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Q1 revenue surges at Coincheck Group (NASDAQ: CNCK) amid strategy shift

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Form Type
6-K

Rhea-AI Filing Summary

Coincheck Group N.V. reported first-quarter fiscal 2027 results with total revenue up 36% year over year to ¥114.3 billion ($703 million), driven mainly by higher institutional transaction revenue and cover counterparty transactions. Adjusted Revenue, a non-IFRS measure, rose 19% to ¥2,920 million ($18 million).

The company recorded a net loss of ¥1,176 million ($7.2 million), modestly improved from ¥1,377 million a year earlier, while Adjusted EBITDA loss widened to ¥517 million ($3.2 million). Verified accounts grew 12% to 2,624,858, but customer assets declined 37% to ¥631.6 billion ($3,884 million), reflecting lower crypto prices. Assets under management at 3iQ were ¥105.5 billion ($649 million). Coincheck completed KDDI Corporation’s strategic investment for a 14.9% equity stake in exchange for approximately $65 million and outlined a strategy shift to combine its Japanese retail exchange with institutional services and digital asset infrastructure across multiple markets.

Positive

  • Total revenue rose 36% year over year to ¥114.3 billion ($703 million), supported by stronger institutional and cover counterparty transaction revenue.
  • KDDI acquired a 14.9% stake for approximately $65 million in new shares, adding fresh equity capital and a major Japanese strategic partner.

Negative

  • Customer assets fell 37% to ¥631.6 billion ($3,884 million), driven primarily by lower market prices for major crypto assets.
  • The business remains loss-making, with a Q1 net loss of ¥1,176 million ($7.2 million) and a wider Adjusted EBITDA loss of ¥517 million ($3.2 million).

Filing Explained

By June 30, cash was ¥16,081 million, but operating activities used ¥1,143 million and financing supplied the offset.

Form 6-K is an interim report used by a foreign private issuer to furnish material information published in its home market. Here, the filing records the ordinary-share financing as completed by the June 30, 2026 quarter-end reporting date, with proceeds reported in financing cash flow rather than operating revenue.

The financing therefore supplied cash while also increasing the share count; absent offsetting changes, that reduces existing holders’ percentage ownership.

The financing section reports ¥9,999 million of proceeds from issuing ordinary shares, within ¥7,872 million of net cash provided by financing activities.

As of June 30, 2026, cash and cash equivalents were ¥16,081 million, while net operating activities used ¥1,143 million; the reported cash position was therefore supported by financing inflows rather than operating cash generation.

Total revenue Q1 fiscal 2027 ¥114.3 billion ($703 million) For the three months ended June 30, 2026; up 36% from ¥84.0 billion a year earlier
Adjusted Revenue Q1 fiscal 2027 ¥2,920 million ($18 million) For the three months ended June 30, 2026; up from ¥2,445 million in Q1 fiscal 2026
Net loss Q1 fiscal 2027 ¥1,176 million ($7.2 million) Net loss for the three months ended June 30, 2026, versus ¥1,377 million a year earlier
Adjusted EBITDA Q1 fiscal 2027 ¥(517) million ($3.2 million loss) Adjusted EBITDA loss for the three months ended June 30, 2026, versus ¥(398) million in Q1 fiscal 2026
Verified accounts 2,624,858 accounts As of June 30, 2026; up from 2,351,223 as of June 30, 2025
Customer assets ¥631.6 billion ($3,884 million) As of June 30, 2026; down from ¥1,000.3 billion as of June 30, 2025
Assets Under Management (AUM) ¥105.5 billion ($649 million) 3iQ AUM as of June 30, 2026
KDDI strategic investment 14.9% stake for approximately $65 million Equity investment completed June 9, 2026 through newly issued ordinary shares
Adjusted Revenue financial
"Adjusted Revenue for the first quarter of fiscal 2027 increased 19%"
Adjusted revenue is a company's total sales figure that has been modified to exclude certain unusual or one-time items, such as large contract gains or losses, to provide a clearer picture of its regular business performance. This helps investors better understand how the company is doing on an ongoing basis, without the noise of irregular events that might temporarily inflate or deflate sales numbers.
Adjusted EBITDA financial
"Adjusted EBITDA was a loss of ¥517 million ($3.2 million)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
prime brokerage services financial
"Transaction revenue - Institutional refers to the revenue from Aplo's prime brokerage services"
warrant liability financial
"change in fair value of warrant liability, which fluctuates quarter to quarter"
Warrant liability is the financial obligation a company records when it grants warrants—special options giving the holder the right to buy company shares at a set price in the future. It matters to investors because changes in this liability can affect a company's reported earnings and overall financial health, similar to how a pending contract can influence a company's future value.
CaaS financial
"including CaaS arrangements Coincheck Inc. has with third-party firms"
equity-accounted investees financial
"Share of loss of equity-accounted investees, net of tax"
Equity-accounted investees are companies in which an investor holds a significant minority stake and can influence—but does not control—management decisions, so the investor records its share of the investee’s profits or losses on its own financial statements and adjusts the investment’s carrying value accordingly. Like being a meaningful partner in a neighborhood business where you help shape decisions but don’t run day-to-day operations, this accounting treatment affects reported earnings, balance-sheet totals and how investors assess value and risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Coincheck Group (CNCK)'s Q1 fiscal 2027 revenues?
Coincheck Group reported total revenue of ¥114.3 billion ($703 million) for Q1 fiscal 2027, up 36% from ¥84.0 billion ($517 million) a year earlier, mainly due to higher institutional transaction revenue and cover counterparty transactions.

