Filed by Coincheck Group B.V.

pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: Thunder Bridge Capital Partners IV, Inc.

(Commission File No.: 001-40555)

Date: November 15, 2024

 

1 CÈó›ÁŽ›Ø ɸɶɸɺ 0Âó›ÜãÈØ V؛ܛÂã‚ã¯ÈÂ

 

 

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3 ȯ­›¹ʍ 0ʒ Ió›Øó¯›ô M i ss i o n : t o i n c r ea s e t h e a cc e ss i b i l i t y o f n e w f o r m s o f i n v e s t i n g a nd c o mm e r c e f o r o u r h i g h l y - e n g a g e d customer base • =›‚•¯Â© 9‚Ղ›ܛ ØöÕãÈ ›õ­‚©› ÈÁÕ‚Âö • I՛؂ã›Ü È› Ȩ ã­› ¼‚Ø©›Üã •ÈÁ›Ü㯐 Áç¼ã¯ ʣ ØöÕãȐçØ؛ö Á‚ع›ãÕ¼‚›Ü ‚•ØöÕãÈ ‚Üܛ㠛õ­‚©›Ü ¯Â 9‚Õ‚Â • ]›Øó¯›Ü ÜçÕÕÈØã¯Â© ɹɶ ØöÕãȐçØ؛ö ãȹ›ÂÜ ‚ØÈÜÜ ÈçØ B‚ع›ãÕ¼‚› ‚• õ­‚©› Õ¼‚ã¨ÈØÁÜ ¨ÈØ ãØ‚•¯Â© ‚• çÜãÈ•öʍ ‚Ü ô›¼¼ ‚Ü Èã­›Ø ØöÕãÈ ‚ã¯ó¯ã¯›Ü ¯Â¼ç•¯Â© 0¯㯂¼õ­‚©› I¨¨›Ø¯Â©Ü ʞ0IÜʟ ‚• C(dÜ • Y›©¯Üã›Ø›• ØöÕãÈ ‚Üܛ㠛õ­‚©› Ü›Ø󯐛 ÕØÈó¯•›Ø ô¯ã­ ã­› (¯Â‚¯‚¼ ]›Øó¯›Ü ©›Âö Ȩ 9‚Õ‚Â ʞ9(]ʟ • ]çŽÜ¯•¯‚Øö Ȩ BÈ›õ *ØÈçÕʍ ‚ •¯ó›Øܯ¨¯›• ¨¯Â‚¯‚¼ Ü›Øó¯›Ü ÈÁÕ‚Âö Õ玼¯¼ö ¼¯Ü㛕 È 㭛 dȹöÈ ]ãȐ¹ õ­‚©› =›‚•¯Â© 9‚Ղ›ܛ ØöÕãÈ Žçܯ›ÜÜ ¯Â ÕØȐ›ÜÜ È¨ ¼¯Üã¯Â© Õ玼¯¼ö ¯Â ã­› hʒ]ʒ Who is C o i n c h e c k Process Update Coincheck is undergoing a business combination with Thunder Bridge Capital Partners IV (“Thunder Bridge”) to become publicly listed in the United States • ÂÂÈ琛• Žçܯ›ÜÜ ÈÁŽ¯Â‚ã¯È ô¯ã­ ÜÕ›¯‚¼ ÕçØÕÈÜ› ‚×ç¯Ü¯ã¯È ÈÁÕ‚Âö ʞ]Vʟd­ç•›Ø د•©› ¯Â B‚ؐ­ ɸɶɸɸ ãÈ ¼¯Üã Õ玼¯¼ö È 㭛 C‚Ü•‚× • 0Âã›Â• ãÈ çÜ› Õ玼¯ ¼¯Üã¯Â© ãÈ ‚›ÜÜ ©¼ÈŽ‚¼ ¯Âó›ÜãÈØ Ž‚Ü› ‚• çÜ› Õ玼¯ ÜãȐ¹ ‚Ü ‚×ç¯Ü¯ã¯È çØ؛ö • Y›©¯ÜãØ‚ã¯È ]ã‚ã›Á›Âã È (ÈØÁ ( ʣ ɺ Ž›‚Á› ›¨¨›ã¯ó› Ȩ CÈó›ÁŽ›Ø ɷɸ ã­ ʍ ɸɶɸɺ • ]­‚Ø›­È¼•›Ø óÈã› ¯Ü ܐ­›•ç¼›• ¨ÈØ ››ÁŽ›Ø ɻ ã­ ʍ ɸɶɸɺ • õã›Â•›• Èçãܯ•› •‚ã› ¨ÈØã›ØÁ¯Â‚ã¯È •‚㛠Ȩ çܯ›ÜÜ ÈÁŽ¯Â‚ã¯È ©Ø››Á›Âã ô¯ã­d­ç•›Ø د•©› ãÈ 9‚Âç‚Øö ɸ • ɸɶɸɻ

