677 |
¥310,449 |
Marketplace trading volume |
¥46,700 |
¥25,629 |
¥19,637 |
¥21,673 |
¥21,333 |
¥18,525 |
Customer assets |
¥1,285,614 |
¥873,795 |
¥859,204 |
¥886,884 |
¥989,365 |
¥1,000,300 |
Number of verified users |
2,258,295 |
2,278,320 |
2,291,103 |
2,302,376 |
2,325,978 |
2,351,223 |
For the fiscal year ended March 31, |
|||
2025 |
2024 |
2023 |
|
(In millions) |
|||
BTC |
¥143,717 |
¥106,976 |
¥66,219 |
ETH |
78,468 |
63,711 |
40,170 |
XRP |
55,644 |
20,729 |
18,072 |
IOST |
3,016 |
5,450 |
11,974 |
ENJ |
352 |
1,642 |
4,818 |
LTC |
2,642 |
2,529 |
1,959 |
SAND |
2,247 |
2,056 |
2,695 |
XLM |
5,539 |
1,545 |
2,277 |
XEM |
607 |
444 |
2,684 |
BCH |
4,782 |
3,624 |
1,494 |
BAT |
541 |
571 |
1,070 |
OMG |
— |
494 |
1,349 |
DOT |
1,473 |
1,338 |
478 |
QTUM |
733 |
560 |
709 |
MONA |
435 |
509 |
370 |
LSK |
174 |
484 |
657 |
FCT |
— |
— |
98 |
SHIB |
16,286 |
— |
— |
Others |
20,871 |
21,903 |
— |
Total |
¥337,527 |
¥234,566 |
¥157,093 |
For the fiscal year ended March 31, |
|||
2025 |
2024 |
2023 |
|
Transaction revenue from customers |
¥243,696 |
¥158,733 |
¥125,491 |
Transaction revenue from cover counterparties |
138,009 |
64,313 |
49,446 |
Transaction revenue (total) |
¥381,705 |
¥223,046 |
¥174,937 |
For the fiscal year ended
March 31,
|
||
(In millions) |
2025 |
2024 |
Revenue: |
||
Revenue |
¥383,205 |
¥223,775 |
Other revenue |
125 |
274 |
Total revenue |
383,330 |
224,049 |
Expenses: |
||
Cost of sales |
369,852 |
214,786 |
Selling, general and administrative expenses |
14,458 |
6,757 |
Total expenses |
384,310 |
221,543 |
Operating profit (loss) |
(980) |
2,506 |
Other income and expenses |
||
Other income |
22 |
437 |
Other expenses |
(105) |
(153) |
Listing expense |
(13,714) |
— |
Financial income |
1,457 |
67 |
Financial expenses |
(39) |
(17) |
Profit (loss) before income taxes |
(13,359) |
2,840 |
Income tax expense |
991 |
873 |
Net profit (loss) for the year |
(14,350) |
1,967 |
For the fiscal year ended
March 31,
|
||
(In millions) |
2025 |
2024 |
Personnel expenses |
¥2,684 |
¥2,287 |
Advertising and promotion expenses |
1,874 |
661 |
Professional fees |
6,163 |
710 |
Communication expenses |
786 |
769 |
Subcontract expenses |
857 |
473 |
Depreciation and amortization |
727 |
679 |
Business management fee |
397 |
458 |
Transaction related costs |
423 |
335 |
Subcontract labor costs |
142 |
130 |
Tax expenses |
100 |
116 |
Others |
305 |
139 |
Total |
¥14,458 |
¥6,757 |
For the fiscal year ended
March 31,
|
||
(In millions) |
2024 |
2023 |
Revenue: |
||
Revenue |
¥223,775 |
¥175,992 |
Other revenue |
274 |
932 |
Total revenue |
224,049 |
176,924 |
Expenses: |
||
Cost of sales |
214,786 |
169,604 |
Selling, general and administrative expenses |
6,757 |
8,039 |
Total expenses |
221,543 |
177,643 |
Operating profit (loss) |
2,506 |
(719) |
Other income and expenses |
||
Other income |
437 |
45 |
Other expenses |
(153) |
(165) |
Financial income |
67 |
— |
Financial expenses |
(17) |
(7) |
Profit (loss) before income taxes |
2,840 |
(846) |
Income tax (benefit) expense |
873 |
(287) |
Net profit (loss) for the year |
1,967 |
(559) |
For the fiscal year ended
March 31,
|
||
(In millions) |
2024 |
2023 |
Personnel expenses |
¥2,287 |
¥2,020 |
Advertising and promotion expenses |
661 |
1,294 |
Professional fees |
710 |
1,262 |
Communication expenses |
769 |
873 |
Subcontract expenses |
473 |
787 |
Depreciation and amortization |
679 |
483 |
Business management fee |
458 |
363 |
Transaction related costs |
335 |
297 |
Subcontract labor costs |
130 |
280 |
Tax expenses |
116 |
27 |
Others |
139 |
353 |
Total |
¥6,757 |
¥8,039 |
For the fiscal year ended March 31, |
||||||
2023 |
2024 |
2025 |
||||
Reconciliation of EBITDA: |
||||||
Net profit (loss) for the year or the period |
¥(559) |
¥1,967 |
¥(14,350) |
|||
Add: Income tax expenses (benefits) |
(287) |
873 |
991 |
|||
Profit (loss) before income taxes |
(846) |
2,840 |
(13,359) |
|||
Add: Interest expense |
3 |
6 |
29 |
|||
Add: Depreciation and amortization |
483 |
679 |
727 |
|||
EBITDA |
¥(360) |
¥3,525 |
¥(12,603) |
|||
For the fiscal year ended March 31, |
||||||
2023 |
2024 |
2025 |
||||
Reconciliation of Adjusted EBITDA: |
||||||
Net profit (loss) for the year or the period |
¥(559) |
¥1,967 |
¥(14,350) |
|||
Add: Income tax expenses (benefits) |
(287) |
873 |
991 |
|||
Profit (loss) before income taxes |
(846) |
2,840 |
(13,359) |
|||
Add: Interest expense |
3 |
6 |
29 |
|||
Add: Depreciation and amortization |
483 |
679 |
727 |
|||
Add: Transaction expenses excluding listing expense |
717 |
248 |
4,607 |
|||
Add: Listing expense |
— |
— |
13,714 |
|||
Adjusted EBITDA |
¥357 |
¥3,773 |
¥5,718 |
|||
As of March 31, |
|||
2023 |
2024 |
2025 |
|
(in billions of yen) |
|||
BTC |
¥11.8 |
¥32.6 |
¥33.7 |
ETH |
3.3 |
6.2 |
2.1 |
XRP |
2.2 |
2.9 |
7.7 |
IOST |
0.4 |
0.4 |
0.1 |
ENJ |
0.1 |
0.1 |
0.0 |
XEM |
0.1 |
0.1 |
0.0 |
XLM |
0.1 |
0.1 |
0.2 |
BCH |
0.1 |
0.4 |
0.2 |
LTC |
0.2 |
0.2 |
0.1 |
LSK |
0.1 |
0.1 |
0.0 |
BAT |
0.1 |
0.1 |
0.0 |
QTUM |
0.1 |
0.1 |
0.0 |
OMG |
0.1 |
0.0 |
0.0 |
MONA |
0.0 |
0.0 |
0.0 |
Others |
0.4 |
0.9 |
0.4 |
Total crypto assets held (current assets) |
¥19.0 |
¥44.2 |
¥44.7 |
Amount held in cold wallets |
¥15.8 |
¥39.7 |
¥41.3 |
Amount held in hot wallets |
¥2.0 |
¥3.6 |
¥3.0 |
Amount deposited with counterparties |