Did Coincheck Group (CNCK) generate a profit in Q1 fiscal 2027?
No. Coincheck Group reported a net loss of ¥1,176 million ($7.2 million) for Q1 fiscal 2027, slightly better than the ¥1,377 million loss in Q1 fiscal 2026, while Adjusted EBITDA loss increased to ¥517 million ($3.2 million).

How did customer metrics for Coincheck Group (CNCK) change year over year?
Verified accounts grew 12% to 2,624,858 as of June 30, 2026. However, customer assets declined 37% to ¥631.6 billion ($3,884 million) from ¥1,000.3 billion ($6,152 million), mainly due to lower prices of crypto assets like Bitcoin, ETH and XRP.

What is Coincheck Group (CNCK)'s Assets Under Management and trading volume?
Assets under management at 3iQ totaled ¥105.5 billion ($649 million) as of June 30, 2026. Marketplace trading volume for Q1 fiscal 2027 was ¥59.1 billion ($363 million), a 4% decrease from ¥61.5 billion ($378 million) in the prior-year quarter.

What strategic investment did KDDI make in Coincheck Group (CNCK)?
On June 9, 2026, KDDI Corporation completed its agreement to acquire a 14.9% ownership interest in Coincheck Group through newly issued ordinary shares, providing aggregate cash consideration of approximately $65 million to the company.

How is Coincheck Group (CNCK) shifting its business strategy?
Coincheck Group describes a strategy shift to combine retail scale, institutional capability and digital asset infrastructure, leveraging acquisitions of 3iQ, Aplo and Next Finance to expand institutional services and infrastructure offerings, with an initial focus primarily on the Japanese market.


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of August 2026
 
Commission File Number: 001-42438
 
COINCHECK GROUP N.V.
(Translation of registrant’s name into English)
 
Nieuwezijds Voorburgwal 162
1012 SJ Amsterdam
The Netherlands
 
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: 
Form 20-F ☒     Form 40-F ☐



Coincheck Group N.V. (“Coincheck Group”) is providing the below updates:

1.On August 6, 2026, Coincheck Group issued a press release announcing its financial results for its first quarter of the fiscal year ending March 31, 2027, which is furnished as Exhibit 99.1 to this report.
2.On August 6, 2026, Coincheck Group posted on its website, www.coincheckgroup.com, one or more presentations regarding itself and its subsidiaries (collectively, the “Presentation”); see “Presentations” under “News & Events.” Coincheck Group uses its website to distribute company information, such as the Presentation, and makes available free of charge a variety of information for investors, including its filings with the Securities and Exchange Commission (“SEC”), as soon as reasonably practicable after electronically filing that material with, or furnishing it to, the SEC. The information that Coincheck Group posts on its website may be deemed material; however, by filing this report, and furnishing the information contained in the Presentation on its website, Coincheck Group makes no admission as to the materiality of any such information. Investors should monitor Coincheck Group’s website, in addition to following its press releases, filings with the SEC, and public conference calls and webcasts. In addition, investors may opt in to automatically receive email alerts and other information about Coincheck Group when enrolling their email address by visiting the “Email Alerts” section of the Coincheck Group website. Coincheck Group does not incorporate the information contained on, or accessible through, Coincheck Group’s website or related social media channels into this report. The information contained in the Presentation is not intended to be comprehensive about the subject matter it covers, and should be read only as a supplement to Coincheck’s public disclosures and in conjunction with Coincheck Group’s other filings made with the SEC, in particular Coincheck Group’s most recent Annual Report on Form 20-F and more recent reports on Form 6-K. The Presentation contains “forward-looking statements” and important information about such forward-looking statements (which should be read carefully before reading the rest of the Presentation), and you are cautioned not to place undue reliance on these forward-looking statements.