 

 

4 I› Ȩ ã­› =‚Ø©›Üã ØöÕãÈ V¼‚ã¨ÈØÁÜ ¯Â 9‚Õ‚Â d­› ȯ­›¹ IÕÕÈØãç¯ãö Providing Japanese Customers & Institutions with Direct Access to the Global Crypto Economy Sou rc e : C ompa ny fi l in g s Note: Figures in JPY converted to USD based on exchange rate of 0.006607 as of 3/31/2024; Coincheck FY ended 3/31, Q'1 25 based on the 3 - month period ended June 30, 2024; 1 As of Jun - 2024; Does not include NFTs; 2 LTM figures represent 12 months ended Jun - 2024; Does not include NFTs; 3 Coincheck is also known as the Crypto Asset segment in Monex filings; 4 Represents J - GAAP accounting of customer assets which is calculated as the sum of crypto currencies deposited by customers and fiat currency deposited by customers; 5 EBITDA is a non - IFRS metric. Please refer to slide 17 for a reconciliation to its most comparable IFRS metric Broad Product Set x ›•¯‚㛕 ØöÕãÈ›õ­‚©› ¨ÈØ Ø›ã‚¯¼ çÜãÈÁ›ØÜ x dØ‚•¯Â© Õ¼‚ã¨ÈØÁ¨ÈØ ÕØȨ›ÜܯÈ‚¼ ãØ‚•›ØÜ x C(d Á‚ع›ãÕ¼‚› x YÈŽçÜã ÜÕØ›‚• ʣ Ž‚Ü›• Žçܯ›ÜÜ ÁÈ•›¼ ô¯ã­ ÕÈã›Â㯂¼ ¨ÈØ ­¯©­ ¯ÂØ›Á›Âゼ ÕØȨ¯ã‚Ž¯¼¯ãö x d­ÈØÈç©­ ö›ã Ü›‚Á¼›ÜÜ :y ‚• B= ÕØȐ›•çØ›Ü ‚• ÈÂŽÈ‚Ø•¯Â© Strong track record of growth and “first crypto account” status 2.0M+ accounts 1 30 supported cryp t o ass e ts 1 $4.9B custome r ass e t s 1, 4 $1.8B L T M Q’ 1 2 5 M a rketpla c e trading value 2 27% F Y 2 4 YoY rev en u e growth 3 $30mm LT M Q’ 1 2 5 EB I T D A 2 , 5

 

 