¥1.1 |
¥0.8 |
¥0.4 |
As of March 31, |
|||
2023 |
2024 |
2025 |
|
(in billions of yen) |
|||
BTC |
¥11.8 |
¥32.6 |
¥33.7 |
ETH |
3.3 |
6.2 |
2.1 |
XRP |
2.2 |
2.9 |
7.7 |
IOST |
0.4 |
0.4 |
0.1 |
ENJ |
0.1 |
0.1 |
0.0 |
XEM |
0.1 |
0.1 |
0.0 |
XLM |
0.1 |
0.1 |
0.2 |
BCH |
0.1 |
0.4 |
0.2 |
ETC |
0.1 |
0.2 |
0.1 |
LTC |
0.1 |
0.1 |
0.0 |
LSK |
0.2 |
0.2 |
0.1 |
BAT |
0.1 |
0.1 |
0.0 |
QTUM |
0.1 |
0.1 |
0.0 |
OMG |
0.1 |
0.0 |
0.0 |
MONA |
0.0 |
0.0 |
0.0 |
Others |
0.2 |
0.5 |
0.3 |
Total borrowed crypto assets |
¥18.8 |
¥44.0 |
¥44.5 |
For the fiscal year ended at March 31, |
|||
(In millions) |
2023 |
2024 |
2025 |
Net cash provided by (used in) operating activities |
¥(3,803) |
¥3,902 |
¥(1,915) |
Net cash used in investing activities |
(749) |
(435) |
(903) |
Net cash provided (used) in financing activities |
(5,455) |
(327) |
565 |
Effect of exchange rate change on cash and cash equivalents |
— |
— |
0 |
Net increase/decrease in cash and cash equivalents |
(10,007) |
3,140 |
(2,253) |
Cash and cash equivalents at the beginning of year |
17,704 |
7,697 |
10,837 |
Cash and cash equivalents at the end of year |
¥7,697 |
¥10,837 |
¥8,584 |
Carrying
amount
|
Contractual
cash flow
|
Within
1 year
|
Within 1 – 2
years
|
Within 2 – 3
years
|
More than
three years
|
|
(in millions of yen) |
||||||
Lease liabilities |
¥1,277 |
¥1,293 |
¥384 |
¥356 |
¥356 |
¥197 |
Total |
¥1,277 |
¥1,293 |
¥384 |
¥356 |
¥356 |
¥197 |
Name |
Age |
Position |
||
Oki Matsumoto |
61 |
Executive Director with the title Executive Chairperson |
||
Gary A. Simanson |
65 |
Executive Director with the titles President and Chief Executive Officer |
||
Yo Nakagawa |
60 |
Executive Director with the title of Chief Planning Officer |
||
Takashi Oyagi |
56 |
Non-Executive Director with the title Lead Non-Executive Director |
||
Allerd Derk Stikker |
63 |
Non-Executive Director |
||
David Burg |
55 |
Non-Executive Director |
||
Toshihiko Katsuya |
59 |
Non-Executive Director |
||
Yuri Suzuki |
57 |
Non-Executive Director |
||
Jessica Sinyin Tan |
48 |
Non-Executive Director |
||
Jason Sandberg |
46 |
Chief Financial Officer (executive officer) |
||
Satoshi Hasuo |
55 |
Chief Operating Officer (executive officer) |
||
Marc Stone |
64 |
Chief Legal Officer (executive officer) |
For Three
Months Ended
March 31, 2025
|
|
Total wage costs |
4,199,763 |
Chief Executive Officer labor cost |
186,805 |
Total labor cost (Net of Chief Executive Officer) |
4,012,958 |
Full time equivalent |
236 |
Average cost |
17,004 |
Pay Ratio |
11.0:1 |
Number of
Ordinary
Shares
|
% of Total
Ordinary
Shares(1)/Voting
Power
|
|||||
Directors and Executive Officers |
||||||
Oki Matsumoto(2) |
— |
— |
||||
Gary A. Simanson(3) |
4,325,584 |
3.3 |
% |
|||
Yo Nakagawa |
— |
— |
||||
Takashi Oyagi |
— |
— |
||||
Allerd Derk Stikker |
— |
— |
||||
David Burg |
— |
— |
||||
Toshihiko Katsuya |
— |
— |
||||
Yuri Suzuki |
— |
— |
||||
Jessica Sinyin Tan |
— |
— |
||||
Jason Sandberg |
— |
— |
||||
Satoshi Hasuo |
— |
— |
||||
Marc Stone |
— |
— |
||||
All executive officers and directors as a group (twelve individuals) |
4,325,584 |
3.3 |
% |
|||
Principal Shareholders |
||||||
Monex Group, Inc. |
109,097,910 |
83.4 |
% |
|||
Koichiro Wada |
9,700,464 |
7.4 |
% |
|||
(¥ millions) |
For the fiscal years ended March
31,
|
|
2025 |
2024 |
|
Audit fees ........................................................................................ |
1,348 |
204 |
Audit-related fees .............................................................................. |
2 |
2 |
Tax fees ........................................................................................... |
1 |
0 |
All other fees .................................................................................... |
0 |
0 |
Total ............................................................................................... |
1,351 |
206 |
Exhibit No. |
Description |
|
1.1 |
||
2.1 |
||
2.2 |
||
2.3 |
||
4.1 |
||
4.2 |
||
4.3 |
||
4.4 |
||
4.5 |
||
4.6 |
||
4.7 |
||
4.8 |
||
4.9 |
||
4.10 |
4.11 |
||
4.12 |
||
4.13+ |
||
4.14+ |
||
4.15+ |
||
4.16+ |
||
4.17+ |
||
4.18 |
||
4.19 |
||
8.1 |
||
11.1 |
||
12.1 |
||
12.2 |
||
13.1 |
||
13.2 |
||
15.1 |
||
97.1 |
||
99.1 |
||
101 |
Inline XBRL Document Set for the consolidated financial statements and accompanying notes in
Part III, Item 18, Financial Statements of this report.
|
|
104 |
Inline XBRL for the cover page of this report, included in the Exhibit 101 Inline XBRL Document
Set.
|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Ordinary Shares, nominal value €0.01 per share (“Ordinary Shares”) | CNCK | The Nasdaq Stock Market LLC | ||||||
| Warrants, each exercisable to purchase one ordinary share at an exercise price of $11.50 per share (“Public Warrants”) | CNCKW | The Nasdaq Stock Market LLC | ||||||
| Legal Name | Jurisdiction of Incorporation | |||||||
| Coincheck, Inc. | Japan | |||||||
| Next Finance Tech Co., Ltd. | Japan | |||||||
| CCG Administrative Services, Inc. | Delaware, U.S.A. | |||||||
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Auditor firm ID: 1009) .. |
F-2 |
INCOME ..........................................................................................................................................................