The information under items 1 (including Exhibit 99.1) and item 3 above, in this report, is incorporated by reference into Coincheck Group’s Registration Statements on Form S-8 (File No. 333-286190) and Form F-3 (File Nos. 333-292562 and 333-297896), to the extent not superseded by documents or reports subsequently filed or furnished.

Exhibit Index
Exhibit No.Description
99.1
Press Release issued by Coincheck Group N.V., dated August 6, 2026
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
COINCHECK GROUP N.V.
Date: August 6, 2026By:/s/ Pascal St-Jean
Name: Pascal St-Jean
Title:Chief Executive Officer and President
3
Exhibit 99.1
coincheckgroupheadera.jpg

Coincheck Reports Financial Results for First Quarter of Year Ending March 31, 2027
Amsterdam, Netherlands – August 6, 2026 – Coincheck Group N.V. (NASDAQ: CNCK) (“Coincheck Group” or the “Company”), a Dutch public limited liability company that provides digital asset trade execution, custody, staking and asset management services, today reported financial results for the first quarter of the fiscal year ending March 31, 2027 (“fiscal 2027”). References to “fiscal 2026” mean the fiscal year ended March 31, 2026.
Financial Highlights:1
Certain Year-Over-Year Highlights
•Total revenue for the first quarter of fiscal 2027 increased 36%, to ¥114.3 billion ($703 million) from ¥84.0 billion ($517 million) in the first quarter of fiscal 2026. The increase was driven mainly by increases in transaction revenue - institutional and revenue from cover counterparty transactions.
•Adjusted Revenue2 for the first quarter of fiscal 2027 increased 19%, to ¥2,920 million ($18 million) from ¥2,445 million ($15 million) in the first quarter of fiscal 2026. The increase was driven primarily by an increase in staking revenue of ¥176 million and investment management fee revenue of ¥404 million (the Company did not have investment management fee revenue until March 2026, when it acquired its 3iQ subsidiary), partially offset by a decline in net revenue from its Marketplace business.
•Verified Accounts3 increased 12%, to 2,624,858 as of June 30, 2026 from 2,351,223 as of June 30, 2025.
•Customer Assets4 decreased 37%, to ¥631.6 billion ($3,884 million) as of June 30, 2026 from ¥1,000.3 billion ($6,152 million) as of June 30, 2025. Customer Assets decreased due primarily to the decline in the market price of certain crypto assets, including Bitcoin, ETH, and XRP.
•Assets Under Management (AUM) were ¥105.5 billion ($649 million) as of June 30, 20265.
•Marketplace Trading Volume6 decreased 4%, to ¥59.1 billion ($363 million) for the first quarter of fiscal 2027 from ¥61.5 billion ($378 million) for the first quarter of fiscal 2026. Fluctuations in Marketplace Trading Volume are usually driven by crypto-asset industry market volumes and conditions generally, and the size and level of trading activity at Coincheck specifically, as well as market-price fluctuations in the crypto assets frequently traded.
1 References in this announcement to “¥” are to Japanese Yen and references to “U.S. Dollars” and “$” are to United States Dollars. Unless otherwise stated, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥162.610 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of June 30, 2026.
2 Adjusted Revenue is a non-IFRS financial measure; see “Non-IFRS financial measures” for definition and corresponding reconciliation below.
3 Verified Accounts are all accounts that have been opened after the account owner completes all application procedures (including “know your customer” or “KYC”), after subtracting therefrom the total number of closed accounts. These numbers are for Coincheck Inc.’s business (do not include Aplo or Next Finance Tech) and, beginning June 2026, include accounts opened under CaaS arrangements Coincheck Inc. has with third-party firms, which are subject to fee-sharing and other economic terms with such third-party firms.
4 Cryptocurrencies held for customers + fiat currency deposited by customers. This does not include NFTs or customer assets of Aplo, or of Next Finance Tech (if any).
5 Assets Under Management (AUM) refer to the assets under management of 3iQ, which was acquired by the Company effective March 1, 2026.
6 Marketplace Trading Volume for a specific period is the total value of all transactions completed through Coincheck’s marketplace platform.