5 w›¼¼ ʣ VÈܯã¯È›• ¯Â ‚ =‚Ø©› ‚• Y‚Õ¯•¼ö *ØÈô¯Â© B‚ع›ã Üã‚Ž¼¯Ü­›• =›‚•›Ø I՛؂ã¯Â© ‚ã ]‚¼› ¯Â 9‚Õ‚ÂʭÜ .¯©­¼ö Y›©ç¼‚㛕 B‚ع›ã .¯©­¼ö ʣ ©‚©›• çÜãÈÁ›Ø ‚Ü› dØ‚¹ Y›ÈØ• Ȩ ÈÂã¯Â盕 0ÂÂÈó‚ã¯È ˬ =›‚•›ØÜ­¯Õ ]¯©Â¯¨¯‚Âã *ØÈôã­ VÈã›Â㯂¼ ã­ØÈç©­ VØÈ•çã ˬ 0Âã›Ø‚ã¯È‚¼ õÕ‚ÂܯÈ ]ãØÈ© B‚‚©›Á›Âã d›‚Á ãÈ ]çÕÕÈØã Y›©¯È‚¼ ˬ *¼ÈŽ‚¼ *ØÈôã­ YÈŽçÜã (¯Â‚¯‚¼ BÈ•›¼ ô¯ã­ VÈã›Â㯂¼ ¨ÈØ .¯©­ 0؛Á›Âゼ VØȨ¯ã‚Ž¯¼¯ãö ÈÂãØȼ¼›• õÕ›ÂÜ›Ü ‚ •¸çÜã ‚Ü›• È B‚ع›ã È•¯ã¯ÈÂÜ È¯Â­›¹ ¯Ü ‚ ÈÁÕ›¼¼¯Â© ¯©¯ã‚¼ ÜÜ›ã V¼‚ã¨ÈØÁ

 

 

6 =‚Ø©› ‚• ããØ‚ã¯ó› B‚ع›ã ¯Â ‚ؼö ]ã‚©›Ü Ȩ •ÈÕã¯È x 9 ‚ Õ ‚  ¯ Ü ã­ › 4 t h l a r g e s t g l o b a l e c o n o m y ʞ˚ɺʒɸã *Vʟ ɻ ʍ ô¯ã­ ‚ ©ØÈô¯Â© ‚• ¯ÂØ›‚ܯ©¼ö ÜÈÕ­¯Ü㯐‚㛕 ç¯ó›ØÜ› Ȩ ¯Âó›ÜãÈØÜ Ü››¹¯Â© ô›‚¼ã­ ©›Â›Ø‚ã¯È ÈÕÕÈØãçÂ¯ã¯›Ü x I¼ö ɽʒɽ˩ ɸ Ȩ 9‚Ղ›ܛ ÕÈÕ缂ã¯È ÈôÂÜ ØöÕãÈ ʞóÜʒ ɷɽ˩ ɼ Ȩ h] ÕÈÕ缂ã¯ÈÂʟʍ Ø›¨¼›ã¯Â© ã­› nascency Ȩ ã­› 9‚Ղ›ܛ Á‚ع›ã x w›¼¼ ÕÈܯã¯È›• ãÈ Ü›Ø󯐛 ‚ ¼‚Ø©›¼ö ç•›ØÜ›Øó›• ¼È‚¼ institutional investor base x 9‚Õ‚ÂʭÜ thoughtful crypto regulation ÁÈ•›¼ ¯Ü •›Ü¯©Â›• ‚ØÈç• ÕØÈ㛐ã¯Â© ã­› ÈÂÜçÁ›Ø Crypto Penetration in Japan Massive Untapped Market Opportunity Japan Germany United Kingdom China United States Source: Statistics Bureau of Japan; Japan Virtual and Crypto assets Exchange Association; The 2022 Geography of Cryptocurrency Report: Analysis of Geographic Trends in Cryptocurrency Adoption and Usage by Chainalysis, September 2022; Morning Consult; Associated Press Note: 1 As of Mar - 2024; 2 As of Mar - 2024, according to data from the JVCEA; 3 As of Jun - 2024; Does not include NFTs ; 4 Index of crypto adoption determined by rating 146 countries’ peer - to - peer exchange trade volume and on - chain cryptocurrency and retail value received at centralized exchanges and from DeFi protocols from 0 (lowest rank) to 1 (highest rank) by Chainalysis in September 2022; 5 Per Associated Press February 2024 article titled “Japan slips into a recession and loses its spot as the world’s third - largest economy” as of end of 2023; 6 As of January 2024, according to Morning Consult 9.9M 2 124M 1 J a p a n P o p u l a t i o n J a p a n C r y p t o C o mm un i t y ~ 2 . 1 M 3 C o i n c h e c k U s e r B a s e C r y p t o Ad op t i on b y Ma rke t S n ap s h o t 4 Today, Japan’s digital asset adoption is relatively low, representing an opportunity to ‘catch - up’ to countries of similar economic size 0.339 0.387 0.473 0.535 0.653