|
F-4 |
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ................................................................ |
F-5 |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ................................................................. |
F-7 |
CONSOLIDATED STATEMENTS OF CASH FLOWS ................................................................................ |
F-8 |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................................................. |
F-10 |
For the fiscal year ended March 31, |
||||
(In millions) |
Notes |
2023 |
2024 |
2025 |
Revenue: |
||||
Revenue |
7 |
¥175,992 |
¥223,775 |
¥383,205 |
Other revenue |
7 |
932 |
274 |
125 |
Total revenue |
7 |
176,924 |
224,049 |
383,330 |
Expenses: |
||||
Cost of sales |
169,604 |
214,786 |
369,852 |
|
Selling, general and administrative expenses |
8, 20 |
8,039 |
6,757 |
14,458 |
Total expenses |
177,643 |
221,543 |
384,310 |
|
Operating profit (loss) |
(719) |
2,506 |
(980) |
|
Other income and expenses |
||||
Other income |
9 |
45 |
437 |
22 |
Other expenses |
9 |
(165) |
(153) |
(105) |
Listing expense |
6 |
— |
— |
(13,714) |
Financial income |
10 |
— |
67 |
1,457 |
Financial expenses |
10 |
(7) |
(17) |
(39) |
Profit (loss) before income taxes |
(846) |
2,840 |
(13,359) |
|
Income tax (benefit) expense |
19 |
(287) |
873 |
991 |
Net profit (loss) for the period attributable to
owners of the Company
|
28 |
(559) |
1,967 |
(14,350) |
Other comprehensive income: |
||||
Foreign currency translation adjustment |
— |
— |
13 |
|
Total comprehensive income (loss) for the year
attributable to owners of the Company
|
¥(559) |
¥1,967 |
¥(14,337) |
|
Earnings (loss) per share: |
(Yen) |
(Yen) |
(Yen) |
|
Basic and diluted earnings (loss) per share |
28 |
(4.56) |
16.05 |
(114.98) |
Weighted-average shares - basic and diluted* |
28 |
122,587,617 |
122,587,617 |
124,803,262 |
(In millions) |
Notes |
(Restated)*
April 1, 2023
|
(Restated)*
March 31, 2024
|
March 31, 2025 |
Assets: |
||||
Current assets: |
||||
Cash and cash equivalents |
4,11,24 |
¥7,697 |
¥10,837 |
¥8,584 |
Cash segregated as deposits |
4,12,24 |
40,936 |
59,256 |
51,655 |
Crypto assets held |
4,13,25 |
18,969 |
44,207 |
44,680 |
Customer accounts receivable |
4,14,24 |
439 |
719 |
1,086 |
Other financial assets |
4,15,24 |
668 |
37 |
62 |
Other current assets |
22 |
610 |
377 |
1,035 |
Total current assets |
69,319 |
115,433 |
107,102 |
|
Noncurrent assets: |
||||
Property and equipment |
16,18 |
644 |
1,973 |
1,909 |
Intangible assets |
17 |
601 |
788 |
2,401 |
Crypto asset held |
13,25 |
43 |
— |
43 |
Other financial assets |
4,15,24 |
579 |
614 |
433 |
Deferred tax assets |
19 |
739 |
353 |
386 |
Other non-current assets |
53 |
28 |
— |
|
Total non-current assets |
2,659 |
3,756 |
5,172 |
|
Total assets |
71,978 |
119,189 |
112,274 |
|
Liabilities and Equity: |
||||
Liabilities: |
||||
Current liabilities: |
||||
Deposits received |
12,24 |
41,058 |
59,276 |
50,911 |
Crypto asset borrowings |
4,20,25 |
18,756 |
44,020 |
44,479 |
Other financial liabilities |
4,18,21 |
1,289 |
1,206 |
2,826 |
Provisions |
23 |
— |
120 |
— |
Income taxes payable |
1 |
486 |
799 |
|
Excise tax payable |
— |
— |
303 |
|
Other current liabilities |
22 |
80 |
360 |
536 |
Total current liabilities |
61,184 |
105,468 |
99,854 |
|
Non-current liabilities: |
||||
Other financial liabilities |
4,18,21 |
92 |
1,277 |
901 |
Warrant liability |
— |
— |
410 |
|
Provisions |
23 |
225 |
— |
340 |
Total non-current liabilities |
317 |
1,277 |
1,651 |
|
Total Liabilities |
61,501 |
106,745 |
101,505 |
|
Equity: |
Ordinary Shares |
27 |
196 |
196 |
213 |
Capital surplus |
27 |
668 |
668 |
13,317 |
Treasury Shares |
27 |
— |
— |
(4) |
Retained earnings (accumulated deficit) |
27 |
9,613 |
11,580 |
(2,770) |
Foreign currency translation adjustment |
27 |
— |
— |
13 |
Total equity |
10,477 |
12,444 |
10,769 |
|
Total liabilities and equity |
¥71,978 |
¥119,189 |
¥112,274 |
(In millions) |
Notes |
Ordinary
shares
|
Common
stock
|
Capital
surplus
|
Treasury
stock
|
Retained
earnings
|
Foreign
currency
translation
adjustment
|
Total
equity
|
Balance as of April 1, 2022 |
¥— |
¥386 |
¥478 |
¥— |
¥15,172 |
¥— |
¥16,036 |
|
Effect of reverse recapitalization |
196 |
(386) |
190 |
— |
— |
— |
— |
|
Balance as of April 1, 2022, recasted |
196 |
— |
668 |
— |
15,172 |
— |
16,036 |
|
Cash dividends |
— |
— |
— |
— |
(5,000) |
— |
(5,000) |
|
Net loss for the period |
— |
— |
— |
— |
(559) |
— |
(559) |
|
Balance as of March 31, 2023 |
¥196 |
¥— |
¥668 |
¥— |
¥9,613 |
— |
¥10,477 |
|
Balance as of April 1, 2023 |
¥— |
¥386 |
¥478 |
¥— |
¥9,613 |
— |
¥10,477 |
|
Effect of reverse recapitalization |
6, 27 |
196 |
(386) |
190 |
— |
— |
— |
— |
Balance as of April 1, 2023, recasted |
196 |
— |
668 |
— |
9,613 |
— |
10,477 |
|
Net profit for the period |
— |
— |
— |
— |
1,967 |
— |
1,967 |
|
Balance as of March 31, 2024 |
¥196 |
¥— |
¥668 |
¥— |
¥11,580 |
— |
¥12,444 |
|
Balance as of April 1,2024 |
— |
386 |
478 |
— |
11,580 |
— |
12,444 |
|
Effect of reverse recapitalization |
6, 27 |
196 |
(386) |
190 |
— |
— |
— |
— |
Balance as of April 1, 2024, recasted |
196 |
— |
668 |
— |
11,580 |
— |
12,444 |
|
Issuance of shares in reverse
recapitalization, net
|
6, 27 |
15 |
— |
11,372 |
(4) |
— |
— |
11,383 |
Issuance of new shares |
6 |
2 |
— |
1,075 |
— |
— |
— |
1,077 |
Foreign currency translation adjustment in
foreign operations
|
— |
— |
— |
— |
— |
13 |
13 |
|
Proceeds received from non-redemption
agreement
|
6, 27 |
— |
— |
202 |
— |
— |
— |
202 |
Net loss for the period |
— |
— |
— |
— |
(14,350) |
— |
(14,350) |
|
Balance as of March 31, 2025 |
¥213 |
¥— |
¥13,317 |
¥(4) |
¥(2,770) |
13 |
¥10,769 |
For the fiscal year ended March 31, |
||||
(In millions) |
Notes |
2023 |
2024 |
2025 |
Cash flows from operating activities: |
||||
