Coincheck Group NV

11/13/2026 | Press release | Distributed by Public on 11/13/2026 06:53

CERTAIN DEFINED TERMS (Form 6-K)

CERTAIN DEFINED TERMS
Acronyms and defined terms used in the text include the following:
Term
Description
3iQ Collectively, 3iQ Digital Holdings Inc., a company under the federal laws of Canada, its principal operating subsidiary 3iQ Corp., and its other subsidiaries, direct and indirect. 3iQ became a subsidiary of Coincheck Group effective March 1, 2026.
3iQ Acquisition Agreement Sale and Purchase Agreement, dated January 8, 2026, among Monex, Coincheck Parent, and certain other parties, pursuant to which Coincheck Parent acquired from Monex and certain minority shareholders approximately 99.8% beneficial ownership and control of 3iQ.
Altcoin
A term sometimes used to refer to a cryptocurrency other than Bitcoin.
AMF The French Authority for the Financial Markets, the Autorité des Marchés Financiers.
AML/CFT Anti-Money Laundering and Countering Financing of Terrorism
Aplo Aplo SAS, a simplified joint stock company under the laws of France and a licensed MiCA Crypto-Asset Service Provider, is a crypto prime brokerage for institutional investors and a subsidiary of Coincheck Parent since October 2025.
Aplo Acquisition Agreement
Share Contribution and Transfer Agreement, dated August 27, 2025, and completed October 14, 2025, among Coincheck Parent and the holders of all of the then-issued shares of Aplo, relating to the acquisition by Coincheck Parent owning of all of the issued shares of Aplo.
AUM Assets Under Management
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.
CaaS Crypto-as-a-Service, more specifically, white-label or co-branded offerings or similar distribution arrangements with third-party firms who need crypto-asset trade execution and settlement, and/or custody, from a licensed crypto-asset provider so that they may offer crypto asset investments to their customer bases, sometimes also referred to as a type of B2B2C (business-to-business-to-customer) relationship.
CASP Crypto-assets services provider (as licensed by the AMF).
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.
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COINCHECK GROUP N.V. and its subsidiaries.
Term
Description
Coincheck NFT Marketplace
Coincheck's service available to customers that enables non-fungible tokens (NFTs) to be purchased.
Coincheck Parent
Coincheck Group N.V., a Dutch public limited liability company (naamloze vennootschap).
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 us with a party on an external exchange (which, for these purposes, includes for Coincheck the Exchange platform) or market maker that is connected via API to our systems, in order to offset our own positions or reduce our exposure arising from transactions in crypto assets with customers using Coincheck's Marketplace platform or Aplo's platform for brokerage services.
crypto
A broad term for any cryptography-based market, system, application, or decentralized network.
crypto asset
A digitally transferable representation of value or rights that is not denominated in fiat currency, and that is not considered a security or financial instrument under applicable law.
cryptocurrency
Bitcoin and altcoins - crypto assets designed to function as a medium of exchange or store of value.
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, (i) for Coincheck, 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), and (ii) for Aplo, Aplo's prime brokerage services.
customer assets or customer-assets
Cryptocurrencies held for customers + fiat currency deposited by customers. For the avoidance of doubt, "customer assets" do not include NFTs and, for Aplo's customer deposits, include stablecoins.
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 condensed consolidated interim financial statements (unaudited) included elsewhere in this report, customer refers to customers that meet the definition under IFRS 15, including the parties described in the preceding paragraph as well as 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 and Ether (ETH)
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.
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COINCHECK GROUP N.V. and its subsidiaries.
Term
Description
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 the reporting date.
KDDI KDDI Corporation, a Japanese corporation listed on the Tokyo Stock Exchange and headquartered in Tokyo, Japan, a major Japanese telecommunications company that provides mobile communications, digital entertainment, and integrated finance and energy services.
KDDI Investment Agreement Share Subscription and Investor Rights Agreement, dated May 12, 2026, between Coincheck Parent and KDDI, pursuant to which KDDI subscribed for 28,536,516 Ordinary Shares (which constituted approximately 14.9% of the issued and outstanding shares upon closing of the subscription) for a subscription price of USD 2.28 per share, an aggregate subscription price of $65,063,256, which, upon completion, made KDDI the owner of approximately 14.9% of the issued and outstanding Ordinary Shares. The subscription was completed in June 2026.
KDDI Nominee The nominee to serve as a Non-Executive Director of Coincheck Parent, which KDDI has the right to designate pursuant to, and subject to the terms and conditions of, the KDDI Investment Agreement.
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COINCHECK GROUP N.V. and its subsidiaries.
Term
Description
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 June 30, 2026, 34 different cryptocurrencies, and is used primarily by retail customers to buy and sell the supported cryptocurrencies.
MiCA The European Union's Markets in Crypto-Assets Regulation.
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."
Private Warrants
Warrants, issued by Coincheck Parent, and held by Thunder Bridge Sponsor.
protocol
A type of algorithm or software that governs how a blockchain operates.
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 is associated with a cryptographic key pair consisting of a private key and a corresponding public key derived from it. The private key enables the holder to authorize transactions and control access to crypto assets associated with the address, while the public key is used to verify transaction signatures. Public addresses are derived from public keys and function as identifiers for receiving crypto assets.
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COINCHECK GROUP N.V. and its subsidiaries.
Term
Description
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.
staking The process of participating in proof-of-stake blockchain networks by committing crypto assets to support transaction validation and network operations in exchange for staking rewards.
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.
USD or 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.