 

 

Stablecoins (u s e d f or p a ym e nts ) Tra v e l rule Lic e n si n g / R e gist ratio n R e g ul a tor y fram e w o r k Jurisdiction 0•¯‚ 0ゼö =‚ãó¯‚ =çõ›ÁŽÈçØ© B‚¼ã‚ B‚çدã¯çÜ CÈØô‚ö Vȼ‚• VÈØãç©‚¼ X‚ã‚Ø ]¯Â©‚ÕÈØ› ]¼È󂹯‚ ]Èçã­ ¨Ø¯‚ ]ô¯ãú›Ø¼‚• d‚¯ô‚ 7 dçع›ö h¯㛕 Ø‚Ž Á¯Ø‚ã›Ü Stablecoins (u s e d f or p a ym e nts ) Tra v e l rule Lic e n si n g / R e gist ratio n R e g ul a tor y fram e w o r k Jurisdiction Japan h¯㛕 ]ã‚ã›Ü h¯㛕 :¯Â©•ÈÁ çÜãØ‚¼¯‚ çÜãد‚ ‚­‚Á‚Ü ‚­Ø‚¯Â ‚‚•‚ ‚öÁ‚ 0ܼ‚奆 ›ÂÁ‚ع Üãȯ‚ (؂› *›ØÁ‚Âö *¯ŽØ‚¼ã‚Ø .È© :È© .ç©‚Øö 9‚Õ‚Â ]ã‚奆 Içã ‚Ü ‚ B‚ع›ã ¨ÈØ ØöÕãÈ ã¯ó¯ãö =›©¯Ü¼‚ã¯È ʘ Y›©ç¼‚ã¯È ¯Â Õ¼‚› ã¯ó› Ø›©ç¼‚ãÈØö ›Â © ‚©›Á›Âã Y›©ç¼‚ãÈØö ÕØȐ›ÜÜ ÂÈ㠯¯㯂㛕 Source: PwC Global Crypto Regulation Report 2024 Note: Regulatory assessment is based on the analysis undertaken by individual PwC member firms ØöÕãÈ Ø›©ç¼‚ã¯È ‚ã ‚ ©¼‚›

 

 

8 =›‚•›Ø ¯Â 9‚Õ‚ÂʭÜ .¯©­¼ö Y›©ç¼‚㛕 B‚ع›ã ȯ­›¹ ¯Ü ‚ ܐ‚ؐ› ‚ÜÜ›ãʍ È՛؂ã¯Â© ‚ã ܐ‚¼› =›‚•¯Â© 9‚Ղ›ܛ ØöÕãÈ ‚ÕÕ ]­‚Ø› Ȩ 9‚Õ‚Â Á‚ع›ã ʞŽö ‚ÈçÂãÜʟ ɷ Strong market share driven by trusted and recognized brand, robust relative product offering, and strong customer experience Source: AppTweak; Japan Virtual and Crypto assets Exchange Association Note: Figures are approximate based on rounding; 1 As of Jun - 2024; 2 Based on downloads among Japanese crypto asset exchange apps between 2019 - 2023; 3 As of June. 30, 2024 ■ ȯ­›¹ ˛ Iã­›Ø 9‚Ղ›ܛ ›õ­‚©›Ü 2 0% 8 0% 10.4M No . 1 do m e s t i c m a r k e t s ha r e fo r 5 c on s e c u t i v e y ear s 2 6 . 5 1 m illi o n d o w n l o a ds 3