•Net loss was ¥1,176 million ($7.2 million) in the first quarter of fiscal 2027, compared to a net loss of ¥1,377 million ($8.5 million) in the first quarter of fiscal 2026. The improvement in net loss was driven primarily by favorable foreign exchange movements, a decrease in loss from change in fair value of warrant liability, and a net tax benefit in the first quarter of fiscal 2027 compared to the tax expense in the first quarter of fiscal 2026, partially offset by an increase in operating loss due primarily to an increase in selling, general and administrative expenses.
•Adjusted EBITDA7 was a loss of ¥517 million ($3.2 million) in the first quarter of fiscal 2027, compared to Adjusted EBITDA loss of ¥398 million ($2.4 million) in the first quarter of fiscal 2026. The increase in Adjusted EBITDA loss was due primarily to an increase in operating loss.
Other Recent Highlights:
•KDDI Strategic Investment Completed. On June 9, 2026, Coincheck Group's May 12, 2026 agreement with KDDI Corporation for KDDI to acquire, through newly issued ordinary shares of Coincheck Group a 14.9% ownership interest in the Company in exchange for aggregate cash consideration of approximately $65 million, was completed.
•Shift in Business Strategy. The Company recently announced a shift in its business strategy. With the recent acquisitions of 3iQ, Aplo and Next Finance, and the potential synergies they provide, the Company now seeks to bring together retail scale, institutional capability and resilient infrastructure in one digital finance platform offering. Building upon the Company’s (1) leadership position and scale in Japan as a retail crypto asset exchange provider, (2) success as a pioneer in digital asset investment solutions, (3) robust prime brokerage technology and expertise that can serve institutional traders, and (4) staking and related technologies, the Company is working to expand into institutional services and digital asset infrastructure across multiple markets, with an initial focus primarily on Japan. The Company seeks to increase its share of the Japanese crypto asset market both organically through the Coincheck Marketplace platform and through non-retail channels, such as significant strategic partnerships, collaborations and distribution arrangements (including CaaS) with large and medium-sized Japanese firms.
Webcast and Conference Call
Coincheck Group will host a live webcast to discuss its results today at 5:00 pm ET. The call will be hosted by the following members of Coincheck Group’s management: Pascal St-Jean, CEO, and Jason Sandberg, CFO. The conference call can be accessed live via webcast from the Company’s investor relations website at https://www.coincheckgroup.com/news-events/ir-calendar. A replay will be available on the investor relations website following the call. The conference call can also be accessed over the phone by dialing 1-800-267-6316 or 1-203-518-9783; the Conference ID is CNCKQ1.
About Coincheck Group N.V.
Coincheck Group N.V. (NASDAQ: CNCK) seeks to bring together retail scale, institutional capability and resilient infrastructure in one digital finance platform offering. Built on its leadership position in Japan as a retail crypto asset exchange provider, the company is expanding into institutional services and digital asset infrastructure across multiple markets. Its offerings include trade execution, custody, staking and asset management services alongside ongoing development in on-chain finance.

Forward Looking Statements
7 Adjusted EBITDA is a non-IFRS financial measure; see “Non-IFRS financial measures” for definition and corresponding reconciliation below. Adjusted EBITDA has been calculated differently beginning with the first quarter of fiscal 2026 than it was calculated for the fourth quarter of fiscal 2025, as further explained under “Non-IFRS financial measures” and “Reconciliation of Adjusted EBITDA.”


