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CNCK

Coincheck Group N.V.

CNCK

Coincheck Group N.V. • NASDAQ
$3.24 ▲ 3.51% (+0.11)
Market Cap $423.84 M
52w High $14.99
52w Low $2.89
Dividend Yield 0%
P/E -4.21
Volume 9.80K
Outstanding Shares 130.81M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $133.105B ▲ $3.37B ▼ $355M ▲ 0.267% ▲ $2.71 ▲ $1.138B ▲
Q1-2026 $83.989B ▼ $3.571B ▲ $-1.377B ▼ -1.64% ▼ $-10.52 ▼ $-563M ▼
Q4-2025 $114.579B ▼ $-2.614B ▼ $642M ▲ 0.56% ▲ $4.91 ▲ $1.143B ▲
Q3-2025 $123.104B ▲ $6.429B ▲ $-15.444B ▼ -12.545% ▼ $-119.07 ▼ $-14.755B ▼
Q2-2025 $70.348B $1.999B $15M 0.021% $1.84 $164M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $9.084B ▼ $137.07B ▲ $126.654B ▲ $10.416B ▲
Q1-2026 $10.636B ▲ $121.219B ▲ $111.314B ▲ $9.905B ▼
Q4-2025 $8.606B ▼ $112.274B ▼ $101.505B ▼ $10.769B ▲
Q3-2025 $12.673B ▲ $1.168T ▲ $1.16T ▲ $8.965B ▲
Q2-2025 $196 $31.496M $7.172M $24.324M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $903M ▲ $-1.329B ▼ $-250M ▲ $-94M ▼ $-1.666B ▼ $-1.579B ▼
Q1-2026 $-1.251B ▼ $846M ▲ $-281M ▲ $1.496B ▲ $2.052B ▲ $665M ▲
Q4-2025 $883M ▲ $-1.771B ▼ $-379M ▼ $-1.993B ▼ $-4.089B ▼ $-1.914B ▼
Q3-2025 $-14.908B ▼ $-511M ▼ $-145M ▲ $2.755B ▲ $2.045B ▲ $-656M ▲
Q2-2025 $21M $-502M $-286M $-94M $-882M $-788M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been very volatile, swinging from boom levels during the earlier crypto bull phase to a sharp drop and then a strong rebound more recently. Despite this, the actual profit earned on that revenue is relatively thin, with gross margins staying modest. Operating results have flipped between small profits and small losses, showing that the core business is still sensitive to changes in trading activity and costs. Net income has been even more erratic, with solid profits in the earlier years, small losses in the middle, a brief return to profit, and then a sizeable loss most recently. That pattern suggests meaningful non‑operating impacts, such as write‑downs, market‑related valuation swings, or listing and expansion costs, all on top of a highly cyclical underlying business tied to crypto markets. Overall, the income statement tells a story of a business that can earn well in strong market conditions but is still far from stable or predictable through the full crypto cycle.

Balance Sheet

Balance Sheet The balance sheet has shrunk substantially from its peak, then stabilized at a much smaller size. This points to a leaner operation, but it also means there is less cushion if things go wrong. Cash on hand is modest but fairly steady, while investment in hard assets remains light. Debt climbed in the earlier expansion phase but has since been cut back significantly, leaving the company with only limited financial leverage today. That reduces interest burden and credit risk, which is positive in a volatile sector. Equity is relatively small and has not grown meaningfully, and the recent net loss has chipped away at it. This combination of a small capital base and earnings volatility suggests that the balance sheet is adequate but not robust, and it could feel pressure if losses persisted.

Cash Flow

Cash Flow Cash generation from the core business has been inconsistent. In strong trading environments, operating cash flow has been clearly positive; in weaker or more turbulent periods, it has turned negative. Free cash flow follows the same pattern, swinging between healthy inflows and outflows. The business model is capital‑light, with limited spending on property and equipment. That means the company does not need heavy investment to grow, but it also means that cash flow is driven mainly by revenues, fees, and working capital swings tied to trading activity. Recent negative operating and free cash flows, even if not dramatic in scale, underline that the company is still exposed to downturns in crypto markets and must manage liquidity carefully when trading volumes soften or one‑off costs rise.

Competitive Edge

Competitive Edge Coincheck holds a strong brand position in Japan, especially among retail users, helped by a very user‑friendly app and long presence in the market. Its reputation, download rankings, and close alignment with Japanese regulation give it a trust advantage in a sector where safety and compliance matter. Being regulated by Japan’s Financial Services Agency and supported by Monex Group adds institutional credibility and operational backing that many smaller or offshore platforms lack. This regulatory and corporate support is a meaningful barrier to entry for new local competitors. At the same time, competition is intense both within Japan and globally, with large international exchanges and domestic rivals all fighting for users and liquidity. The company’s broad offering — exchange, NFT marketplace, staking, utility bill payment, and institutional services — helps differentiate it, but it must keep innovating while managing security and regulatory demands in a rapidly changing environment.

Innovation and R&D

Innovation and R&D Innovation at Coincheck is focused more on product design and ecosystem building than on heavy laboratory‑style research. The company has expanded well beyond basic spot trading into NFTs, initial exchange offerings, staking, and crypto‑based payment for everyday bills. These moves are aimed at embedding crypto more deeply into daily life and broadening revenue sources. The push into Web3 and the metaverse, including virtual worlds partnerships and the creation of Coincheck Labs, shows a willingness to bet on emerging trends and cultivate a pipeline of new projects. Acquisitions in staking technology and prime brokerage, plus work on a Web3 wallet tied to national ID infrastructure, are all geared toward building infrastructure for both retail and institutional users. These initiatives could strengthen the long‑term platform and deepen the moat, but they also carry execution and adoption risk. Many Web3 and metaverse projects are still unproven commercially, so the payoff from this innovation strategy is uncertain and likely to be uneven over time.

Summary

Coincheck is a leading, regulated Japanese crypto platform with a strong consumer brand, a supportive parent group, and a growing set of services around trading, NFTs, staking, and Web3. Its strategic direction is clearly toward becoming a broader digital‑asset ecosystem and not just a single‑purpose exchange. Financially, the company is highly exposed to crypto market cycles. Revenue and profits surge when trading activity is strong and can fall back quickly when conditions soften. Margins are moderate, net income has been very volatile, and recent results include a notable loss. Cash flows and the balance sheet look adequate but not especially thick, leaving limited room for extended downturns or costly missteps. The long‑term opportunity lies in leveraging its brand, regulatory standing, and innovation pipeline to capture more value in Japan and abroad. The main risks center on crypto market swings, regulatory changes, security and compliance demands, and the challenge of turning ambitious Web3 and metaverse initiatives into consistent, repeatable earnings.

NEWS

November 12, 2025 · 8:30 AM UTC

Coincheck Reports Financial Results for Second Quarter of Year Ending March 31, 2026

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October 14, 2025 · 4:05 PM UTC

Coincheck Group N.V. Completes Acquisition of Aplo SAS, a Registered Crypto Prime Brokerage for Institutional Investors

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September 2, 2025 · 3:00 AM UTC

Coincheck Group N.V. Signs Agreement to Acquire Aplo SAS, a Registered Crypto Prime Brokerage for Institutional Investors

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