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COINCHECK GROUP N.V. and its subsidiaries.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
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COINCHECK GROUP N.V. and its subsidiaries.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
For the three months ended September 30,
(In millions) Notes 2025 2026
Revenue:
Revenue 6 ¥ 132,229 ¥ 74,383
Other revenue 6 876 1,133
Total revenue 6 133,105 75,516
Expenses:
Cost of sales 129,219 72,859
Selling, general and administrative expenses 3,370 4,186
Total expenses 132,589 77,045
Operating profit (loss) 516 (1,529)
Other income and expenses
Other income 322 11
Other expenses 4 (1) (3,295)
Financial income 116 259
Financial expenses (50) (19)
Share of loss of equity-accounted investees, net of tax - (31)
Profit (loss) before income taxes 10 903 (4,604)
Income tax expense (benefit) 11 548 (468)
Net income (loss) for the period attributable to owners of the Company 10 355 (4,136)
Other comprehensive income:
Foreign currency translation adjustment (156) (358)
Total comprehensive income (loss) for the period attributable to owners of the Company 10 ¥ 199 ¥ (4,494)
Earnings (loss) per share: (Yen) (Yen)
Basic earnings (losses) per share 10 ¥ 2.71 ¥ (21.56)
Diluted earnings (losses) per share 10 ¥ 2.64 ¥ (21.56)
Weighted-average shares - basic 10 130,822,522 191,804,883
Weighted-average shares - diluted 10 134,648,307 191,804,883
The accompanying notes are an integral part of these condensed consolidated interim financial statements (unaudited).
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COINCHECK GROUP N.V. and its subsidiaries.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
For the six months ended September 30,
(In millions) Notes 2025 2026
Revenue:
Revenue 6 ¥ 215,782 ¥ 187,615
Other revenue 6 1,312 2,233
Total revenue 6 217,094 189,848
Expenses:
Cost of sales 210,763 184,270
Selling, general and administrative expenses 6,684 8,479
Total expenses 217,447 192,749
Operating loss (353) (2,901)
Other income and expenses
Other income 247 115
Other expenses 4 (59) (3,146)
Financial income 4 262
Financial expenses (187) (87)
Share of loss of equity-accounted investees, net of tax - (55)
Loss before income taxes 10 (348) (5,812)
Income tax expense (benefit) 11 674 (501)
Net loss for the period attributable to owners of the Company 10 (1,022) (5,311)
Other comprehensive income:
Foreign currency translation adjustment 50 (398)
Total comprehensive loss for the period attributable to owners of the Company 10 ¥ (972) ¥ (5,709)
Earnings (loss) per share: (Yen) (Yen)
Basic and diluted net losses per share 10 ¥ (7.82) ¥ (29.36)
Weighted-average shares - basic and diluted 10 130,818,546 180,885,840
The accompanying notes are an integral part of these condensed consolidated interim financial statements (unaudited).
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COINCHECK GROUP N.V. and its subsidiaries.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
As of
(In millions) Notes March 31, 2026 September 30, 2026
Assets:
Current assets:
Cash and cash equivalents ¥ 9,458 ¥ 13,995
Cash segregated as deposits 50,024 44,374
Crypto assets held 8 37,876 47,086
Customer accounts receivable 1,422 1,284
Other financial assets 8 430 765
Other current assets 1,274 742
Total current assets 100,484 108,246
Noncurrent assets:
Property and equipment 1,464 3,158
Intangible assets and goodwill 4 13,600 10,466
Crypto assets held 8 186 119
Other financial assets 8 474 504
Equity-accounted investees 491 600
Deferred tax assets 378 407
Other non-current assets 44 84
Total non-current assets 16,637 15,338
Total assets 117,121 123,584
Liabilities and Equity:
Liabilities:
Current liabilities:
Deposits received 49,814 44,179
Crypto asset borrowings 8 37,543 46,860
Other financial liabilities 8 4,517 2,330
Income taxes payable 647 1
Other current liabilities 616 316
Total current liabilities 93,137 93,686
Non-current liabilities:
Other financial liabilities 1,203 2,374
Warrant liability 8 132 152
Provisions 342 296
Deferred tax liabilities 562 156
Total non-current liabilities 2,239 2,978
Total Liabilities 95,376 96,664
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COINCHECK GROUP N.V. and its subsidiaries.
As of
(In millions) Notes March 31, 2026 September 30, 2026
Equity:
Ordinary shares 1 273 327
Capital surplus 1, 10 34,247 44,631
Share-based payment reserve 9 1,156 1,602
Merger reserve (9,258) (9,258)
Treasury shares 10 (4) (4)
Retained earnings (accumulated deficit) (4,368) (9,679)
Foreign currency translation adjustment (301) (699)
Total equity 21,745 26,920
Total liabilities and equity ¥ 117,121 ¥ 123,584
The accompanying notes are an integral part of these condensed consolidated interim financial statements (unaudited).
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COINCHECK GROUP N.V. and its subsidiaries.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(In millions) Notes Ordinary shares Capital surplus Share-based payment reserve Merger reserve Treasury shares Retained earnings (accumulated deficit) Foreign currency translation adjustment Total equity
Balance as of April 1, 2025 ¥ 213 ¥ 13,317 ¥ - ¥ - ¥ (4) ¥ (2,770) ¥ 13 ¥ 10,769
Share-based payments 9 - - 619 - - - - 619
Issuance of shares for restricted share units 9 0 84 (84) - - - - -
Foreign currency translation adjustment in foreign operations - - - - - - 50 50
Net loss for the period - - - - - (1,022) - (1,022)
Balance as of September 30, 2025 213 13,401 535 - (4) (3,792) 63 10,416
Balance as of April 1, 2026 ¥ 273 ¥ 34,247 ¥ 1,156 ¥ (9,258) ¥ (4) ¥ (4,368) ¥ (301) ¥ 21,745
Issuance of new shares 1 53 9,896 - - - - - 9,949
Refund of excise tax
10 - 305 - - - - - 305
Share-based payments 9 - - 630 - - - - 630
Issuance of shares for restricted share units 9 1 183 (184) - - - - -
Foreign currency translation adjustment in foreign operations - - - - - - (398) (398)
Net loss for the period - - - - - (5,311) - (5,311)
Balance as of September 30, 2026 ¥ 327 ¥ 44,631 ¥ 1,602 ¥ (9,258) ¥ (4) ¥ (9,679) ¥ (699) ¥ 26,920
The accompanying notes are an integral part of these condensed consolidated interim financial statements (unaudited).