This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about trading, future financial and operating results, management updates, plans, objectives, expectations and intentions with respect to future operations, products and services, and commercial relationships; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning or the negative thereof. Such forward-looking statements are based upon the current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the Company’s control, which could cause actual results or events to differ materially from those presently anticipated; such risks, uncertainties, and assumptions, include, among others: (i) the issuance of a significant number of Coincheck Group shares resulting in immediate and substantial dilution to existing shareholders of Coincheck Group; (ii) Coincheck Group’s use of the funds it will receive from the issuance of shares to KDDI having disappointing results; (iii) the business alliance with KDDI having less positive results than expected; (iv) changes in the cryptocurrency and digital asset markets in which the Company competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (v) changes in global political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of inflation, trade policies and government regulation; (vi) changes in economic conditions and consumer sentiment; (vii) the price of crypto assets and volume of transactions on the Company’s platform; (viii) the development, utility and usage of crypto assets; (ix) demand for any particular crypto asset; (x) cyberattacks and security breaches on Company platforms; (xi) the Company’s ability to introduce new products and services, (xii) the Company’s ability to execute its growth strategies, including identifying and executing B2B or B2B2C (CaaS) relationships, or acquisitions; (xiii) the ability to grow and manage growth profitably; and (xiv) other risks and uncertainties discussed in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 20-F for the fiscal year ended March 31, 2026, as such factors may be updated from time to time, which are or will be accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
Non-IFRS financial measures
EBITDA, Adjusted EBITDA, and Adjusted Revenue
In addition to the Company’s results determined in accordance with IFRS Accounting Standards, the Company presents EBITDA, Adjusted EBITDA, and Adjusted Revenue, non-IFRS measures, because the Company believes they are useful in evaluating its operating performance.
EBITDA represents net profit (loss) for the period before the impact of taxes, interest, depreciation, and amortization of intangible assets, and Adjusted EBITDA represents EBITDA, further adjusted, as follows. Adjusted EBITDA has been calculated differently beginning with the first quarter of fiscal 2026 than it was previously calculated for the fourth quarter of fiscal 2025. When the Company announced its financial results on May 13, 2025 for the fourth quarter of fiscal 2025, the further adjustment to calculate Adjusted EBITDA consisted only of transaction expenses. Beginning with the first quarter for the year ended March 31, 2026, in evaluating how Adjusted EBITDA should be calculated, the Company considers, in addition to transaction expenses, the non-cash expenses of (i) share-based compensation, which the Company did not have prior to April 1, 2025, and (ii) change in fair value of warrant liability, which fluctuates quarter to quarter based on the Company’s share price.
Adjusted Revenue represents the sum of (i) Adjusted Transaction Revenue, plus (ii) investment management fee revenue, plus (iii) staking revenue minus cost of sales - staking reward distribution, plus (iv) other revenue, including any subscription or similar recurring fee arrangements. Adjusted Transaction Revenue, also a non-IFRS financial measure or metric, represents, and is intended to cover, the fees, commissions and spreads the Company derives from its customers’ trading activities, meaning the amounts after deducting cost of sales from such customer trading transactions.
The Company uses EBITDA and Adjusted EBITDA, and also Adjusted Revenue (beginning with fourth quarter of fiscal year 2026), to evaluate its ongoing operations and for internal planning and forecasting purposes and believes


that EBITDA. Adjusted EBITDA and Adjusted Revenue may be helpful to investors because they provide consistency and comparability with past financial performance. However, EBITDA, Adjusted EBITDA and Adjusted Revenue are presented for supplemental informational purposes only, have limitations as analytical tools, and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS Accounting Standards.
A reconciliation is provided below for each non-IFRS financial measures to the most directly comparable financial measure stated in accordance with IFRS Accounting Standards. Investors are encouraged to review the related IFRS Accounting Standards financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS Accounting Standards financial measures, and not to rely on any single financial measure to evaluate Coincheck Group’s business.
Please see tables on the following pages for reconciliations of non-IFRS Accounting Standards financial measures.
U.S. Dollar financial information
For the convenience of the reader, where applicable, Coincheck Group has translated U.S. Dollar amounts from Japanese Yen at the exchange rate of ¥162.610 per $1.00, which was the ¥/$ exchange rate reported by the Federal Reserve Bank of New York as of June 30, 2026.
This information is intended to be reviewed in conjunction with the Company’s filings with the SEC.

COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
Japanese Yen
For the three months ended
June 30,
June 30,
March 31,
(in millions)
2026
2025
2026
Revenue:
Revenue
¥
113,232 
¥
83,553 
¥
118,822 
Other revenue
1,100 
436 
873 
Total revenue
114,332 
83,989 
119,695 
Expenses:
Cost of sales
111,412 
81,288 
116,788 
Selling, general and administrative expenses
4,293 
3,571 
4,299 
Total expenses
115,705 
84,859 
121,087 
Operating loss
(1,373)
(870)
(1,392)
Other income and expenses:
Other income
267 
1 
161 
Other expenses
(14)
(132)
(202)
Financial income
31 
1 
174 
Financial expenses
(95)
(251)
(46)
Share of loss of equity-accounted investees, net of tax
(24)
— 
(17)
Loss before income taxes
(1,209)
(1,251)
(1,322)
Income tax expense (benefit)
(33)
126 
(105)
Net loss for the period attributable to owners of the Company
¥
(1,176)
¥
(1,377)
¥
(1,217)

