Coincheck Group

What Coincheck Group does

Coincheck Group N.V. (NASDAQ: CNCK) is a Dutch public holding company that operates one integrated digital finance platform combining retail scale in Japan, institutional capability globally, and digital asset infrastructure. Its core subsidiaries are Coincheck, Inc. (Japan's largest multi-cryptocurrency marketplace, regulated by the JFSA, with a self-service retail app that has ranked #1 in downloads in Japan for seven consecutive years and serves 2,527,772 verified accounts as of March 31, 2026); Aplo SAS (an AMF-registered French institutional prime brokerage serving 60+ hedge funds, banks, and asset managers); 3iQ Corp. (a regulated Canadian digital asset manager with the world's first Bitcoin ETP on a major exchange and the QMAP managed account platform); and Next Finance Tech Co., Ltd. (a Tokyo-based staking and node-operation infrastructure provider). Coincheck Group went public via a December 2024 de-SPAC reverse recapitalization with Thunder Bridge Capital Partners IV, is majority-owned by Monex Group, and in June 2026 closed a $65 million strategic investment from KDDI Corporation with a concurrent 50.1%-owned 'au Coincheck Digital Assets' joint venture to deploy a non-custodial wallet to KDDI's 30 million au subscribers.

The platform spans four primary revenue streams: retail transaction fees (Coincheck marketplace and exchange, the vast majority of revenue at ~98–99% historically and entirely Japan-based); institutional transaction and custody fees (Aplo); staking rewards (¥2,574 million in FY2026 via Next Finance Tech); and recurring investment-management fees via 3iQ on regulated ETFs and managed accounts. Distribution is hybrid: product-led through the Coincheck app, channel-led through KDDI/au and a MynaWallet My Number Card integration targeting Japan's ~100 million cardholders, and direct enterprise sales for institutional prime brokerage and ETF sub-advisory (notably 3iQ's partnership with Scotiabank on the DXMC multi-crypto ETF and with Further Asset Management for a USD Class II share class). The CEO transition in April 2026 appointed Pascal St-Jean, formerly CEO of 3iQ, signaling an institutional-led post-acquisition integration.

Name

Coincheck Group

Legal name

Coincheck Group N.V.

Website

https://www.coincheckgroup.com

Company type

Public

Operating status

Operating

Headcount range

51–100 employees

Short description

Coincheck Group N.V. (NASDAQ: CNCK) operates an integrated digital finance platform combining Japan's #1 retail crypto exchange (Coincheck, Inc.), French institutional prime brokerage (Aplo), Canadian regulated digital asset management (3iQ), and staking infrastructure (Next Finance Tech), serving 2.5M+ retail users and institutional clients globally.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange & Digital Asset Services

NAICS

Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

On/Off-Ramp Providers (Fiat↔Crypto) & Cash-In/Cash-Out Networks (FSADAIAE)

akta.pro secondary industry

Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)

Keywords

• Cryptocurrency exchange services
• Digital asset management
• Crypto trading platform
• Institutional prime brokerage
• Blockchain staking services

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction Revenue - Retail: Revenue from sales of crypto assets to retail customers and cover counterparties, derived entirely from operations based in Japan. This represents the majority of total revenue, accounting for 98-99% historically.
2. Transaction Revenue - Institutional: Revenue from Aplo's prime brokerage services serving institutional clients including hedge funds, asset managers, banks, and corporates.
3. Commission Received: Remittance fees, deposit and withdrawal fees, custodial fees, commissions from IEO business issuers and applicants, NFT marketplace transaction commissions, exchange platform transaction commissions, and other fees.
4. Staking Revenue: Staking rewards in crypto assets or fiat received by making company or customer digital assets available to support network validation activities. Revenue increased significantly to ¥2,574 million for FY2026.
5. Investment Management Fee Revenue: Fees derived by 3iQ from providing professional services to manage client accounts and sponsored investment vehicles including regulated ETFs.
6. Other Revenue: Primarily interest received from JSF Trust and Banking Co., Ltd.

Go-to-market motion4 records

Distribution channels5 records

Marketing channels5 records

Core offering

Coincheck Group operates an integrated digital asset platform offering retail cryptocurrency trading across 30+ cryptocurrencies via its Japan-regulated Coincheck Marketplace and Exchange platforms, complemented by an NFT marketplace and IEO platform. Through acquired subsidiaries Aplo, 3iQ, and Next Finance Tech, the group provides institutional prime brokerage, regulated digital asset ETFs and managed accounts (QMAP), and blockchain staking services. The platform serves both Japanese retail crypto investors and global institutional clients including hedge funds, asset managers, and banks.

Product overview

Coincheck Group N.V. operates as an integrated digital finance platform combining retail scale, institutional capability, and resilient infrastructure. The company offers a comprehensive suite of digital asset services through its portfolio of brands and subsidiaries: Coincheck (Japan's leading retail crypto exchange with Marketplace and Exchange platforms, NFT marketplace, and IEO services), 3iQ (Canadian digital asset manager offering regulated ETFs and the QMAP managed account platform), Aplo (French institutional prime brokerage), and Next Finance Tech (staking services). The company serves both retail and institutional clients across Japan and global markets, providing trade execution, custody, staking, and asset management services with ongoing development in on-chain finance.