 

 

9 19% 3 4 % 2 7% 14 % 6% .¯©­¼ö ʣ ©‚©›• çÜãÈÁ›Ø ‚Ü› Coincheck’s platform strongly aligns with its user base, offering products and services that cater towards a young demographic Note: Figures are approximate based on rounding; 1 As of Jun - 2024 ˛ ɸɶÜ ˬ ç•›Ø ˛ ɹɶÜ ˛ ɺɶÜ ˛ ɻɶÜ ˛ ɼɶÜ ˬ Èó›Ø Users by Age 1 Customer - Centric Product Strategy ȯ­›¹ʭÜ ÕØÈ•çã ‚• Žçܯ›ÜÜ Üã؂㛩ö ¯Ü ¯Â¨ÈØÁ›• Žö ¯ãÜ çÜãÈÁ›Ø •›ÁÈ©Ø‚Õ­¯Üʍ ô¯ã­ ŽØÈ‚• ãȹ›Â Èó›Ø‚©›ʍ C(d ÜçÕÕÈØãʍ ‚•w›Žɹ ‚¼¼ ‚ÕÕ›‚¼¯Â© ãÈ Á¯¼¼›Â¯‚¼ ‚• ¼‚ã›Ø ©›Â›Ø‚ã¯ÈÂÜ x ›•¯‚㛕 C(d Á‚ع›ãÕ¼‚› x õÕÈÜçØ› ãÈ Ø›©ç¼‚㛕 •¯©¯ã‚¼ ‚ÜÜ›ãÜ x BÈŽ¯¼› ʣ ‚ã¯ó› çÜ›Ø ¯Âã›Ø¨‚› ʞ‚ÕÕʟ x ]›‚Á¼›ÜÜ :y ÈÂŽÈ‚Ø•¯Â© ó¯‚ ÁÈŽ¯¼› ‚ÕÕ 50%+ of users are in their 30s and younger 1

 

 

10 IçØ Y›ó›Âç› BÈ•›¼ Sou rc e : C ompa ny fi l in g s Note: Figures in JPY converted to USD based on exchange rate of 0.006607 as of 3/31/2024; All figures for Coincheck FY24, being the 12 months ended 3/31/2024 T r ansa c t i on Revenue 92.5% of Total Revenue Transaction Volume (Marketplace) Sp r ead 3.42% Av e r ag e Spre a d $1.5B Total FY24 Volume X Total Revenue Non - Transaction Revenue NFTs Initial Exchange Offering Wholesale services Cryptocurrency subscriptions Deposit and Withdrawal Fees (Crypto + Fiat) 7.5% of Total Revenue

 

 