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COINCHECK GROUP N.V. and its subsidiaries.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six months ended September 30,
(In millions) Notes 2025 2026
Cash flows from operating activities:
Loss before income taxes ¥ (348) ¥ (5,812)
Depreciation and amortization 349 567
Share-based payments 9 619 630
Impairment loss on non-financial assets 4 - 2,962
Changes in fair value of other financial assets 13 (149)
Change in fair value of warrant liability 109 22
Interest (income) expenses, net 63 (49)
Foreign exchange loss 59 124
Share of loss of equity-accounted investees, net of tax - 55
(Increase) decrease in cash segregated as deposits (5,650) 5,650
Increase in crypto assets held (18,565) (9,143)
(Increase) decrease in customer accounts receivable (164) 138
Increase in other financial assets (current assets) (52) (182)
Decrease in other current assets 342 568
Increase in crypto asset held (non-current assets) - (14)
Increase in other financial assets (non-current assets) - (78)
Increase (decrease) in deposits received 6,014 (5,635)
Increase in crypto asset borrowings 18,301 9,317
Decrease in other financial liabilities (484) (586)
Refund (payment) of excise tax on share redemptions (303) 305
Increase (decrease) in other current liabilities 42 (298)
Other, net (28) 1
Cash provided by (used in) operating activities 317 (1,607)
Interest income received 3 110
Interest expenses paid (59) (52)
Income taxes paid (744) (651)
Net cash used in operating activities (483) (2,200)
Cash flows from investing activities
Purchase of property and equipment (45) (78)
Expenditure on internally generated intangible assets (386) (484)
Payments for guarantee deposits - (9)
Purchase of other financial assets (non-current assets) (100) (16)
Acquisition of equity-accounted investees - (160)
Net cash used in investing activities (531) (747)
Cash flows from financing activities
Issuance of ordinary shares, net of issuance costs - 9,949
Proceeds from short-term loans payable 1,000 3,000
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COINCHECK GROUP N.V. and its subsidiaries.
Repayments of short-term loans payable (1,000) (3,040)
Proceeds from loans from related party 9,388 -
Repayments of loans from related party (7,798) (2,008)
Repayments of lease obligations (188) (202)
Net cash provided by financing activities 1,402 7,699
Effect of exchange rate change on cash and cash equivalents (2) (215)
Net increase in cash and cash equivalents 386 4,537
Cash and cash equivalents at the beginning of period 8,584 9,458
Cash and cash equivalents at the end of period ¥ 8,970 ¥ 13,995
The accompanying notes are an integral part of these condensed consolidated interim financial statements (unaudited).
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COINCHECK GROUP N.V. and its subsidiaries.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
1.Reporting entity
Coincheck Group N.V. ("Coincheck Parent") is a Dutch public limited liability company (naamloze vennootschap), with its registered office at Nieuwezijds Voorburgwal 162, the Netherlands. The condensed consolidated interim financial statements consist of Coincheck Parent and its subsidiaries (together referred to as the "Company").
The Company has primarily engaged in providing end-to-end crypto asset exchange services through Coincheck Inc., a Japanese joint stock company (kabushiki kaisha) ("Coincheck"), by offering its customers multi-cryptocurrency marketplace and exchange platforms (the "Marketplace platform" and the "Exchange platform," respectively) with a deep pool of liquidity for trading crypto assets through its user-friendly applications. The Company also provides digital asset management services through 3iQ, acquired by the Company effective March 1, 2026, and digital asset prime brokerage services through Aplo SAS ("Aplo"), acquired on October 14, 2025.
Coincheck Parent was originally formed by Monex Group, Inc. ("Monex") and became publicly traded on Nasdaq on December 11, 2024 as a result of the business combination among Thunder Bridge Capital Partners IV, Inc., a Delaware corporation ("Thunder Bridge"), Coincheck Parent, M1 Co G.K. ("M1 GK"), a Japanese limited liability company (godo kaisha) and a wholly owned subsidiary of Coincheck Parent, Coincheck Merger Sub, Inc. ("Merger Sub"), a Delaware corporation and a wholly-owned subsidiary of Coincheck Parent, and Coincheck (the "Business Combination") pursuant to the Business Combination Agreement, dated as of March 22, 2022, as amended from time to time, by and among such parties (the "Business Combination Agreement") in the following steps:
•On December 10, 2024, Coincheck and Coincheck Parent caused M1 GK to implement a share exchange (kabushiki koukan) under and in accordance with the applicable provisions of the Companies Act of Japan, pursuant to which the Ordinary Shares of Coincheck were exchanged for Ordinary Shares of Coincheck Parent ("Ordinary Shares") (the "Share Exchange").
•The effect of the Share Exchange was that, amongst others, Coincheck shareholders became holders of the Ordinary Shares, and Coincheck became a direct, wholly owned subsidiary of M1 GK and an indirect wholly-owned subsidiary of Coincheck Parent.