Profit (loss) before income taxes |
¥(846) |
¥2,840 |
¥(13,359) |
|
Depreciation and amortization |
8,16,17 |
483 |
679 |
727 |
Listing expense |
— |
— |
13,714 |
|
Impairment loss of crypto asset held (non-current assets) |
9,13 |
69 |
— |
— |
Impairment loss of other assets (non-current assets) |
9 |
— |
— |
13 |
Net loss on sale or disposal of property and equipment |
0 |
14 |
3 |
|
Net loss on sale or disposal of intangible assets |
9,17 |
37 |
39 |
35 |
Net gain on sale of crypto asset held (non-current assets) |
9 |
(16) |
(123) |
— |
Net gain on sale of other financial assets (non-current assets) |
— |
— |
(11) |
|
Gain on sale of business |
9 |
— |
(300) |
— |
Change in fair value of warrant liability |
— |
— |
(1,435) |
|
(Increase) decrease in cash segregated as deposits |
14,552 |
(18,320) |
7,601 |
|
(Increase) decrease in crypto assets held (current assets) |
15,115 |
(25,093) |
(495) |
|
(Increase) decrease in customer accounts receivable |
151 |
(280) |
(367) |
|
(Increase) decrease in other financial assets (current assets) |
(651) |
631 |
(22) |
|
(Increase) decrease in other current assets |
447 |
233 |
(613) |
|
Decrease in crypto asset held (non-current assets) |
215 |
— |
— |
|
Decrease in other financial assets (non-current assets) |
— |
— |
155 |
|
Increase (decrease) in deposits received |
(15,287) |
18,218 |
(8,365) |
|
Increase (decrease) in crypto asset borrowings |
(15,270) |
25,264 |
459 |
|
Increase (decrease) in other financial liabilities |
(12) |
(230) |
573 |
|
Increase (decrease) in other current liabilities |
(572) |
299 |
159 |
|
Other, net |
5 |
32 |
64 |
|
Cash provided by (used in) operating activities |
(1,580) |
3,903 |
(1,164) |
|
Interest income received |
0 |
5 |
2 |
|
Interest expenses paid |
31 |
(3) |
(5) |
(31) |
Income taxes paid |
(2,220) |
(1) |
(722) |
|
Net cash provided by (used in) operating activities |
(3,803) |
3,902 |
(1,915) |
|
Cash flows from investing activities |
||||
Purchase of property and equipment |
(93) |
(308) |
(176) |
|
Proceeds from sale of property and equipment |
— |
6 |
0 |
|
Expenditure on internally generated intangible assets |
(298) |
(380) |
(524) |
|
Proceeds from refund of guarantee deposits |
— |
155 |
33 |
|
Purchase of crypto assets held (non-current assets) |
(16) |
— |
— |
|
Proceeds from sale of crypto assets held (non-current) |
17 |
22 |
— |
|
Purchase of other financial assets (non-current assets) |
— |
(10) |
— |
|
Payments for guarantee deposits |
(225) |
(192) |
— |
|
Purchase of other non-current assets |
(53) |
(9) |
— |
|
Acquisition of subsidiaries, net of cash acquired |
— |
— |
(236) |
|
Sale of shares of subsidiary, net of cash divested |
(81) |
— |
— |
|
Sale of non-major line of business, net of cash divested |
9 |
— |
281 |
— |
Other, net |
0 |
— |
— |
|
Net cash used in investing activities |
(749) |
(435) |
(903) |
|
Cash flows from financing activities |
||||
Proceeds from short-term loans payable |
21,31 |
1,800 |
1,200 |
1,800 |
Repayments of short-term loans payable |
21,31 |
(2,000) |
(1,200) |
(1,800) |
Repayments of long-term loans |
21,31 |
0 |
— |
— |
Proceeds received from non-redemption agreement |
6 |
— |
— |
202 |
Proceeds from Reverse Recapitalization, net of equity
distribution based on Non-Redemption Agreement
|
6 |
— |
— |
205 |
Proceeds from loan from related party |
21,29,31 |
3,000 |
— |
8,508 |
Repayments of loan from related party |
21,29,31 |
(3,000) |
— |
(7,887) |
Repayments of lease obligations |
21,31 |
(255) |
(327) |
(463) |
Cash dividends paid |
27 |
(5,000) |
— |
— |
Net cash provided by (used in) financing activities |
(5,455) |
(327) |
565 |
|
Effect of exchange rate change on cash and cash equivalents |
— |
— |
0 |
|
Net increase (decrease) in cash and cash equivalents |
(10,007) |
3,140 |
(2,253) |
|
Cash and cash equivalents at the beginning of year |
11 |
17,704 |
7,697 |
10,837 |
Cash and cash equivalents at the end of year |
11 |
¥7,697 |
¥10,837 |
¥8,584 |
Standards |
Name of Standards |
Effective date (The year
beginning on or after)
|
Adoption periods of the
Company (For the year
ending)
|
Content |
IAS 21 |
The Effects of
Changes in Foreign
Exchange Rates
|
January 1, 2025 |
March 31, 2026 |
Amendments to
accounting for lack of
exchangeability
|
IFRS 7 |
Financial
Instruments:
Disclosures
|
January 1, 2026 |
March 31, 2027 |
Amendments to the
classification and
measurement of
financial instruments
|
IFRS 9 |
Financial
Instruments
|
|||
IFRS 7 |
Financial
Instruments:
Disclosures
|
January 1, 2026 |
March 31, 2027 |
Amendment to gain or
loss on derecognition on
IFRS 7; Amendments to
introduction, disclosure
of deferred difference
between fair value and
transaction price, and
credit risk disclosures
on the Implementation
Guidance for IFRS 7
|
IFRS 9 |
Financial
Instruments
|
January 1, 2026 |
March 31, 2027 |
Amendment to lessee
derecognition of lease
liabilities and
transaction price
|
IFRS 10 |
Consolidated
Financial
Statements
|
January 1, 2026 |
March 31, 2027 |
Amendment to
determination of a ‘de
facto agent’
|
IAS 7 |
Statement of Cash
Flows
|
January 1, 2026 |
March 31, 2027 |
Replacement of the term
‘cost method’ to ‘at
cost’
|
IFRS 7 |
Financial
Instruments:
Disclosures
|
January 1, 2026 |
March 31, 2027 |
Amendment to contracts
referencing Nature-
dependent electricity
|
IFRS 9 |
Financial
Instruments
|
|||
IFRS 18 |
Presentation and
Disclosure in
Financial
Statements
|
January 1, 2027 |
March 31, 2028 |
Replacement of IAS 1
and helping to achieve
comparability of the
financial performance of
similar entities
|
IFRS 19 |
Subsidiaries
without Public
Accountability:
Disclosures
|
January 1, 2027 |
March 31, 2028 |
Reduced disclosure
requirements for
subsidiaries without
public accountability
|
IFRS 10 |
Consolidated
Financial
Statements;
|
Not determined |
Not determined |
Amendment of
accounting for sale or