11 ˚ ɿɺ ʒɿ ˚ɸɹʒɹ ˚ɻʒɻ ʞ˚ɸʒɺʟ FY23 FY24 Q'1 25 ˚ɸʒɿ ˚ɹʒɾ ˚ɷʒɶ ˚ɷʒɻ ˚ɶʒɻ F Y 21 F Y 22 F Y 23 F Y 24 Q'1 25 ˚ɹʍɺɼɻʒɷ ˚ɷʍɷ ɼɿ ʒɶ ˚ɷʍɺɾɶʒɺ ˚ɺɿɽʒɻ F Y 21 F Y 22 F Y 23 F Y 24 Q '1 25 F Y 22 Y›ó›Âç› ʞ˚Bʟ ‚• yÈy ˩ ©ØÈôã­ ɷʍ ɸ +32% (74% ) +27% ˚ɺʍɻɼɻʒɻ YÈŽçÜã (¯Â‚¯‚¼ BÈ•›¼ ô¯ã­ .¯©­ 0؛Á›Âゼ VØȨ¯ã‚Ž¯¼¯ãö dØ‚¹ Ø›ÈØ• Ȩ ÜãØÈ© ‚ÈçÂã ©ØÈôã­ ‚• ‚Ž¯¼¯ãö ãÈ Á‚‚©› ›õÕ›ÂÜ›Ü ãÈ •Ø¯ó› ÕØȨ¯ã‚Ž¯¼¯ãö CçÁŽ›Ø Ȩ ‚ÈçÂãÜ ʞBʟ ‚• yÈy ˩ ©ØÈôã­ ɷ B‚ع›ãÕ¼‚› dØ‚•¯Â© tȼçÁ› ʞ˚ʟ ɷ 0d ʞ˚Bʟ ɷʍ ɹ Source: Company filings; Company information Note: Figures in JPY converted to USD based on exchange rate of 0.006607 as of 3/31/2024; Revenue growth rates reflect YoY % growth in JPY; Coincheck FY ended 3/31; Figures for Q1’25 (excluding number of accounts) are calculated based on the 3 - month accounting period from April to June 2024; 1 As of end of Coincheck FY ended 3/31; Figures for Q’1 25 (excluding Number of accounts) are calculated based on the 3 - month accounting period from April to June 2024. 2 Coincheck is also known as the Crypto Asset segment in Monex filings; 3 EBITDA is a non - IFRS metric. Please refer to slide 17 for a reconciliation to its most comparable IFRS metric ɷʒɸ ɷʒɼ ɷʒɾ F Y 21 F Y 22 F Y 23 F Y 24 Q'1 25 + 3 4 % + 1 1 % + 1 0 % ɸʒɶ + 4 % ɸʒɷ

 

 

12 1 0 0 0 0 1 11 10 13 4 1 1 1 1 1 1 7 5 6 9 8 17 20 8 8 45 7 7 7 7 3 3 2 3 2 4 6 2 1 3 3 21 18 24 23 20 31 31 64 63 23 110 127 81 46 57 55 39 35 27 25 21 43 ɶ ɸɶ ɺɶ ɼɶ ɾɶ ɷ ɶ ɶ ɷɸɶ ˚ ɷɺɶ ɶ ɻ ɷɶ ɷɻ ɸɶ ɸɻ ɹɶ ɹɻ ɺɶ ɺɻ ˚ Á Á ɻɶ ÕØʒ ʣ 9çÂʒ 9ç¼ʒ ʣ ]›Õʒ Iãʒ ʣ ›ʒ 9‚Âʒ ʣ B‚Øʒ ÕØʒ ʣ 9çÂʒ 9ç¼ʒ ʣ ]›Õʒ Iãʒ ʣ ›ʒ 9‚Âʒ ʣ B‚Øʒ ÕØʒ ʣ 9çÂʒ 9ç¼ʒ ʣ ]›Õʒ Iãʒ ʣ ›ʒ 9‚Âʒ ʣ B‚Øʒ ÕØʒ ʣ 9çÂʒ 9ç¼ʒ ʣ ]›Õʒ Iãʒ ʣ ›ʒ 9‚Âʒ ʣ B‚Øʒ ÕØʒ ʣ 9çÂʒ 9ç¼ʒ ʣ ]›Õʒ Iãʒ ʣ ›ʒ 9‚Âʒ ʣ B‚Øʒ ÕØʒ ʡ 9çÂʒ ɸɶɷɿ ɸɶɸɶ ɸɶɸɷ ɸɶɸɸ ɸɶɸɹ ɸɶɸɺ Marketing costs for customer acquisition (bar chart, left axis) 1 Revenue generated from the users who completed KYC process during each quarter (bar chart, left axis) 2 Cost per acquisition (line chart, right axis) ÈÂãØȼ¼›• õÕ›ÂÜ›Ü ‚ •¸çÜã ‚Ü›• È B‚ع›ã È•¯ã¯ÈÂÜ Source: Company information; Messari Note: Figures in JPY converted to USD based on exchange rate of 0.006607 as of 3/31/2024; Coincheck FY ended 3/31; 1 Marketing costs for customer acquisition represents total advertising and promotion expenses; 2 Cost per acquisition calculated by dividing the marketing costs for customer acquisition by number of new verified users during the quarter Y›ó›Âç› Â• dÈゼ B‚ع›ã¯Â© ÈÜãÜ (ÈØ çÜãÈÁ›Ø ×ç¯Ü¯ã¯È ʞB‚ع›ãÕ¼‚› V¼‚ã¨ÈØÁʟ ȯ­›¹ ‚•¸çÜãÜ Á‚ع›ã¯Â©›õÕ›ÂÜ› Ž‚Ü›• È 㭛 Á‚ع›ã ›Âó¯ØÈÂÁ›Âãʍ ô­¯¼› Á‚¯Âク¯© ‚Ž¯¼¯ãö ãÈ ‚ããØ‚ã ­¯©­ ×炼¯ãö çÜãÈÁ›ØÜ