•Following the Share Exchange, Merger Sub was merged with and into Thunder Bridge (the "Merger"), following which the separate corporate existence of Merger Sub ceased and Thunder Bridge continued as the surviving corporation and became a wholly-owned subsidiary of Coincheck Parent (subsequently renamed CCG Administrative Services, Inc. ("CCG AS") on January 31, 2025).
•As a result of the Merger: (a) each Thunder Bridge common share issued and outstanding immediately prior to the Merger was exchanged for the right to receive one Ordinary Share; and (b) each Thunder Bridge warrant that was outstanding immediately prior to the Merger (a "Thunder Bridge Warrant") was automatically and irrevocably modified, pursuant to and in accordance with the Warrant Agreement, dated June 29, 2021, by and among Thunder Bridge and Continental Stock Transfer & Trust Company, as amended by the Warrant Assumption and Amendment Agreement, dated as of December 10, 2024, by and among Thunder Bridge, Coincheck Parent and Continental Stock Transfer & Trust Company (the "Warrant Agreement"), to provide that, in lieu of the amount of Thunder Bridge common shares that a holder of a Thunder Bridge Warrant would have been entitled to acquire if the Thunder Bridge Warrant was exercised prior to the Merger, the holder thereof was now entitled to acquire the same amount of Ordinary Shares.
As a result of the Business Combination, Thunder Bridge, M1 GK and Coincheck became wholly-owned subsidiaries of Coincheck Parent (in June 2025, M1 GK was merged into Coincheck, resulting in Coincheck becoming a direct wholly owned subsidiary of Coincheck Parent). On December 11, 2024, Ordinary Shares and
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COINCHECK GROUP N.V. and its subsidiaries.
public warrants of Coincheck Parent commenced trading on the Nasdaq Stock Market ("Nasdaq") under the symbols "CNCK" and "CNCKW," respectively.
The transaction has been accounted for with Thunder Bridge being identified as the "acquired" entity for financial reporting purposes, accordingly, as the equivalent of Coincheck issuing shares for the net assets of Thunder Bridge, accompanied by a recapitalization. Therefore, these condensed consolidated interim financial statements have been presented as a continuation of Coincheck.
On June 9, 2026, KDDI Corporation made a strategic investment in the Company and became, upon completion of the transaction, the owner of approximately 14.9% of Coincheck Parent's issued and outstanding Ordinary Shares. Pursuant to the investment agreement, KDDI subscribed for 28,536,516 Ordinary Shares for a subscription price of USD 2.28 per share, an aggregate subscription price of $65,063,256. KDDI, a Japanese corporation listed on the Tokyo Stock Exchange and headquartered in Tokyo, Japan, is a major Japanese telecommunications company that provides telecommunications services, finance and energy, IoT services for connected cars, and data center connectivity. Concurrently with the signing of the investment agreement, Coincheck entered into a business alliance agreement with KDDI focused on collaborative initiatives aimed at expanding the digital asset market in Japan, including through mutual customer referral programs and related revenue sharing and referral fees.
2.Basis of preparation of condensed consolidated interim financial statements
(1)Compliance with IFRS Accounting Standards
The condensed consolidated interim financial statements for the three and six months ended September 30, 2026 have been prepared in accordance with IAS 34, Interim Financial Reporting, and presented in a format consistent with the consolidated financial statements under IAS 1, Presentation of Financial Statements. However, they do not include all of the notes that would be required in a complete set of financial statements. Thus, these condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements for the year ended March 31, 2026.
(2)Approval of the condensed consolidated interim financial statements
The condensed consolidated interim financial statements were authorized for issuance on November 13, 2026, Eastern Time, by the Board of Directors of Coincheck Group N.V.
(3)Basis of measurement
The condensed consolidated interim financial statements have been prepared on a historical cost basis, except for certain assets and liabilities recorded at fair value mainly including crypto assets held (current assets), crypto asset borrowings and warrant liabilities.
(4)Use of judgments, estimates, and assumptions
The preparation of condensed consolidated interim financial statements in accordance with IFRS requires management to make certain judgments, estimates, and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosure of contingent assets and liabilities. Actual results could differ from these estimates.
These estimates and underlying assumptions are reviewed on a continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
The significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those described in the consolidated financial statements for the year ended March 31, 2026.
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COINCHECK GROUP N.V. and its subsidiaries.
(5)Functional currency and presentation currency
The condensed consolidated interim financial statements are presented in Japanese yen, which is the functional currency of Coincheck. The functional currencies of the entities within the Company for the periods presented include JPY, USD, EUR, and CAD. All amounts have been rounded to the nearest million Japanese yen, unless otherwise indicated.
3.Material accounting policies
The accounting policies adopted in the presentation of these condensed consolidated interim financial statements are consistent with those adopted for the presentation of the consolidated financial statements for the year ended March 31, 2026.
4.Impairment of assets
During the quarter, the Company completed a strategic review of Aplo. Demand for Aplo's legacy brokerage services, which were concentrated in altcoin trading, has declined significantly. The Company has therefore decided to wind down Aplo's legacy client business and redeploy Aplo's trading and custody technology to support 3iQ's separately managed accounts build-out, which is designed to give institutional clients direct, segregated exposure to digital assets. The decline in demand and the change in intended use of Aplo's assets were identified as indicators of impairment, and we tested the assets acquired with Aplo for impairment as at September 30, 2026.
During the three and six months ended September 30, 2026, we recorded the following impairment losses, included in "Other expenses" in the condensed consolidated interim statements of profit or loss and other comprehensive income:
(In millions)
Trademark/Trade Name ¥125
Customer Relationships ¥677
Licenses ¥571
Goodwill ¥1,589
Impairment loss ¥2,962
The carrying amount of the Aplo cash-generating unit (CGU) exceeded its recoverable amount, which was determined to be nil based on the CGU's value in use. Value in use was negative because projected net cash flows were negative in every period, irrespective of the discount rate. The impairment loss was allocated first to goodwill and then to the other assets of the CGU.