COINCHECK GROUP N.V. and its subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (UNAUDITED)
Japanese Yen
United States Dollar*
For the three months ended
For the three months ended
June 30,
June 30,
(in millions)
2026
2026
Revenue:
Revenue
¥
113,232 
$
696.3 
Other revenue
1,100 
6.8 
Total revenue
114,332 
703.1 
Expenses:
Cost of sales
111,412 
685.1 
Selling, general and administrative expenses
4,293 
26.4 
Total expenses
115,705 
711.5 
Operating loss
(1,373)
(8.4)
Other income and expenses:
Other income
267 
1.6 
Other expenses
(14)
(0.1)
Financial income
31 
0.2 
Financial expenses
(95)
(0.6)
Share of loss of equity-accounted investees, net of tax
(24)
(0.1)
Loss before income taxes
(1,209)
(7.4)
Income tax benefit
(33)
(0.2)
Net loss for the period attributable to owners of the Company
¥
(1,176)
$
(7.2)
* Convenience Translation into U.S. Dollars

COINCHECK GROUP N.V. and subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
Japanese Yen
United States Dollar*
As of June 30,
As of March 31,
As of June 30,
(In millions)
2026
2026
2026
Assets:
Current assets:
Cash and cash equivalents
¥
16,081 
¥
9,458 
$
98.9 
Cash segregated as deposits
43,224 
50,024 
265.8 
Crypto assets held
32,932 
37,876 
202.5 
Customer accounts receivable
1,303 
1,422 
8.0 
Other financial assets
444 
430 
2.7 
Other current assets
1,124 
1,274 
6.9 
Total current assets
95,108 
100,484 
584.9 
Noncurrent assets:
Property and equipment
3,264 
1,464 
20.1 
Intangible assets and goodwill
13,701 
13,600 
84.3 
Crypto asset held
118 
186 
0.7 
Other financial assets
485 
474 
3.0 
Equity-accounted investees
472 
491 
2.9 
Deferred tax assets
309 
378 
1.9 
Other non-current assets
96 
44 
0.6 
Total non-current assets
18,445 
16,637 
113.4 
Total assets
113,553 
117,121 
698.3 
Liabilities and equity
Liabilities:
Current liabilities:
Deposits received
43,518 
49,814 
267.6 
Crypto asset borrowings
32,652 
37,543 
200.8 
Other financial liabilities
1,943 
4,517 
11.9 
Income taxes payable
1 
647 
0.0 
Other current liabilities
321 
616 
2.0 
Total current liabilities
78,435 
93,137 
482.3 
Non-current liabilities:
Other financial liabilities
2,985 
1,203 
18.4 
Warrant liability
185 
132 
1.1 
Provisions
294 
342 
1.8 
Deferred tax liabilities
540 
562 
3.3 
Total non-current liabilities
4,004 
2,239 
24.6 
Total liabilities
82,439 
95,376 
507.0 
Equity:
Ordinary shares
326 
273 
2.0 
* Convenience Translation into U.S. Dollars

COINCHECK GROUP N.V. and subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
Japanese Yen
United States Dollar*
As of June 30,
As of March 31,
As of June 30,
(In millions)
2026
2026
2026
Capital surplus
44,556 
34,247 
274.0 
Share-based payment reserve
1,378 
1,156 
8.5 
Merger reserve
(9,258)
(9,258)
(56.9)
Treasury shares
(4)
(4)
(0.0)
Retained earnings (accumulated deficit)
(5,543)
(4,368)
(34.1)
Foreign currency translation adjustment
(341)
(301)
(2.1)
Total equity
31,114 
21,745 
191.3 
Total liabilities and equity
¥
113,553 
¥
117,121 
$
698.3 