contribution of assets
between an investor and
its associates or joint
ventures
|
IAS 28 |
Investments in
Associates and Joint
Ventures
|
As of March 31, 2024 |
|||
(In millions) |
Impairment loss allowance measured at
lifetime expected credit losses
|
||
Not credit-
impaired
|
Credit-
impaired
|
Total |
|
Gross carrying amount |
|||
Cash and cash equivalents |
¥10,837 |
¥— |
¥10,837 |
Cash segregated as deposits |
59,256 |
— |
59,256 |
Crypto assets held (current assets)(1) |
817 |
— |
817 |
Customer accounts receivable |
719 |
— |
719 |
Other financial assets(2) |
651 |
0 |
651 |
Total gross carrying amount |
72,280 |
0 |
72,280 |
Impairment loss allowance |
— |
(0) |
(0) |
Total net carrying amount |
¥72,280 |
¥0 |
¥72,280 |
As of March 31, 2025 |
|||
(In millions) |
Impairment loss allowance measured at
lifetime expected credit losses
|
||
Not credit-
impaired
|
Credit-
impaired
|
Total |
|
Gross carrying amount |
|||
Cash and cash equivalents |
¥8,584 |
¥— |
¥8,584 |
Cash segregated as deposits |
51,655 |
— |
51,655 |
Crypto assets held (current assets)(1) |
370 |
— |
370 |
Customer accounts receivable |
1,086 |
— |
1,086 |
Other financial assets(2) |
495 |
0 |
495 |
Total gross carrying amount |
62,190 |
0 |
62,190 |
Impairment loss allowance |
— |
(0) |
(0) |
Total net carrying amount |
¥62,190 |
¥0 |
¥62,190 |
As of March 31, |
||
(In millions) |
2024 |
2025 |
Balance at beginning of period |
¥— |
¥0 |
Increase |
0 |
0 |
Balance at end of period |
¥0 |
¥0 |
(In millions) |
Carrying
amount
|
Contractu
al cash
flows
|
Within
one year
|
From one
year to
two years
|
From two
years to
three
years
|
From
three
years to
four years
|
From
four years
to five
years
|
More
than five
years
|
Crypto asset
borrowings
|
¥44,020 |
¥44,020 |
¥44,020 |
¥— |
¥— |
¥— |
¥— |
¥— |
Other financial
liabilities
|
||||||||
- Lease
liabilities
|
1,661 |
1,687 |
394 |
384 |
356 |
356 |
197 |
— |
- Derivative
liabilities
|
1 |
1 |
1 |
— |
— |
— |
— |
— |
- Other(1) |
821 |
821 |
821 |
— |
— |
— |
— |
— |
Total Other
financial
liabilities
|
2,483 |
2,509 |
1,216 |
384 |
356 |
356 |
197 |
— |
Cash and cash
equivalents
|
10,837 |
10,837 |
10,837 |
— |
— |
— |
— |
— |
Crypto assets
held
|
44,207 |
44,207 |
44,207 |
— |
— |
— |
— |
— |
(In millions) |
Carrying
amount
|
Contractu
al cash
flows
|
Within
one year
|
From one
year to
two years
|
From two
years to
three
years
|
From
three
years to
four years
|
From
four years
to five
years
|
More
than five
years
|
Crypto asset
borrowings
|
¥44,479 |
¥44,479 |
¥44,479 |
¥— |
¥— |
¥— |
¥— |
¥— |
Other financial
liabilities
|
||||||||
- Borrowings |
751 |
751 |
751 |
— |
— |
— |
— |
— |
- Lease
liabilities
|
1,277 |
1,293 |
384 |
356 |
356 |
197 |
— |
— |
- Derivative
liabilities
|
— |
— |
— |
— |
— |
— |
— |
— |
- Other(1) |
1,699 |
1,699 |
1,699 |
— |
— |
— |
— |
— |
Total Other
financial
liabilities
|
3,727 |
3,743 |
2,834 |
356 |
356 |
197 |
— |
— |
Cash and cash
equivalents
|
8,584 |
8,584 |
8,584 |
— |
— |
— |
— |
— |
Crypto assets
held
|
44,680 |
44,680 |
44,680 |
— |
— |
— |
— |
— |
(In millions, except
share data and
percentage)
|
|
Fair value of equity instruments deemed to have been issued by Coincheck |
|
Thunder Bridge Closing Price per share on December 10, 2024 |
1,850 |
Total number of Coincheck shares at Closing |
129,703,075 |
Total Market Capitalization of the Company |
¥239,975 |
Thunder Bridge shareholders’ ownership |
5.5% |
Total market capitalization attributable to Thunder Bridge stockholders |
¥13,165 |
Net assets of Thunder Bridge |
|
Cash and cash equivalents(1) |
1,798 |
Accounts payable and accrued expenses |
(17) |
Income taxes payable |
(60) |
Excise tax payable |
(305) |
Warrant liabilities(2) |
(1,837) |
Promissory note payable - related party |
(128) |
Net assets (liabilities) of Thunder Bridge as of December 10, 2024 |
(549) |
Listing expense |
¥13,714 |
(In millions) |
|
Cash-trust and cash, net of redemptions |
¥4,780 |
Less: Ghisallo Non-Redemption Agreement |
(1,593) |
Less: transaction costs and professional fees, paid at closing |
(2,982) |
Proceeds from Reverse Recapitalization, net of Non-Redemption Agreement,
transaction costs and professional fees
|
205 |
Less: warrant liabilities |
(1,837) |
Less: promissory note - related party |
(128) |
Less: excise tax payable |
(305) |
Less: income tax payable |
(60) |
Less: accounts payable and accrued expenses |
(17) |
Less: Other financial liabilities(1) |
(189) |
Add: Listing expense |
13,714 |
Issuance of shares in Reverse Recapitalization, net |
¥11,383 |
(In millions) |
|
Total market capitalization attributable to Thunder Bridge stockholders |
¥13,165 |
Less: Ghisallo Non-Redemption Agreement |
(1,593) |
Less: Additional paid-in capital transferred over when transferring net liabilities from
CCG, under common control
|
(189) |
Less: Ordinary Shares |
(15) |
Plus: Treasury shares |
4 |
Additional paid-in capital from Reverse Recapitalization, net |
¥11,372 |
(In millions) |
|
Cash |
¥265 |
Ordinary share of Coincheck Parent (1,111,450 shares) |
1,077 |
Total fair value of consideration |
¥1,342 |
(In millions) |
|
Fair value recognized on acquisition |
|
Cash and cash equivalents |
¥29 |
Other financial assets |
3 |
Other assets |
2 |
Property and equipment |
2 |
Crypto asset held (non-current) |
21 |
Other financial assets (non-current) |
1 |
Deferred tax assets |
49 |
Other financial liabilities |
(5) |
Total identifiable net assets acquired |
¥102 |
(In millions) |
|
Total identifiable net assets acquired |
¥102 |
Goodwill arising on acquisition |
1,240 |
Fair value of consideration |
¥1,342 |
For the fiscal year ended March 31, |
|||
(In millions) |
2023 |
2024 |
2025 |
Revenue arising from contracts with customers |
|||
Transaction revenue(1) |
¥174,937 |
¥223,046 |
¥381,705 |
Commission received(2) |
1,055 |
729 |
1,500 |
Other revenue(3) |