The developed technology, with a carrying amount of ¥585 million before impairment testing, will be used by 3iQ. As a result of the change in its intended use, it was tested for impairment as at September 30, 2026. Its recoverable amount was determined based on a fair value less costs of disposal basis using a cost approach, which exceeded its carrying amount, and no impairment loss was recognized.
5.Segment reporting
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (CODM) in deciding how to allocate resources to an individual segment and in assessing performance. The CEO of the Company is the CODM of the Company. The CODM reviews financial information for purposes of making operating decisions, allocating resources, and evaluating financial performance. While the Company does have revenue from multiple services, no measures of profitability by service are available. As a result, discrete financial information is not available for each
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COINCHECK GROUP N.V. and its subsidiaries.
such component. As such, the Company has determined that it operates as one operating segment and one reportable segment.
For the three and six months ended September 30, 2025 and 2026, there is no single customer from which revenue amounts to 10% or more of the Company's total revenue.
6.Revenue
(1) Revenue breakdown
Revenue breakdowns by revenue from contracts with customers and other sources for the three and six months ended September 30, 2025 and 2026, are as follows:
For the three months ended September 30,
(In millions) 2025 2026
Revenue arising from contracts with customers
Transaction revenue - Retail(1)
¥ 131,954 ¥ 67,560
Transaction revenue - Institutional(2)
- 6,609
Commission received(3)
275 214
Investment management fee revenue(4)
- 542
Sub-total 132,229 74,925
Other sources
Staking revenue(5)
794 474
Other revenue(6)
82 117
Sub-total 876 591
Total ¥ 133,105 ¥ 75,516
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COINCHECK GROUP N.V. and its subsidiaries.
For the six months ended September 30,
(In millions) 2025 2026
Revenue arising from contracts with customers
Transaction revenue - Retail(1)
¥ 215,319 ¥ 172,336
Transaction revenue - Institutional(2)
- 14,865
Commission received(3)
463 414
Investment management fee revenue(4)
- 946
Sub-total 215,782 188,561
Other sources
Staking revenue(5)
1,175 1,053
Other revenue(6)
136 234
Sub-total 1,312 1,287
Total ¥ 217,094 ¥ 189,848
____________
(1) Transaction revenue - Retail mainly refers to the revenue from sales of crypto assets to retail customers and cover counterparties, which has been entirely derived from operations within Japan.
(2) Transaction revenue - Institutional refers to the revenue from Aplo's prime brokerage services.
(3) Commission received refers to remittance fees, deposit and withdrawal fees, custodial fees, commissions received from the issuer and the applicants in the IEO business, commissions that arise from transactions on the Coincheck NFT Marketplace and commissions that arise from transactions on the Exchange platform, Aplo's platform and other.
(4) Investment management fee revenue refers to fees derived from providing professional services to manage client accounts and sponsored investment vehicles, and fees charged to those vehicles for staking their assets.
(5) Staking revenue refers to staking rewards in crypto assets received by making company or customer digital assets available to support network validation activities.
(6) Other revenue is mainly related to the interest received from financial operations with JSF Trust and Banking Co., Ltd.
(2)Contract balance
As of March 31, 2026 and September 30, 2026, there were no significant contract assets or contract liabilities.
For the three and six months ended September 30, 2025 and 2026, there was no revenue recognized for contract balance performance obligations fulfilled (or partially fulfilled) in the past.
(3)Transaction price allocated to the remaining performance obligations
The Company does not have any contracts in which the projected initial contract period was longer than one year.
(4)Assets recognized from the costs to obtain or fulfill contracts with customers
The Company does not have any significant costs to obtain or fulfill contracts with customers.
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COINCHECK GROUP N.V. and its subsidiaries.
7.Financial instruments
The fair values of financial assets and liabilities are determined as below. Information about the fair value hierarchy is described in Note 8 "Fair value measurement".
(a)Cash and cash equivalents
Since cash and cash equivalents mainly consist of bank deposits, the carrying amount approximates their fair value.
(b)Cash segregated as deposits
Cash segregated as deposits includes cash deposited in trust accounts. The carrying amount approximates its fair value.
(c)Customer accounts receivable, Other financial assets, Deposits received, and Other financial liabilities
Other financial assets include receivables, guarantee deposits and stablecoins (USD Coin and EUR Coin). The carrying amount of instruments with short-term maturity approximates their fair value. The carrying amount of instruments with long-term maturity is a reasonable approximation of fair value, which is measured using future cash flows discounted by a rate reflecting the counterparty or the Company's credit worthiness.
(d)Warrant liabilities
As part of Thunder Bridge's IPO, Thunder Bridge issued private and public warrants to third-party investors where each whole warrant entitled the holder to purchase one share of Thunder Bridge's Class A common stock at an exercise price of USD11.5 per share. Simultaneously with the closing of the IPO, Thunder Bridge completed the private sale of warrants where each warrant allowed the holder to purchase one share of Thunder Bridge's Class A common stock at USD11.5 per share.
Pursuant to a warrant assumption and amendment agreement, dated as of December 10, 2024, Thunder Bridge private and public warrants were exchanged for Coincheck Parent's private and public warrants, respectively, and subject to the same material terms. As of December 10, 2024, there were 4,730,557 public warrants outstanding and 129,611 private warrants outstanding.
The warrants expire on the earlier of the fifth anniversary of December 10, 2024 or the date on which Coincheck Parent may call the public warrants for redemption, subject to the conditions outlined in the warrant assumption and amendment agreement. The warrants are exercisable at a price of USD11.5 per share.