* Convenience Translation into U.S. Dollars

COINCHECK GROUP N.V. and subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Japanese Yen
United States Dollar
For the three months ended,
For the three months ended,
June 30,
June 30,
(In millions)
2026
2025
2026
Cash flows from operating activities:
Loss before income taxes
¥
(1,209)
¥
(1,251)
$
(7.4)
Depreciation and amortization
293 
164 
1.8 
Interest expense
12 
24 
0.1 
Share-based payments
330 
298 
2.0 
Foreign exchange (gain) loss
(164)
94 
(1.0)
Share of loss of equity-accounted investees, net of tax
24 
— 
0.1 
Impairment loss of other assets (non-current assets)
— 
2 
— 
Net loss on sale or disposal of intangible assets
2 
— 
0.0 
Changes in fair value of other financial assets (non-current assets)
2 
1 
— 
Change in fair value of warrant liability
50 
223 
0.3 
Decrease in cash segregated as deposits
6,800 
1,812 
41.8 
(Increase) decrease in crypto assets held
5,011 
(8,933)
30.8 
(Increase) decrease in customer accounts receivable
119 
(28)
0.7 
Increase in other financial assets (current assets)
(14)
(47)
(0.1)
Increase in other financial assets (non-current assets)
(72)
— 
(0.4)
Decrease in other current assets
178 
381 
1.1 
Increase (decrease) in deposits received
(6,297)
82 
(38.7)
Increase (decrease) in crypto asset borrowings
(4,891)
8,756 
(30.1)
Increase (decrease) in other financial liabilities
(551)
89 
(3.4)
Decrease in other current liabilities
(219)
(53)
(1.3)
Other, net
216 
1 
1.3 
Cash provided by (used in) operating activities
(378)
1,614 
(2.3)
Interest income received
10 
1 
0.1 
Interest expenses paid
(45)
(24)
(0.3)
Income taxes paid
(730)
(746)
(4.5)
Net cash provided by (used in) operating activities
(1,143)
845 
(7.0)
Cash flows from investing activities
Purchase of property and equipment
(61)
(24)
(0.4)
Expenditure on internally generated intangible assets
(247)
(157)
(1.5)
Proceeds from refund of guarantee deposits
59 
— 
0.4 
Acquisition of subsidiaries, net of cash acquired
— 
(100)
— 
Proceeds from investments
20 
— 
0.1 
Net cash used in investing activities
(228)
(281)
(1.4)
Cash flows from financing activities

COINCHECK GROUP N.V. and subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Issuance of ordinary shares, net of issuance costs
9,999 
— 
61.5 
Proceeds from short-term loans payable
2,000 
500 
12.3 
Repayments of short-term loans payable
(2,020)
(500)
(12.4)
Proceeds from loan from related party
— 
7,038 
— 
Repayments of loan from related party
(2,008)
(5,448)
(12.3)
Repayments of lease obligations
(99)
(94)
(0.6)
Net cash provided by financing activities
7,872 
1,496 
48.4 
Effect of exchange rate change on cash and cash equivalents
122 
(8)
0.8 
Net increase (decrease) in cash and cash equivalents
6,500 
2,060 
40.0 
Cash and cash equivalents at the beginning of period
9,458 
8,584 
58.2 
Cash and cash equivalents at the end of period
¥
16,080 
¥
10,634 
98.9 














COINCHECK GROUP N.V. and subsidiaries
RECONCILIATION OF TOTAL REVENUE
Japanese Yen
For the three months ended
June 30,
June 30,
March 31,
(In millions)
2026
2025
2026
Revenue arising from contracts with customers
Transaction revenue - Retail(1)
¥
104,776 
¥
83,364 
¥
111,772 
Transaction revenue - Institutional(2)
8,255 
— 
6,829 
Commission received(3)
201 
189 
222 
Sub-total
113,232 
83,553 
118,822 
Other sources
Staking revenue(4)
579 
381 
622 
Investment management fee revenue(5)
404 
— 
139 
Other revenue(6)
117 
55 
111 
Sub-total
1,100 
436 
873 
Total
¥
114,332 
¥
83,989 
¥
119,695 

____________
(1) Transaction revenue - Retail refers mainly to revenue from sales of crypto assets to retail customers and cover counterparties, which has been entirely derived from operations based in 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, commissions that arise from transactions on the Coincheck Exchange platform, and other.
(4) Staking revenue refers to staking rewards in crypto assets received by making company or customer digital assets available to support network validation activities.
(5) Investment management fee revenue refers to fees derived from providing professional services to manage client accounts and sponsored investment vehicles.
(6) Other revenue is mainly the interest received from JSF Trust and Banking Co., Ltd.

