Coincheck Group N.V.
CNCK, CNCKW · Finance Services · EDGAR filings ↗
Grade
D51Leading Japanese crypto exchange with strong revenue growth but a net loss and earnings highly levered to volatile crypto prices.
Strengths
- Revenue +73% (78th pct) and long cash runway (16.4 quarters, 82nd pct); ~25% Japan trading-volume share
- Low leverage (D/E 0.07); adjusted EBITDA positive excluding business-combination costs
Risks
- Net loss for the year (ROE -1.33, 14th pct); ~99.6% of revenue from volatile crypto transaction fees
- Earnings swing with Bitcoin price cycles — inherently unstable period-to-period
- Cybersecurity/custody risk and concentration in Japanese retail customers
Notable findings
- Net lossNet loss (net margin -3.7%)
- Cash burnNegative free cash flow (-14.0M)
- Customer concentration~100% of revenue from one customer/distributor — 6% and 99
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
3.5%
Net margin
-3.7%
Return on equity
-133.3%
Return on assets
-12.8%
Revenue growth (QoQ)
-5.6%
Net-income growth
-839.2%
Debt / equity
0.1×
Current ratio
1.1×
Free cash flow
-$14M
Tangible book value
$72M
Cash & investments
$57M
Cash runway
16q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-15 | St.-Jean Pascal | Grant | 711K | — |
| 2026-04-20 | STONE MARC J | Option exercise | 2.6K | — |
| 2026-04-20 | Sandberg Jason | Option exercise | 2.9K | — |
| 2026-04-20 | Nakagawa Yo | Option exercise | 5.8K | — |
| 2026-04-20 | Katsuya Toshihiko | Option exercise | 1.7K | — |
| 2026-04-20 | Hasuo Satoshi | Option exercise | 2.9K | — |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-07-30 | 2025-03-31 | 0001628280-25-036727 ↗ |
| 20-F | 2024-12-16 | 2024-12-10 | 0001213900-24-109398 ↗ |