Public warrant liability is valued at quoted prices without adjustments in an active market for identical assets or liabilities. Private warrant liability is valued using a Black-Scholes Merton model.
8.Fair value measurement
(1)Fair value hierarchy
When measuring the fair value of an asset or a liability, the Company uses observable market data if reasonably available. Fair values are categorized into different levels in the fair value hierarchy based on the inputs used in the valuation techniques as follows:
Level 1: Quoted prices without adjustments in an active market for identical assets or liabilities.
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COINCHECK GROUP N.V. and its subsidiaries.
Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly.
Level 3: Unobservable inputs for the assets or liabilities.
The level of fair value hierarchy is determined by the lowest-level input that is significant to the measurement of the fair value.
There were no transfers between levels for the three and six months ended September 30, 2025 and 2026.
(2)Fair value hierarchy of assets and liabilities measured at fair value on a recurring basis
Fair value hierarchy of assets and liabilities measured at fair value on a recurring basis in the condensed consolidated interim statements of financial position is as follows:
As of March 31, 2026
(In millions) Note Level 1 Level 2
Level 3(3)
Total
Crypto assets held(1)
¥ 37,876 ¥ - ¥ - ¥ 37,876
Other financial assets(2)
110 - 54 164
Total ¥ 37,986 ¥ - ¥ 54 ¥ 38,040
Crypto asset borrowings ¥ 37,543 ¥ - ¥ - ¥ 37,543
Warrant liability
Public warrant liabilities 7 128 - - 128
Private warrant liabilities 7 - - 4 4
Total ¥ 37,672 ¥ - ¥ 4 ¥ 37,675
As of September 30, 2026
(In millions) Note Level 1 Level 2
Level 3(3)
Total
Crypto assets held(1)
¥ 47,080 ¥ 6 ¥ - ¥ 47,086
Other financial assets(2)
174 - 66 239
Total ¥ 47,253 ¥ 6 ¥ 66 ¥ 47,325
Crypto asset borrowings ¥ 46,860 ¥ - ¥ - ¥ 46,860
Warrant liability
Public warrant liabilities 7 149 - - 149
Private warrant liabilities 7 - - 3 3
Total ¥ 47,009 ¥ - ¥ 3 ¥ 47,011
____________
(1) Crypto assets held (current assets) consist of cryptocurrencies for facilitating customer transactions.
(2) Stablecoins and listed equity investments included in "Other financial assets" are categorized as Level 1. Other financial assets categorized as Level 3 are equity investments in non-listed companies by using the valuation method based on net assets adjusted by items that are necessary for fair value measurement purposes. The changes in fair value are recognized through other financial income and expenses. The financial assets categorized as Level 3 are measured by valuation policy and procedures set by the Company and the valuation results are reviewed and approved by Chief Financial Officer.
(3) The following table presents a reconciliation of other financial assets and private warrant liabilities measured at fair value on a recurring basis using significant unobservable inputs:
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COINCHECK GROUP N.V. and its subsidiaries.
Equity security investments
For the three months ended September 30,
(In millions) 2025 2026
Balance, beginning of period 143 52
Purchases - 16
Change in fair value (11) (2)
Foreign exchange impact - (1)
Balance, end of period 132 66
Equity security investments
For the six months ended September 30,
(In millions) 2025 2026
Balance, beginning of period ¥ 46 ¥ 54
Purchases 100 16
Change in fair value (14) (4)
Foreign exchange impact - (1)
Balance, end of period ¥ 132 ¥ 66
Private warrant liabilities
For the three months ended September 30,
(In millions) 2025 2026
Balance, beginning of period ¥ 22 ¥ 8
Change in fair value (8) (5)
Foreign exchange impact 1 0
Balance, end of period ¥ 14 ¥ 3
Private warrant liabilities
For the six months ended September 30,
(In millions) 2025 2026
Balance, beginning of period ¥ 12 ¥ 4
Change in fair value 2 (1)
Foreign exchange impact - 0
Balance, end of period ¥ 14 ¥ 3
The assumptions used to value the private warrant liabilities were as follows.
As of
March 31, 2026 September 30, 2026
Exercise price USD 11.5 USD 11.5
Share price USD 1.5 USD 1.5
Volatility 74.0 % 74.0 %
Expected life (in years) 3.7 3.2
Risk-free rate 3.86 % 4.89 %
Dividend yield - % - %
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COINCHECK GROUP N.V. and its subsidiaries.
(3)Fair value hierarchy of assets and liabilities measured at fair value on a non-recurring basis
As of March 31, 2026
There were no significant assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2026.
As of September 30, 2026
There were no significant assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2026.
9.Share-based payments
Coincheck Parent established equity-settled share-based payment program. Under this program, the Company granted Restricted Share Units (the "RSUs") to managing directors and officers, and board members of the Company, and the Company's qualified employees and non-employee consultants. The RSUs vest upon the satisfaction of service-based conditions or performance conditions. Once vested, the RSUs are settled by delivery of one Ordinary Share per unit. Certain employees and independent contractors of 3iQ held RSUs that had been granted by 3iQ prior to its acquisition by Coincheck Parent. The Coincheck Parent RSUs to replace such cancelled 3iQ RSUs were, in accordance with the terms of such stock purchase agreement, granted by Coincheck Parent on May 15, 2026.
A summary of RSUs activity is as follows:
(1)RSUs with service-based conditions (equity settled)
The RSUs with service-based conditions vest over a service period ranging from ten months to three years.