COINCHECK GROUP N.V. and subsidiaries
ADJUSTED REVENUE
June 30,
June 30,
March 31,
(In millions)
2026
2025
2026
Total revenue
¥
114,332 
¥
83,989 
¥
119,695 
Commission received(1)
(201)
(189)
(222)
Staking revenue(2)
(579)
(381)
(622)
Investment management fee revenue(4)
(404)
— 
(140)
Other revenue
(117)
(54)
(111)
Total transaction revenue
113,031 
83,363 
118,600 
Cost of sales - Retail and Institutional
Retail
(102,892)
(81,288)
(109,633)
Institutional
(8,243)
— 
(6,811)
Total cost of sales - Retail and Institutional
(111,135)
(81,288)
(116,444)
Adjusted Transaction Revenue
1,896 
2,075 
2,158 
Commission received(1)
201 
189 
222 
Staking revenue(2)
579 
381 
622 
Cost of sales - Staking reward distribution(3)
(277)
(255)
(344)
Investment management fee revenue(4)
404 
— 
140 
Other revenue(5)
117 
54 
111 
Adjusted Revenue
¥
2,920 
¥
2,445 
¥
2,907 

____________
(1) 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, commissions that arise from transactions on the Coincheck Exchange platform, and other.
(2) Staking revenue refers to staking rewards in crypto assets received by making company or customer digital assets available to support network validation activities.
(3) Staking reward distribution represents the portion of staking rewards that are credited to customer accounts as rebates. For the quarter ended June 30, 2025, staking reward distribution of ¥255 million was classified within selling, general and administrative expenses in the condensed consolidated statement of income.
(4) Investment management fee revenue refers to fees derived from providing professional services to manage client accounts and sponsored investment vehicles.
(5) Other revenue is mainly the interest received from JSF Trust and Banking Co., Ltd.


COINCHECK GROUP N.V. and subsidiaries
RECONCILIATION OF EBITDA
Japanese Yen
For the three months ended
June 30
June 30
March 31
2026
2025
2026
Reconciliation of EBITDA:
Net loss for the period
¥
(1,176)
¥
(1,377)
¥
(1,217)
Add: Income tax expense (benefit)
(33)
126 
(105)
Loss before income taxes
(1,209)
(1,251)
(1,322)
Add: Interest expense
19 
25 
45 
Add: Depreciation and amortization
293 
164 
118 
EBITDA
¥
(897)
¥
(1,061)
¥
(1,157)

RECONCILIATION OF ADJUSTED EBITDA
Japanese Yen
For the three months ended
June 30
June 30
March 31
2026
2025
2026
Reconciliation of Adjusted EBITDA:
Net loss for the period
¥
(1,176)
¥
(1,377)
¥
(1,217)
Add: Income tax expense (benefit)
(33)
126 
(105)
Loss before income taxes
(1,209)
(1,251)
(1,322)
Add: Interest expense
19 
25 
45 
Add: Transaction expenses excluding listing expense
— 
142 
97 
Add: Change in fair value of warrant liability
50 
223 
(174)
Add: Share-based compensation
330 
298 
384 
Add: Depreciation and amortization
293 
164 
118 
Adjusted EBITDA
¥
(517)
¥
(398)
¥
(850)



COINCHECK GROUP N.V. and subsidiaries
RECONCILIATION OF EBITDA
Japanese Yen
United States Dollar*
For the three months ended
For the three months ended
June 30,
June 30,
2026
2026
Reconciliation of EBITDA:
Net loss for the period
¥
(1,176)
$
(7.2)
Add: Income tax expense (benefit)
(33)
(0.2)
Loss before income taxes
(1,209)
(7.4)
Add: Interest expense
19 
0.1 
Add: Depreciation and amortization
293 
1.8 
EBITDA
¥
(897)
$
(5.5)

RECONCILIATION OF ADJUSTED EBITDA
Japanese Yen
United States Dollar*
For the three months ended
For the three months ended
June 30,
June 30,
2026
2026
Reconciliation of Adjusted EBITDA:
Net loss for the period
¥
(1,176)
$
(7.2)
Add: Income tax expense (benefit)
(33)
(0.2)
Loss before income taxes
(1,209)
(7.4)
Add: Interest expense
19 
0.1 
Add: Change in fair value of warrant liability
50 
0.3 
Add: Share-based compensation
330 
2.0 
Add: Depreciation and amortization
293 
1.8 
Adjusted EBITDA
¥
(517)
$
(3.2)

*Convenience Translation into U.S. Dollars

Source: View Original Filing on SEC EDGAR

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