932 |
274 |
— |
Sub-total |
176,924 |
224,049 |
383,205 |
Other sources |
|||
Other revenue(4) |
— |
— |
125 |
Sub-total |
— |
— |
125 |
Total |
¥176,924 |
¥224,049 |
¥383,330 |
For the fiscal year ended March 31, |
|||
(In millions) |
2023 |
2024 |
2025 |
Personnel expenses |
¥2,020 |
¥2,287 |
¥2,684 |
Advertising and promotion expenses |
1,294 |
661 |
1,874 |
Professional fees |
1,262 |
710 |
6,163 |
Communication expenses |
873 |
769 |
786 |
Subcontract expenses |
787 |
473 |
857 |
Depreciation and amortization |
483 |
679 |
727 |
Business management fee |
363 |
458 |
397 |
Transaction related costs |
297 |
335 |
423 |
Subcontract labor costs |
280 |
130 |
142 |
Tax expenses |
27 |
116 |
100 |
Others |
353 |
139 |
305 |
Total |
¥8,039 |
¥6,757 |
¥14,458 |
For the fiscal year ended March 31, |
||||
(In millions) |
Notes |
2023 |
2024 |
2025 |
Other income |
||||
Gain on sale of crypto assets held (non-current assets) |
¥16 |
¥123 |
¥1 |
|
Gain on sale of non-major line of business(1) |
— |
300 |
— |
|
Exchange gain |
12 |
— |
0 |
|
Other |
17 |
14 |
21 |
|
Total |
¥45 |
¥437 |
¥22 |
|
Other expenses |
||||
Impairment loss of crypto assets held (non-current assets) |
13 |
¥69 |
¥— |
¥13 |
Impairment loss of intangible assets |
17 |
9 |
— |
— |
Loss on sales and disposals of intangible assets |
17 |
37 |
39 |
34 |
Loss on sale of crypto assets (non-current assets) |
28 |
— |
— |
|
Loss on sale of subsidiary stock |
5 |
— |
— |
|
Lease contract cancellation penalty |
— |
44 |
— |
|
Termination benefits |
1 |
39 |
— |
|
Exchange loss |
— |
8 |
42 |
|
Other |
16 |
23 |
16 |
|
Total |
¥165 |
¥153 |
¥105 |
|
For the fiscal year ended March 31, |
|||
(In millions) |
2023 |
2024 |
2025 |
Financial income |
|||
Change in fair value of warrant liability |
¥— |
¥— |
¥1,435 |
Net gain on sale of other financial assets (non-current
assets)
|
— |
— |
11 |
Derivative gains |
— |
61 |
9 |
Others |
0 |
6 |
2 |
Total |
¥0 |
¥67 |
¥1,457 |
Financial expenses |
|||
Impairment loss of other financial assets (non-current
assets)
|
¥— |
¥11 |
¥4 |
Interest expenses |
3 |
6 |
35 |
Derivative losses |
4 |
— |
— |
Total |
¥7 |
¥17 |
¥39 |
(In millions) |
|||
Crypto assets held(non-current assets) |
Cryptocurrency |
NFT |
Total |
As of March 31, 2023 |
¥24 |
¥19 |
¥43 |
Additions (not by business combination) |
330 |
— |
330 |
Disposals |
(354) |
(19) |
(374) |
As of March 31, 2024 |
— |
— |
— |
Additions (by business combination) |
21 |
— |
21 |
Additions (not by business combination) |
458 |
— |
458 |
Disposals |
(435) |
— |
(435) |
As of March 31, 2025 |
¥43 |
¥— |
¥43 |
As of March 31, |
||
(In millions) |
2024 |
2025 |
Current portion |
||
Other receivables |
¥34 |
¥40 |
US dollar stablecoins |
¥3 |
¥22 |
Sub-total |
37 |
62 |
Non-current portion |
||
Deposits and guarantee deposits(1) |
575 |
388 |
Equity security investments(2) |
39 |
46 |
Sub-total |
614 |
433 |
Total |
¥651 |
¥495 |
(In millions) |
Right-of-use
assets
|
Leasehold
improvements
|
Equipment
and fixtures
|
Construction
in progress
|
Total |
Acquisition cost |
|||||
As of March 31, 2023 |
¥1,535 |
¥455 |
¥189 |
¥— |
¥2,179 |
Additions(1) |
1,758 |
— |
4 |
303 |
2,065 |
Decrease due to lease
term changes
|
(82) |
— |
— |
— |
(82) |
Sales and disposals |
(240) |
(202) |
(44) |
(4) |
(490) |
As of March 31, 2024 |
2,972 |
253 |
149 |
299 |
3,672 |
Additions(1) |
418 |
4 |
7 |
120 |
549 |
Additions (transferred
from Construction in
progress)
|
— |
406 |
13 |
(419) |
— |
Additions (business
combination)
|
— |
2 |
— |
— |
2 |
Sales and disposals |
(1,329) |
(123) |
(48) |
— |
(1,500) |
As of March 31, 2025 |
¥2,062 |
¥542 |
¥121 |
¥— |
¥2,725 |
(In millions) |
Right-of-use
assets
|
Leasehold
improvements
|
Equipment
and fixtures
|
Construction
in progress
|
Total |
Accumulated depreciation and accumulated impairment loss |
|||||
As of March 31, 2023 |
¥(1,030) |
¥(370) |
¥(135) |
¥— |
¥(1,535) |
Depreciation (charged to
profit or loss)(2)
|
(406) |
(74) |
(20) |
— |
(500) |
Depreciation (charged to
intangible assets)(2)
|
(25) |
— |
— |
— |
(25) |
Sales and disposals |
136 |
194 |
30 |
— |
360 |
As of March 31, 2024 |
(1,325) |
(250) |
(125) |
— |
(1,700) |
Depreciation (charged to
profit or loss)(2)
|
(426) |
(77) |
(8) |
— |
(511) |
Depreciation (charged to
intangible assets)(2)
|
(100) |
— |
— |
— |
(100) |
Sales and disposals |
1,329 |
123 |
44 |
— |
1,496 |
As of March 31, 2025 |
¥(522) |
¥(204) |
¥(89) |
¥— |
¥(815) |
Carrying amount |
|||||
As of March 31, 2023 |
¥505 |
¥85 |
¥54 |
¥— |
¥644 |
As of March 31, 2024 |
¥1,647 |
¥3 |
¥24 |
¥299 |
¥1,973 |
As of March 31, 2025 |
¥1,539 |
¥338 |
¥32 |
¥— |
¥1,909 |
(In millions) |
Internally
generated
intangible
assets
|
Goodwill |
Others |
Total |
Acquisition cost |
||||
As of March 31, 2023 |
¥962 |
¥— |
¥3 |
¥965 |
Additions (not by business combination) |
380 |
— |
— |
380 |
Additions (transferred from property and
equipment)
|
25 |
— |
— |
25 |
Sales and disposals |
(39) |
— |
— |
(39) |
As of March 31, 2024 |
1,328 |
— |
3 |
1,331 |
Additions (not by business combination) |
524 |
— |
— |
524 |
Additions (business combination)(1) |
— |
1,240 |
— |
1,240 |
Additions (transferred from property and
equipment)
|
100 |
— |
— |
100 |
Sales and disposals |
(35) |
— |
(1) |
(36) |
As of March 31, 2025 |
¥1,917 |
¥1,240 |
¥2 |
¥3,159 |
Accumulated depreciation and
accumulated impairment loss
|
||||
As of March 31, 2023 |
¥(362) |
¥— |
¥(3) |
¥(365) |
Amortization(2) |
(178) |
— |
— |
(179) |
As of March 31, 2024 |
(541) |
— |
(3) |
(544) |
Amortization(2) |
(217) |
— |
— |
(217) |
Sales and disposals |
1 |
— |
1 |
2 |
As of March 31, 2025 |
¥(757) |
¥— |
¥(2) |
¥(759) |
Carrying amount |
||||
As of March 31, 2023 |
¥600 |
¥— |
¥— |
¥601 |
As of March 31, 2024 |
¥788 |
¥— |
¥— |
¥788 |
As of March 31, 2025 |
¥1,161 |
¥1,240 |
¥— |
¥2,401 |
As of March 31, |
||