Number of shares Weighted Average Grant Date Fair Value Per Share
Balance as of April 1, 2025 - $ -
Granted 3,834,430 5.42
Vested (105,096) 5.43
Forfeited and cancelled (1,928) 5.00
Balance as of September 30, 2025 3,727,406 $ 5.42
Number of shares Weighted Average Grant Date Fair Value Per Share
Balance as of April 1, 2026 3,771,145 $ 5.39
Granted 874,088 2.06
Vested (263,605) 5.07
Forfeited and cancelled (28,040) 4.71
Balance as of September 30, 2026 4,353,588 $ 4.74
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COINCHECK GROUP N.V. and its subsidiaries.
(2)RSUs with performance conditions (equity settled)
The RSUs with performance conditions vest in March 31, 2028, based on the condition that the average closing price for the Ordinary Shares for the 30-calendar-day period up to and including the trading day prior to the date of vesting is at least $12.00 per share.
Number of shares Weighted Average Grant Date Fair Value Per Share
Balance as of April 1, 2025 - $ -
Granted 285,419 3.13
Vested - -
Forfeited and cancelled (1,928) 2.85
Balance as of September 30, 2025 283,491 $ 3.14
Number of shares Weighted Average Grant Date Fair Value Per Share
Balance as of April 1, 2026 288,594 $ 3.12
Granted - -
Vested (26,274) 3.45
Forfeited and cancelled (1,329) 5.36
Balance as of September 30, 2026 260,991 $ 3.08
The fair value of RSUs with service-based conditions has been measured based on the Company's observable share price. For RSUs with performance conditions, the fair value has been measured using a Monte Carlo simulation. The valuation of all RSUs has incorporated neither dividends nor other features.
The cost of RSUs is recognized in the condensed consolidated interim statements of profit or loss and other comprehensive income together with a corresponding increase in share-based payment reserve in the condensed consolidated interim statements of changes in equity. The total cost of RSUs recognized were ¥321 million and ¥300 million for the three months ended September 30, 2025 and 2026, and ¥619 million and ¥630 million for the six months ended September 30, 2025 and 2026, respectively.
As of September 30, 2026, the total unrecognized compensation cost related to unvested RSUs was $11 million, which is expected to be recognized over a weighted-average period of 1.41 years.
10.Earnings per share and Equity
The bases for calculating basic earnings (losses) per share and diluted earnings (losses) per share for the three and six months ended September 30, 2025 and 2026, are as follows:
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COINCHECK GROUP N.V. and its subsidiaries.
For the three months ended September 30,
(In millions, except per share data and number of shares) 2025 2026
Net profits (losses) for the period attributable to owners of Coincheck Parent ¥ 355 ¥ (4,136)
Basic net earnings (losses) per share ¥ 2.71 ¥ (21.56)
Diluted net earnings (losses) per share ¥ 2.64 ¥ (21.56)
Weighted-average number of shares, basic 130,822,522 191,804,883
Weighted-average number of shares, diluted 134,648,307 191,804,883
For the six months ended September 30,
(In millions, except per share data and number of shares) 2025 2026
Net losses for the period attributable to owners of Coincheck Parent ¥ (1,022) ¥ (5,311)
Basic and diluted net losses per share ¥ (7.82) ¥ (29.36)
Weighted-average number of shares, basic and diluted
130,818,546 180,885,840
Basic net earnings (losses) per share are computed by dividing net profit (loss) by the weighted-average number of shares of Ordinary Shares outstanding during each period. It excludes the dilutive effects of any potentially issuable common shares (i.e., warrants, RSUs). Diluted net profit (loss) per share is calculated by including any potentially dilutive share issuances in the denominator. For the six months ended September 30, 2025 and the three and six months ended 2026, all potentially dilutive securities were not included in the calculation of diluted losses per share as their effect would be anti-dilutive.
Non-Redemption Agreement
Coincheck Group B.V. and Thunder Bridge entered into the Non-Redemption Agreement with Ghisallo on December 4, 2024 and amended the Non-Redemption Agreement on March 10, 2025, pursuant to which Ghisallo agreed not to redeem (or to validly rescind any redemption requests on) an aggregate of 973,000 Thunder Bridge Public Shares (the "Non-Redemption Shares"). In exchange for the foregoing commitments not to redeem the Non-Redemption Shares, Thunder Bridge paid Ghisallo ¥1,593 million. If Ghisallo sold any Non-Redemption Shares by March 10, 2026 (the "Maturity Date"), Ghisallo agreed to pay Coincheck Parent an amount calculated based on the number of such Non-Redemption Shares sold. On the Maturity Date, Ghisallo agreed to transfer to Coincheck Parent, at no cost to Coincheck Parent and free and clear of any liens or encumbrances, any Non-Redemption Shares still retained by it. The Company considered this transaction to be an equity transaction in accordance with IAS 32, Financial Instruments: Presentation, whereas cash paid to Ghisallo was treated as an equity distribution and subsequent cash receipts as equity contributions. The Company received ¥202 million from this arrangement before the Maturity Date, which has been recorded to capital surplus. As a result, 854,242 Non-Redemption Shares were returned to Coincheck Parent at no cost on the Maturity Date, and no value was recorded in the Treasury shares in the consolidated statements of changes in equity for the fiscal year ended March 31, 2026. As of March 31 and September 30, 2026, the Company held 3,219,520 ordinary shares in treasury.
Refund of excise tax
In connection with the SPAC redemptions completed prior to the business combination, Thunder Bridge recorded excise tax payable under Section 4501 of the U.S. Internal Revenue Code. Upon the reverse recapitalization, this liability was included in the calculation of the listing expense, which was recorded as a charge to capital surplus. On November 24, 2025, the IRS issued Final Regulations providing transitional relief for mandatorily redeemable stock outstanding prior to August 16, 2022, which superseded the interim guidance under which the tax was originally paid. An amended tax return was filed in January 2026 requesting a full refund. The refund was received for the six months ended September 30, 2026 and an amount of ¥305 million has been recorded
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COINCHECK GROUP N.V. and its subsidiaries.
as a credit to capital surplus, consistent with the line item through which the original charge was recognized, with the interest component recorded as financial income in condensed consolidated interim statements of profit or loss and other comprehensive income.