 

 

13 IçØ *ØÈôã­ ]ã؂㛩ö Solidify position as leading Japanese crypto exchange and deepen market penetration Advance the growth of the crypto ecosystem in both Japan and globally with growth in non - transaction - based offerings (e.g., IEOs, subscriptions) Introduce new digital asset - based products and capabilities, such as asset management Capitalize on longer - term Japanese institution opportunity in crypto by leveraging trusted brand Pursue strategically accretive investments and acquisitions in domestic exchange market and emerging crypto / blockchain technologies

 

 

14 çܯ›ÜÜ hÕ•‚㛠ȯ­›¹ ÈÂã¯Âç›Ü ãÈ ‚ããØ‚ã çÜãÈÁ›ØÜ ‚Ü ‚ ØöÕãÈ ‚ÜÜ›ãÜ ãØ‚•¯Â© Õ¼‚ã¨ÈØÁ ¯Â 9‚Ղ ȯ­›¹ Üã‚Ø㛕 ‚¯Ø¯Â© dt ÈÁÁ›Ø¯‚¼Ü È B‚ö ɿʍ ɸɶɸɺ ãÈ ‚×ç¯Ø› ›ô çÜãÈÁ›ØÜ ‚• ¨ÈÜã›Ø ¯ãÜ ŽØ‚• ‚ô‚؛›ÜÜʒ 2.0M+ accounts ( + 79 K Q o Q ) =›‚•¯Â© Á‚ع›ã Ü­‚Ø› ô¯ã­ ‚ÕÕØÈõ¯Á‚㛼ö ɸɶ˩ ɷ Ü­‚Ø› Ȩ ó›Ø¯¨¯›• ‚ÈçÂãÜ CçÁŽ›ØȨ ãȹ›ÂÜ ÜçÕÕÈØ㛕 ‚ØÈÜÜ ÈçØ B‚ع›ãÕ¼‚› ‚• õ­‚©› Õ¼‚ã¨ÈØÁÜ ¨ÈØ ãØ‚•¯Â© ‚• çÜãÈ•ö 30 coins 1 dt ÈÁÁ›Ø¯‚¼Ü ȯ­›¹ ÁÈŽ¯¼› ‚ÕÕ È¯Â­›¹ ¨ÈØ çܯ›ÜÜ È¯Â­›¹ ­‚Ü ‚ ©ØÈô¯Â© Üç¯ã› Ȩ ¯ÂÜã¯ãçã¯È‚¼ Ȩ¨›Ø¯Â©Üʍ ÂÈã‚Ž¼ö 0¯㯂¼ õ­‚©› I¨¨›Ø¯Â©Ü ʞ0IÜʟʌ x 0 ÈÁÕ¼¯‚› ô¯ã­ ©ç¯•›¼¯Â›Ü •›ó›¼ÈÕ›• Žö ã­› 9tʍ ô› È•çã›• ã­› ¨¯ØÜã ‚ÕÕØÈó›• 0I¯Â 9‚Õ‚Âʍ ô­¯­ ɼɹʍɾɻɹ çÜ›ØÜ ‚ÕÕ¼¯›• ãÈ ‚• ô‚Ü Èó›ØÜçŽÜØ¯Ž›• Žö ɸɺ ã¯Á›Üʒ x Iã­›Ø ›õ‚ÁÕ¼›Ü Ȩ 0IÜ ô› ­‚ó› ¨‚¯¼¯ã‚㛕 ¯Â¼ç•›Ø¯¼¼¯‚ÂãØöÕãÈʍ ‚ *‚Á›(¯ Žçܯ›ÜÜ ã­‚ã ç㯼¯ú›Ü Ž¼È¹­‚¯Â 㛐­Âȼȩöʍ ‚• (‚ÂÕ¼‚ʍ ‚ ¨‚ ¼çŽ ÜȐ¯‚¼ Õ¼‚ã¨ÈØÁʒ Sou rc e : JV C EA Note: ¹ As of Jun - 2024; QoQ increase reflects change from number of verified accounts as of Mar - 24 to Jun - 24