(In millions) |
2024 |
2025 |
Current portion |
¥384 |
¥376 |
Non-current portion |
1,277 |
901 |
Total |
¥1,661 |
¥1,277 |
As of March 31, |
|||
(In millions) |
2023 |
2024 |
2025 |
Interest expenses on lease liabilities |
¥3 |
¥5 |
¥10 |
Expenses pertaining to short-term leases |
3 |
1 |
— |
Expenses pertaining to leases of low-value assets that are
not short-term leases expenses
|
¥14 |
¥25 |
¥28 |
As of March 31, |
Recognized
through profit or
loss
|
As of March 31, |
|
(In millions) |
2023 |
2024 |
|
Deferred tax assets: |
|||
Lease liabilities |
¥107 |
¥415 |
¥522 |
Tax losses carried forward |
493 |
(467) |
26 |
Accrued enterprise tax |
— |
36 |
36 |
Accrued bonuses |
— |
71 |
71 |
Accrued expenses |
58 |
40 |
98 |
Accrued paid leaves |
17 |
(1) |
16 |
Reversal for valuation gain of crypto assets held
(non-current assets)
|
12 |
(12) |
— |
Leasehold improvements |
45 |
(26) |
19 |
Asset retirement obligations |
69 |
(32) |
37 |
Impairment loss of crypto assets held (non-
current assets)
|
21 |
(21) |
— |
Change in fair value of crypto assets held (non-
current assets)
|
23 |
(23) |
— |
Write-down for crypto assets held (current
assets)
|
27 |
(27) |
— |
Other |
18 |
15 |
33 |
Total deferred tax assets |
¥890 |
¥(32) |
¥858 |
Deferred tax liabilities: |
|||
Lease assets |
¥107 |
¥392 |
¥499 |
Asset retirement obligation |
44 |
(38) |
6 |
Total deferred tax liabilities |
¥151 |
¥354 |
¥505 |
As of March
31,
|
Recognized
through
profit or loss
|
Addition
(business
combination)
|
As of March
31,
|
|
(In millions) |
2024 |
2025 |
||
Deferred tax assets: |
||||
Lease liabilities |
¥522 |
¥(97) |
¥— |
¥425 |
Tax losses carried forward |
26 |
(26) |
49 |
49 |
Accrued enterprise tax |
36 |
13 |
— |
49 |
Accrued bonuses |
71 |
27 |
— |
98 |
Accrued expenses |
98 |
(22) |
— |
76 |
Accrued paid leaves |
16 |
— |
— |
16 |
Leasehold improvements |
19 |
17 |
— |
36 |
Asset retirement obligations |
37 |
70 |
— |
107 |
Other |
33 |
(4) |
— |
29 |
Total deferred tax assets |
¥858 |
¥(22) |
¥49 |
¥885 |
Deferred tax liabilities: |
||||
Lease assets |
499 |
(104) |
— |
395 |
Asset retirement obligation |
6 |
98 |
— |
104 |
Total deferred tax liabilities |
¥505 |
¥(6) |
¥— |
¥499 |
As of March 31, |
||
(In millions) |
2024 |
2025 |
Assets: |
||
Deferred tax assets |
¥858 |
¥885 |
Deferred tax liabilities |
505 |
499 |
Net amount |
¥353 |
¥386 |
For the fiscal year ended March 31, |
|||
(In millions) |
2023 |
2024 |
2025 |
Current tax expenses |
|||
Reporting period |
¥15 |
¥487 |
¥976 |
Sub-total |
15 |
487 |
976 |
Deferred tax expenses (benefits) |
|||
Origination and reversal of temporary differences |
188 |
(82) |
14 |
Origination and reversal of tax losses carried forward |
(459) |
468 |
26 |
Increase in tax rate |
— |
— |
(25) |
Recognition of previously unrecognized deductible
temporary differences
|
(31) |
— |
— |
Sub-total |
(303) |
386 |
15 |
Total income tax expenses (benefits) |
¥(287) |
¥873 |
¥991 |
% |
For the fiscal year ended March 31, |
||
2023(1) |
2024 |
2025(3) |
|
Statutory effective tax rate |
30.6% |
30.6% |
25.8% |
Permanent difference |
—% |
—% |
(26.5)% |
Tax rate differences with Coincheck Parent |
—% |
—% |
(1.3)% |
Current-year losses for which no deferred tax asset is
recognised
|
—% |
—% |
(6.0)% |
Non-deductible expenses |
(0.8)% |
0.1% |
0.7% |
Others(2) |
4.1% |
—% |
(0.1)% |
Effective tax rate |
33.9% |
30.7% |
(7.4)% |
As of March 31, |
|||
(In millions) |
Note |
2024 |
2025 |
Current portion |
|||
Accrued expenses |
¥646 |
¥487 |
|
Lease liabilities |
18 |
384 |
376 |
Loans payable to related party |
29 |
— |
751 |
Other payables to parent company |
29 |
125 |
— |
Other payables to third parties |
50 |
1,210 |
|
Other |
1 |
2 |
|
Sub-total |
¥1,206 |
¥2,826 |
|
Non-current portion |
|||
Lease liabilities |
18 |
¥1,277 |
¥901 |
Sub-total |
1,277 |
901 |
|
Total |
¥2,483 |
¥3,727 |
|
As of March 31, |
||
(In millions) |
2024 |
2025 |
Consumption tax receivable |
¥253 |
¥569 |
Prepaid expenses |
124 |
465 |
Others |
0 |
1 |
Total |
¥377 |
¥1,035 |
As of March 31, |
||
(In millions) |
2024 |
2025 |
Accrued bonus |
¥241 |
¥364 |
Tax payables |
67 |
62 |
Accrued paid leaves |
51 |
52 |
Cryptocurrency payable |
— |
40 |
Advance payment and other |
1 |
18 |
Total |
¥360 |
¥536 |
As of March 31, |
||
(In millions) |
2024 |
2025 |
Beginning balance |
¥225 |
¥120 |
Provisions made during the year |
35 |
339 |
Provisions used during the year |
(38) |
(120) |
Provisions reversed during the year |
(102) |
— |
Unwind of discount |
— |
1 |
Ending balance |
120 |
340 |
Current portion |
120 |
— |
Non-current portion |
— |
340 |
Total |
¥120 |
¥340 |
As of March 31,2024 |
|||||
(In millions) |
Note |
Level 1 |
Level 2 |
Level 3 |
Total |
Crypto assets held(1) |
13 |
¥44,207 |
¥— |
¥— |
¥44,207 |
Other financial assets(2) |
15 |
2 |
3 |
39 |
44 |
Total |
¥44,209 |
¥3 |
¥39 |
¥44,251 |
|
Crypto asset borrowings |
20 |
¥44,020 |
¥— |
¥— |
¥44,020 |
Other financial liabilities(2) |
21 |
— |
1 |
— |
1 |
Total |
¥44,020 |
¥1 |
¥— |
¥44,021 |
As of March 31,2025 |
|||||
(In millions) |
Note |
Level 1 |
Level 2 |
Level 3 |
Total |
Crypto assets held(1) |
13 |
¥44,680 |
¥— |
¥— |
¥44,680 |
Other financial assets(2) |
15 |
22 |
— |
46 |
68 |
Total |
¥44,702 |
¥— |
¥46 |
¥44,748 |
|
Crypto asset borrowings |
20 |
¥44,479 |
¥— |
¥— |
¥44,479 |
Warrant liability |
|||||
Public warrant liability |
24 |
398 |
— |
— |
398 |
Private warrant liability(3) |
24 |
— |
— |
12 |
12 |
Total |
¥44,878 |
¥— |
¥12 |
¥44,889 |
Equity security investments | ||
As of March 31, |
||
(In millions) |
2024 |
2025 |
Balance, beginning of period |
¥40 |
¥39 |
Fair value recorded in connection with acquisition |
10 |
21 |
Change in fair value |
(11) |
(4) |
Settlement |
— |
(10) |
Balance, end of period |
¥39 |
¥46 |
Private warrant liabilities | |
As of March 31, |
|
(In millions) |