11.Income tax expense
The Company's consolidated effective tax rate was 60.7% and 10.2% for the three months ended September 30, 2025 and 2026, and (193.4)% and 8.6% for the six months ended September 30, 2025 and 2026, respectively. The change in the effective tax rate was primarily due to Coincheck Parent recognizing a loss before income taxes for the three and six months ended September 30, 2025, which was not recognized as a deferred tax asset due to the fact that sufficient future taxable profits are not expected, the non-deductible goodwill impairment recognized in the three and six months ended September 30, 2026, as well as the impact of permanent differences.
12.Related parties
(1)Related party transactions
Below are the related-party balances as of March 31, 2026 and September 30, 2026:
(Unit： In millions)
Type of related party Name of related party Detail of transaction Outstanding balance as of
March 31, 2026 September 30, 2026
Subsidiaries of parent company Monex Finance Corporation
Borrowing(2) (3)
2,524 500
Associates of parent company Monex, Inc. Partnership program revenue 3 2
Below is the related-party transaction impact on the condensed consolidated interim statements of profit or loss and other comprehensive income for the three and six months ended September 30, 2025 and 2026:
(Unit： In millions) For the three months ended September 30,
Type of related party Name of related party Detail of transaction 2025 2026
Associates of parent company Monex, Inc.
Transaction revenue(1)
2,180 864
Cost of sales(1)
2,174 862
Partnership program revenue 12 7
Subsidiaries of parent company Monex Finance Corporation Interest expense 35 13
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COINCHECK GROUP N.V. and its subsidiaries.
(Unit： In millions) For the six months ended September 30,
Type of related party Name of related party Detail of transaction 2025 2026
Associates of parent company Monex, Inc.
Transaction revenue(1)
3,895 2,190
Cost of sales(1)
3,883 2,456
Partnership program revenue 17 16
Subsidiaries of parent company Monex Finance Corporation Interest expense 57 41
____________
(1) Certain of Coincheck's related parties purchase or sell crypto assets on Coincheck's Marketplace platform. The transactions for the three and six months ended September 30, 2025 and 2026 were made on terms equivalent to those that prevail in arm's-length transactions. The Company recognized the corresponding transaction revenue amounting to ¥2,180 million and ¥864 million for the three months ended September 30, 2025 and 2026, and ¥3,895 million and ¥2,190 million for the six months ended September 30, 2025 and 2026, respectively.
(2) Coincheck entered into a line of credit of ¥5,000 million with Monex Finance Corporation, with aggregate commitments as of March 31 and September 30, 2026. There is no outstanding balance under this arrangement as of March 31 and September 30, 2026. The interest rate under this was 1.75% for the three and six months ended September 30, 2025 and there were no borrowings for the three and six months ended September 30, 2026. On September 1, 2025, Coincheck entered into a ¥500 million subordinated loan with Monex Finance Corporation, maturing on September 30, 2027. The loan initially carried a fixed interest rate of 9.50%. Effective on August 1, 2026, the interest rate was revised to 10.50%.
(3) Coincheck Parent had a line of credit contract for ¥2,554 million ($16 million, denominated in U.S.dollars), as debtor, with Monex Finance Corporation for the purpose of operating capital as of March 31, 2026. The balance outstanding under this was ¥2,024 million as of March 31, 2026. The interest rate under this facility was 6.29%, 6.01% and 5.68% for the three and six months ended September 30, 2025 and the six months ended September 30, 2026, respectively. During the three months ended September 30, 2026, the outstanding balance was paid down in full, and this credit facility has since expired as of September 30, 2026.
(2)Subsidiaries
As of September 30, 2026, the Company had eighteen consolidated subsidiaries, compared to eighteen as of March 31, 2026. The following is a list of the Company's significant consolidated subsidiaries as of September 30, 2026.
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COINCHECK GROUP N.V. and its subsidiaries.
Name of subsidiary Place of incorporation and 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 multi-cryptocurrency marketplaces. 100 %
CCG Administrative Services, Inc. US Provides certain administrative services for Coincheck Group N.V. 100 %
Next Finance Tech Co., LTD. Japan Provides staking service. 100 %
Aplo SAS France Provides a digital asset prime brokerage that serves institutional crypto investors 100 %
3iQ Digital Holdings, Inc. Canada Holding company of 3iQ Corp. 99.8 %
3iQ Corp Canada Investment fund manager of funds listed in Canada 99.8 %
13.Events after the reporting date
There were no events after the reporting date and through the date when the condensed consolidated interim financial statements were authorized for issue that would require adjustment to these condensed consolidated interim statements or disclosure.
27
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Unless the context otherwise requires, all references in this section to the "Company," "we," "us," or "our" refer to Coincheck Parent and subsidiaries after closing of the Business Combination.
The following discussion of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated interim financial statements as of and for the three and six months ended September 30, 2026, and related notes contained therein. Our condensed consolidated interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting (IFRS Accounting Standards as issued by the IASB), which differs in certain significant respects from accounting principles generally accepted (GAAP) in other jurisdictions, including U.S. GAAP and Japanese GAAP.
This discussion and analysis contain forward-looking statements. These forward-looking statements relate to expectations for future financial performance, business strategies or expectations for our business. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
Coincheck Group NV published this content on November 13, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 13, 2026 at 12:54 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]