Form 425 - Prospectuses and communications, business combinations
November 15 2024 - 1:55PM
Edgar (US Regulatory)
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
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3 ȯ¹ʍ
0Âʒ IóØó¯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©
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ʣ ØöÕãÈçØØÂö ÁعãÕ¼Ü
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I¨¨Ø¯Â©Ü ʞ0IÜʟ  C(dÜ •
Y©¯ÜãØ ØöÕãÈ ÜÜã
õ© ÜØó¯ ÕØÈó¯Ø
ô¯ã ã (¯Â¯¼ ]Øó¯Ü
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Ȩ BÈÂõ *ØÈçÕʍ ¯óØܯ¨¯
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dȹöÈ ]ãȹ õ© =¯Â©
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¯Â ÕØÈÜÜ È¨ ¼¯Üã¯Â©
Õ缯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 • ÂÂÈç çܯÂÜÜ
ÈÁ¯Âã¯È ô¯ã ÜÕ¯¼
ÕçØÕÈÜ ×ç¯Ü¯ã¯È ÈÁÕÂö
ʞ]VʟdçÂØ Ø¯© ¯Â
BØ ɸɶɸɸ ãÈ ¼¯Üã Õ缯¼ö
È ã CÜ× • 0Âã ãÈ
çÜ Õ缯 ¼¯Üã¯Â© ãÈ
ÜÜ ©¼È¼ ¯ÂóÜãÈØ
Ü Â çÜ Õ缯 Üãȹ
Ü ×ç¯Ü¯ã¯È çØØÂö
• Y©¯ÜãØã¯È ]ããÁÂã
È (ÈØÁ ( ʣ ɺ Á ¨¨ã¯ó
Ȩ CÈóÁØ ɷɸ ã ʍ ɸɶɸɺ
• ]ØÈ¼Ø óÈã ¯Ü Üç¼
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• õã Èçãܯ ã
¨ÈØãØÁ¯Âã¯È ã Ȩ
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4 I Ȩ ã
=Ø©Üã ØöÕãÈ V¼ã¨ÈØÁÜ
¯Â 9Õ d ȯ¹ 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 ¯ã
ØöÕãÈõ© ¨ÈØ Ø㯼
çÜãÈÁØÜ x dد© Õ¼ã¨ÈØÁ¨ÈØ
ÕØȨÜܯȼ ãØØÜ x C(d
ÁعãÕ¼ x YÈçÜã ÜÕØ
ʣ Ü çܯÂÜÜ Áȼ
ô¯ã ÕÈãÂ㯼 ¨ÈØ ¯©
¯ÂØÁÂã¼ ÕØȨ¯ã¯¼¯ãö
x dÈØÈç© öã ÜÁ¼ÜÜ :y
 B= ÕØÈçØÜ Â
ÈÂÈد© 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 w¼¼ ʣ VÈܯã¯ÈÂ
¯Â =Ø©  YÕ¯¼ö *ØÈô¯Â©
Bعã Üã¼¯Ü =Ø
IÕØã¯Â© ã ]¼ ¯Â 9ÕÂʭÜ
.¯©¼ö Y©ç¼ã Bعã .¯©¼ö
ʣ ©© çÜãÈÁØ Ü dع
YÈØ È¨ ÈÂã¯Âç 0ÂÂÈóã¯ÈÂ
ˬ =ØÜ¯Õ ]¯©Â¯¨¯Âã
*ØÈôã VÈãÂ㯼 ãØÈç©
VØÈçã ˬ 0ÂãØÂã¯È¼
õÕÂܯÈ ]ãØÈ© B©ÁÂã
dÁ ãÈ ]çÕÕÈØã Y©¯È¼
ˬ *¼È¼ *ØÈôã YÈçÜã (¯Â¯¼
Bȼ ô¯ã VÈãÂ㯼 ¨ÈØ
.¯© 0ÂØÁÂã¼ VØȨ¯ã¯¼¯ãö