2025 |
Initial recognition, December 10, 2024 |
¥56 |
Change in fair value |
(45) |
Foreign exchange impact |
1 |
As of March 31,2025 |
¥12 |
Initial value |
||
December 10, |
March 31, |
|
2024 |
2025 |
|
Exercise price |
USD11.5 |
USD11.5 |
Share price |
USD12.2 |
USD5.1 |
Volatility |
1% |
35.9% |
Expected life (in years) |
5 |
4.7 |
Risk-free rate |
4.09% |
3.95% |
Dividend yield |
$— |
$— |
For the fiscal year ended March 31, |
|||
(In millions) |
2023 |
2024 |
2025 |
Wages and salaries |
¥2,009 |
¥2,271 |
¥2,671 |
Social security contributions |
244 |
302 |
303 |
Termination benefits |
1 |
39 |
— |
Other |
28 |
5 |
9 |
Total |
¥2,282 |
¥2,617 |
¥2,983 |
As of March 31, |
||||
2024 (as recasted) |
2025 |
|||
Number |
Ordinary |
Number |
Ordinary |
|
(In millions) |
of shares |
share capital |
of shares |
share capital |
Former Coincheck shareholders |
122,587,617 |
¥196 |
122,587,617 |
¥196 |
Issuance of shares in Reverse
Recapitalization
|
— |
— |
7,115,459 |
15 |
Issuance of shares in business acquisition of
Next Finance
|
— |
— |
1,111,450 |
2 |
Total Ordinary Shares Issued and
Outstanding
|
122,587,617 |
¥196 |
130,814,526 |
¥213 |
For the fiscal year ended March 31, |
|||
(In millions, except per share data) |
2023 |
2024 |
2025 |
Net profits (losses) for the period attributable to
owners of the Company
|
¥(559) |
¥1,967 |
¥(14,350) |
Basic and diluted net earnings (losses) per share |
¥(4.56) |
¥16.05 |
¥(114.98) |
Weighted-average number of shares, basic and
diluted
|
122,587,617 |
122,587,617 |
124,803,262 |
(In millions) |
||||
Type of related
party
|
Name of related
party
|
Detail of
transaction
|
Outstanding balance
as of March 31,2024
|
Outstanding balance
as of March 31,2025
|
Parent company |
Monex Group,
Inc.
|
Business
management service
fee(2)
|
¥125 |
¥— |
Subsidiaries of
parent company
|
Monex Finance
Corporation
|
Borrowing(3) (4) |
— |
751 |
Associates of parent
company
|
Monex, Inc. |
Provision of sales
service
|
4 |
5 |
Derivative
transaction(5)
|
2 |
— |
(In millions) |
For the fiscal year ended March 31, |
||||
Type of related
party
|
Name of related
party
|
Detail of transaction |
2023 |
2024 |
2025 |
Key management |
The managing
directors of the
Company
|
Transaction revenue(1) |
¥0 |
¥0 |
¥1 |
Parent company |
Monex Group, Inc. |
Business management
service fee(2)
|
363 |
458 |
397 |
Subsidiaries of
parent company
|
Monex Crypto
Bank, Inc.
|
Transaction revenue(1) |
5 |
0 |
0 |
Monex Finance
Corporation
|
Interest expense |
0 |
— |
21 |
|
Associates of
parent company
|
Monex, Inc. |
Transaction revenue(1) |
0 |
847 |
6,396 |
Cost of sales(1) |
0 |
844 |
6,377 |
||
Provision of sales
service
|
23 |
26 |
42 |
||
Derivative gains(5) |
— |
55 |
9 |
||
For the fiscal year ended March 31, |
|||
2023 |
2024 |
2025 |
|
Short-term employee benefits |
¥83 |
¥66 |
¥291 |
Name of subsidiary |
Place of
incorporation a
nd operation
|
Contents of business |
Percentage
of voting rights
held by the
Company
|
Coincheck, Inc. |
Japan |
Provides end-to-end crypto asset
exchange services and operates a
multi-cryptocurrency marketplaces.
|
100% |
CCG Administrative Services,
Inc.
|
US |
Provides certain administrative
services for Coincheck Group N.V.
|
100% |
M1 Co G.K. |
Japan |
Serves as a special purpose entity
for de-SPAC process.
|
100% |
Next Finance Tech Group |
Japan |
Provides staking service. |
100% |
Next Finance Tech Digital
Assets Co., Ltd.
|
Japan |
Borrows cryptocurrencies. |
100% |
Next Finance Tech International
Co., Ltd.
|
Cayman Islands |
Manages Next Finance's insurance. |
100% |
As of March 31, |
||
(In millions) |
2024 |
2025 |
Total amount of commitment line borrowing |
¥6,200 |
¥8,900 |
Balance of executed borrowed commitment line |
— |
751 |
Balance of unexecuted commitment line |
¥6,200 |
¥8,149 |
(In millions) |
Loans |
Promissory
note- related
party
|
Lease
liabilities
|
Total |
As of March 31, 2022 |
¥200 |
— |
¥239 |
¥439 |
Proceeds from short-term loans |
1,800 |
— |
— |
1,800 |
Repayments of short-term loans |
(2,000) |
— |
— |
(2,000) |
Repayments of long-term loans |
0 |
— |
— |
— |
Repayments of lease obligations |
— |
— |
(255) |
(255) |
Proceeds from loans from related party |
3,000 |
— |
— |
3,000 |
Repayments of loans from related party |
(3,000) |
— |
— |
(3,000) |
Total changes from financing cash flows |
(200) |
— |
(255) |
(455) |
Modification of lease term |
— |
— |
253 |
253 |
New lease contracts |
— |
— |
113 |
113 |
Interest expenses |
1 |
— |
2 |
3 |
Interest expenses paid |
(1) |
— |
(2) |
(3) |
Total liability-related other changes |
— |
— |
366 |
366 |
As of March 31, 2023 |
— |
— |
350 |
350 |
Proceeds from short-term loans |
1,200 |
— |
— |
1,200 |
Repayments of short-term loans |
(1,200) |
— |
— |
(1,200) |
Repayments of lease obligations |
— |
— |
(327) |
(327) |
Total changes from financing cash flows |
— |
— |
(327) |
(327) |
Modification of lease term |
— |
— |
(81) |
(81) |
New lease contracts |
— |
— |
1,719 |
1,719 |
Interest expenses |
0 |
— |
5 |
5 |
Interest expenses paid |
(0) |
— |
(5) |
(5) |
Total liability-related other changes |
— |
— |
1,638 |
1,638 |
As of March 31, 2024 |
— |
— |
1,661 |
1,661 |
Proceeds from short-term loans |
1,800 |
— |
— |
1,800 |
Repayments of short-term loans |
(1,800) |
— |
— |
(1,800) |
Repayments of lease obligations |
— |
— |
(463) |
(463) |
Proceeds from loans from related party |
8,508 |
— |
— |
8,508 |
Repayments of loans from related party |
(7,759) |
(128) |
— |
(7,887) |
Total changes from financing cash flows |
749 |
(128) |
(463) |
158 |
Modification of lease term |
— |
— |
79 |
79 |
Increase by business combination |
2 |
128 |
— |
130 |
Interest expense |
21 |
— |
10 |
31 |
Interest paid |
(21) |
— |
(10) |
(31) |
Total liability-related other changes |
2 |
128 |
79 |
209 |
As of March 31, 2025 |
¥751 |
— |
¥1,277 |
¥2,028 |