 

 

15 ]¯©Â¯¨¯‚Âã V¯¹ ʣ çÕ ¯Â ØöÕãÈ B‚ع›ã Âó¯ØÈÂÁ›Âã d Vد› óȼçã¯È Èó›Ø ã­› V‚Üã ɷɸ BÈÂã­Ü ɷ Source: Company filings, news articles, FactSet Note: As of November 11, 2024; 1 CoinMarketCap as of November 11, 2024 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 No v - 2 3 Ja n - 2 4 M a r - 2 4 M a y - 2 4 Jul - 24 S ep - 2 4 No v - 2 4 B it c o in +137% $88,728 J anua r y 202 4 : Bitcoin ETF Approval May 20 2 4: Et h e r E T F Approval No v ember 2024: U.S. Election Y››Âã B‚ع›ã ]›Âã¯Á›Âã “Time for Crypto to Put the Pedal to the Floor – Trump's victory presents a unique opportunity to reshape regulation and ensure no future SEC Chair can hamstring the industry again.” Coindesk 11/12/2024 “Bitcoin Price Sets Another Record as Post - Election Rally Continues” New York Times 11/11/2024 “The Crypto World Is Preparing for a Renaissance Under Trump” Wall Street Journal 11/10/2024 “Bitcoin Hits Another Record High in ‘Undeniable Bull Market ’ – President - elect Trump’s crypto ardor is energizing the market; digital - asset traders predict a friendlier regulatory backdrop.” Bloomberg 11/10/2024

 

 

16 Õ՛•¯õ

 

 

17 0d Y›È¯¼¯‚ã¯È LTM Q’1 25 Q’1 25 FY24 FY23 FY22 ($M) $17.7 $2.9 $13.0 ($3.7) $64.7 C›ã VØȨ¯ã ʞ=ÈÜÜʟ 8.0 1.4 5.8 (1.9) 27.2 ʞ˟ʟ 0ÈÁ› d‚õ õÕ›ÂÜ›Ü ʞ›Â›¨¯ãÜʟ 25.6 4.3 18.8 (5.6) 92.0 VØȨ¯ã ʞ=ÈÜÜʟ Ž›¨ÈØ› 0ÈÁ› d‚õ›Ü 0.1 0.0 0.0 0.0 0.0 ʞ˟ʟ 0Âã›Ø›Üã õÕ›ÂÜ› 4.7 1.2 4.5 3.2 3.0 ʞ˟ʟ ›ÕØ›¯‚ã¯È ˬ ÁÈØã¯ú‚ã¯È $30.4 $5.5 $23.3 ($2.4) $94.9 0d Source: Company filings; Company information Note: Figures in JPY converted to USD based on exchange rate of 0.006607 as of 3/31/2024; Coincheck FY ended 3/31

 

 

18 È‚Ø• Ȩ ¯Ø›ãÈØÜ ‚• 0ÈÁ¯Â© :›ö B‚‚©›Á›Âã d›‚Á

 


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