ÈÂãØȼ¼ õÕÂÜÜ Â
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ȯã¯ÈÂÜ È¯Â¹ ¯Ü
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V¼ã¨ÈØÁ
6 =Ø©  ããØã¯ó
Bع㠯 ؼö ]ã©Ü Ȩ
ÈÕã¯È x 9 Õ Â ¯ 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©  ¯ÂØܯ©¼ö
ÜÈÕ¯Üã¯ã ç¯óØÜ
Ȩ ¯ÂóÜãÈØÜ Ü¹¯Â©
ô¼ã ©ÂØã¯È ÈÕÕÈØãç¯ã¯Ü
x I¼ö ɽʒɽ˩ ɸ Ȩ 9ÕÂÜ ÕÈÕç¼ã¯ÈÂ
ÈôÂÜ ØöÕãÈ ʞóÜʒ ɷɽ˩ ɼ
Ȩ h] ÕÈÕç¼ã¯ÈÂʟʍ ب¼ã¯Â©
ã nascency Ȩ ã 9ÕÂÜ Áعã
x w¼¼ ÕÈܯã¯È ãÈ ÜØó¯
¼Ø©¼ö çÂØÜØó
¼È¼ institutional investor base x 9ÕÂʭÜ thoughtful crypto regulation
Áȼ ¯Ü ܯ©Â ØÈçÂ
ÕØÈãã¯Â© ã ÈÂÜçÁØ
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¯ 0ã¼ö =ãó¯
=çõÁÈçØ© B¼ã Bçدã¯çÜ CÈØôö
Vȼ VÈØã穼 XãØ ]¯Â©ÕÈØ
]¼Èó¹¯ ]Èç㠨د ]ô¯ãúؼÂ
d¯ô 7 dçعö h¯ã Ø Á¯ØãÜ
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¯ã ]ããÜ h¯ã :¯Â©ÈÁ
çÜãؼ¯ çÜãد ÁÜ
د  öÁ 0ܼÂÜ
ÂÁع Üãȯ (Ø *ØÁÂö
*¯Ø¼ãØ .È© :È© .ç©Øö 9ÕÂ
]ãÂÜ Içã Ü Bع㠨ÈØ
ØöÕãÈ ã¯ó¯ãö =©¯Ü¼ã¯ÈÂ
ʘ Y©ç¼ã¯È ¯Â Õ¼ ã¯ó
Ø©ç¼ãÈØö  © ©ÁÂã
Y©ç¼ãÈØö ÕØÈÜÜ ÂÈã
¯Â¯ã¯ã Source: PwC Global Crypto Regulation Report 2024 Note: Regulatory assessment is
based on the analysis undertaken by individual PwC member firms ØöÕãÈ Ø©ç¼ã¯ÈÂ
ã ©¼Â
8 =Ø ¯Â 9ÕÂʭÜ
.¯©¼ö Y©ç¼ã Bعã ȯ¹
¯Ü ÜØ ÜÜãʍ ÈÕØã¯Â©
ã ܼ =¯Â© 9ÕÂÜ
ØöÕãÈ ÕÕ ]Ø È¨ 9ÕÂ
Áعã ʞö 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 ■ ȯ¹
˛ IãØ 9ÕÂÜ 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
©© çÜãÈÁØ 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 çÂØ ˛ ɹɶÜ
˛ ɺɶÜ ˛ ɻɶÜ ˛ ɼɶÜ ˬ ÈóØ
Users by Age 1 Customer - Centric Product Strategy ȯ¹ʭÜ ÕØÈçã
 çܯÂÜÜ ÜãØã©ö
¯Ü ¯Â¨ÈØÁ ö ¯ãÜ çÜãÈÁØ
ÁÈ©ØÕ¯Üʍ ô¯ã ØÈ
ãȹ ÈóØ©ʍ C(d ÜçÕÕÈØãʍ
Âwɹ ¼¼ ÕÕ¼¯Â©
ãÈ Á¯¼¼Â¯¼  ¼ãØ
©ÂØã¯ÈÂÜ x ¯ã C(d
ÁعãÕ¼ x õÕÈÜçØ ãÈ
Ø©ç¼ã ¯©¯ã¼ ÜÜãÜ
x Bȯ¼ ʣ Âã¯ó çÜØ ¯Âãب
ʞÕÕʟ x ]Á¼ÜÜ :y ÈÂÈد©
ó¯ Áȯ¼ ÕÕ 50%+ of users are in their 30s and younger 1
10 IçØ YóÂç
