Coincheck Group (CNCK) investor relations material

Strategic vision and platform evolution

• Focus has shifted from retail crypto access to becoming an institutional partner of choice, emphasizing infrastructure, execution, and asset management services across multiple jurisdictions.

• Regulatory clarity, especially in Japan, is driving institutional adoption and enabling new business models, with a clear 18-month roadmap for further market liberalization and tax reform.

• M&A activity has been used tactically to build out infrastructure, asset management, and execution capabilities, with recent acquisitions supporting recurring, stable revenue streams.

• The platform is being unified to support a multi-asset, on-chain trading environment, aiming for seamless access to tokenized equities, derivatives, and crypto assets globally.

• Expansion beyond Japan is a key goal, leveraging partnerships and licenses in multiple regions to scale distribution and platform capabilities.

Revenue diversification and operational resilience

• Revenue mix is shifting from predominantly trading-based to a more balanced model including asset management and staking, increasing resilience during market downturns.

• Operating expenses and customer acquisition costs have been managed with discipline, allowing for efficient scaling and investment in new products and channels.

• Recent capital raises, such as with KDDI, have enabled continued investment during market downturns, positioning the business for future growth.

• The company is battle-tested, having navigated previous market cycles, and is proactively building for long-term opportunities rather than reacting to short-term changes.

Regulatory and market catalysts

• Japan’s regulatory roadmap includes shifting crypto from a payment asset to a security asset, enabling institutional access, trust structures, and favorable tax treatment.

• These changes are expected to unlock significant institutional capital and drive new product offerings, such as ETFs and mutual funds, to a broader market.

• The regulatory environment is also fostering global opportunities, with the platform aiming to serve both traditional finance and the growing on-chain economy.