Differentiator

Problem solved

Functional benefit

Brands

• Coincheck Marketplace: Main platform supporting 30 cryptocurrencies used primarily by retail customers to buy and sell supported cryptocurrencies
• Coincheck Exchange
• Coincheck NFT Marketplace
• Coincheck IEO Platform
• QMAP
• 3iQ Bitcoin ETF (TSX: BTCQ)

Products and services

• Coincheck Marketplace
• Coincheck Exchange
• Coincheck NFT Marketplace
• Coincheck IEO Platform
• Aplo Prime Brokerage
• 3iQ Digital Asset Management
• Next Finance Tech Staking Services

Quantifiable outcome

• Revenue increased 25% year-over-year to ¥480.2 billion ($3,019 million) in FY2026
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Seven partnerships are on record, tiered strategic, flagship, core and minor.

• Further Asset ManagementstrategicStrategic or Co-development Partner · 1 June 20263iQ partnered with Further Asset Management, a UAE-based digital asset manager, to introduce USD Class II share class for the Further x 3iQ Alpha Digital Fund, enabling USD-denominated investors to gain long Bitcoin exposure alongside alpha generation.
• KDDI Corporation (Joint Venture)flagshipStrategic or Co-development Partner · 13 May 2026Joint venture 'au Coincheck Digital Assets, Inc.' established with KDDI majority ownership at 50.1%, to develop blockchain-based financial services including a non-custodial digital asset wallet planned for summer 2026 targeting KDDI's 30 million au brand users.
• ScotiabankstrategicStrategic or Co-development Partner · 4 March 20263iQ partnered with Scotiabank, one of Canada's top-five banks by assets, to add multi-crypto ETF (ticker DXMC) to Scotiabank's product offering via 3iQ as sub advisor. The fund offers exposure to Bitcoin, Ethereum, Solana and XRP.
• 3iQ Corp.coreStrategic or Co-development Partner · 28 February 2026Coincheck Group acquired approximately 99.8% beneficial ownership of 3iQ Corp., one of the world's leading alternative digital asset managers based in Ontario, Canada. 3iQ operates the world's first Digital Assets Managed Account Platform (QMAP) and launched the world's first Bitcoin ETF on a major global stock exchange.
• Aplo SAScoreStrategic or Co-development Partner · 15 October 2025Coincheck completed acquisition of Aplo SAS, a French digital asset prime brokerage serving over 60 institutional clients including hedge funds, banks, and asset managers. Aplo provides institutional-grade trading and liquidity access platform and custody services.
• Next Finance Tech Co., Ltd.coreStrategic or Co-development Partner · 14 March 2025Coincheck Group acquired Next Finance Tech Co., Ltd., a blockchain infrastructure company providing staking services to corporate clients and retail customers globally, utilizing node operator expertise to provide crypto asset management systems.
• MynaWallet, Inc.minorStrategic or Co-development PartnerCoincheck Group has an investment in MynaWallet, Inc., which develops wallet systems enabling users to send/receive digital assets and verify ownership by tapping My Number Card without pre-installing applications, targeting Japan's 100 million My Number Card holders.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• bitbank: Japanese JFSA-licensed crypto exchange serving retail and professional traders. Directly comparable as a domestic competitor competing for the same Japanese retail crypto customer that drives 98-99% of Coincheck's revenue.
• Galaxy Digital Holdings: Public crypto financial services firm offering institutional trading, asset management, and staking/infrastructure. Closely comparable to the combined Coincheck/Aplo/3iQ/Next Finance Tech stack of institutional prime brokerage, regulated funds, and staking services.
• Bullish (Bullish Global): Institutional-focused crypto exchange serving professional traders and institutions with deep liquidity. Comparable to the institutional side of Coincheck's business (Aplo prime brokerage) for hedge funds, asset managers, and banks.
• Kraken: Global crypto exchange offering spot trading, staking, and institutional services. Directly comparable as a multi-product crypto platform serving both retail and institutional clients, though private and more globally distributed.
• Coinbase Global: Largest US-listed crypto exchange offering spot trading, staking, custody, and institutional prime brokerage. Most directly comparable to Coincheck on product breadth (retail exchange + institutional services) and on being a publicly traded crypto platform with regulatory licensing.
• Robinhood Markets: US-listed retail trading platform with a rapidly growing crypto offering. Comparable as a publicly listed retail-first platform driving significant transaction-based revenue, similar to Coincheck's retail trading model.
• bitFlyer Holdings: One of Japan's largest regulated crypto exchanges, with JFSA licensing and significant retail market share. Closest Japanese competitor and most directly comparable on geography, regulatory regime, and retail customer base.

Broad incumbents

• Bakkt Holdings: Public digital asset platform offering custody, trading, and institutional services. Comparable on the regulated institutional infrastructure side (custody, prime brokerage), overlapping with Aplo and 3iQ capabilities.
• Block Inc. Public fintech (Cash App, Square) with a meaningful Bitcoin retail trading and self-custody business. Comparable on the retail crypto distribution side, though broader and more diversified across payments and seller tools.

Regional players

• SBI VC Trade (SBI Holdings): Japanese JFSA-regulated crypto exchange operated by SBI Holdings, one of Japan's largest financial conglomerates. Comparable as a domestic regulated competitor with similar institutional backing, targeting the same Japanese retail crypto market.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/coincheckgroup

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Coincheck Group