Bȼ 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 YóÂç ʞ˚Bʟ Â
yÈy ˩ ©ØÈôã ɷʍ ɸ +32% (74% ) +27% ˚ɺʍɻɼɻʒɻ
YÈçÜã (¯Â¯¼ Bȼ ô¯ã
.¯© 0ÂØÁÂã¼ VØȨ¯ã¯¼¯ãö
dع ØÈØ È¨ ÜãØÈ© ÈçÂã
©ØÈôã  ¯¼¯ãö ãÈ
Á© õÕÂÜÜ ãÈ Ø¯ó
ÕØȨ¯ã¯¼¯ãö CçÁØ È¨
ÈçÂãÜ ʞBʟ  yÈy ˩ ©ØÈôã
ɷ BعãÕ¼ dد© 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 Iãʒ ʣ ʒ 9Âʒ
ʣ BØʒ ÕØʒ ʣ 9çÂʒ 9ç¼ʒ ʣ ]Õʒ
Iãʒ ʣ ʒ 9Âʒ ʣ BØʒ ÕØʒ
ʣ 9çÂʒ 9ç¼ʒ ʣ ]Õʒ Iãʒ ʣ ʒ
9Âʒ ʣ BØʒ ÕØʒ ʣ 9çÂʒ 9ç¼ʒ
ʣ ]Õʒ Iãʒ ʣ ʒ 9Âʒ ʣ BØʒ
ÕØʒ ʣ 9çÂʒ 9ç¼ʒ ʣ ]Õʒ Iãʒ
ʣ ʒ 9Âʒ ʣ BØʒ 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
õÕÂÜÜ Â ¸çÜã Ü
È Bعã ȯã¯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 YóÂç
 dÈã¼ Bعã¯Â© ÈÜãÜ
(ÈØ çÜãÈÁØ ×ç¯Ü¯ã¯ÈÂ
ʞBعãÕ¼ V¼ã¨ÈØÁʟ ȯ¹
¸çÜãÜ Áعã¯Â©õÕÂÜ
Ü È ã Áعã Âó¯ØÈÂÁÂãʍ
ô¯¼ Á¯Âã¯Â¯Â© ¯¼¯ãö
ãÈ ããØã ¯© ×缯ãö
çÜãÈÁØÜ
13 IçØ *ØÈôã ]ãØã©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 çܯÂÜÜ hÕã
ȯ¹ ÈÂã¯ÂçÜ ãÈ
ããØã çÜãÈÁØÜ Ü
ØöÕãÈ ÜÜãÜ ãد© Õ¼ã¨ÈØÁ
¯Â 9Õ ȯ¹ ÜãØã
¯Ø¯Â© dt ÈÁÁد¼Ü ÈÂ
Bö ɿʍ ɸɶɸɺ ãÈ ×ç¯Ø
Âô çÜãÈÁØÜ Â ¨ÈÜãØ
¯ãÜ Ø ôØÂÜÜʒ 2.0M+ accounts
( + 79 K Q o Q ) =¯Â© Áعã ÜØ
ô¯ã ÕÕØÈõ¯Áã¼ö ɸɶ˩
ɷ ÜØ È¨ óد¨¯ ÈçÂãÜ
CçÁØȨ ãȹÂÜ ÜçÕÕÈØã
ØÈÜÜ ÈçØ BعãÕ¼
 õ© Õ¼ã¨ÈØÁÜ ¨ÈØ
ãد©  çÜãÈö 30 coins 1 dt
ÈÁÁد¼Ü ȯ¹ Áȯ¼
ÕÕ È¯Â¹ ¨ÈØ çܯÂÜÜ
ȯ¹ Ü ©ØÈô¯Â©
Üç¯ã Ȩ ¯ÂÜã¯ãçã¯È¼
Ȩ¨Ø¯Â©Üʍ ÂÈã¼ö 0¯㯼
õ© I¨¨Ø¯Â©Ü ʞ0IÜʟʌ
x 0 ÈÁÕ¼¯Â ô¯ã ©ç¯¼¯ÂÜ
ó¼ÈÕ ö ã 9tʍ
ô ÈÂçã ã ¨¯ØÜã
ÕÕØÈó 0I¯Â 9ÕÂʍ ô¯
ɼɹʍɾɻɹ çÜØÜ ÕÕ¼¯ ãÈ
 ôÜ ÈóØÜçÜد
ö ɸɺ ã¯ÁÜʒ x IãØ õÁÕ¼Ü
Ȩ 0IÜ ô ó ¨¯¼¯ãã
¯Â¼çد¼¼¯ÂãØöÕãÈʍ
 *Á(¯ çܯÂÜÜ ãã
ç㯼¯úÜ ¼È¹¯Â ãÂȼȩöʍ
 (ÂÕ¼ʍ ¨Â ¼ç
Üȯ¼ Õ¼ã¨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 Bعã
Âó¯ØÈÂÁÂã d Vد óȼçã¯ÈÂ
ÈóØ ã VÜã 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% $88,728 J anua r y 202 4 : Bitcoin ETF Approval May 20 2 4: Et h e r E T F Approval No v ember 2024:
U.S. Election YÂã Bعã ]Âã¯ÁÂã
“Time for Crypto to Put the Pedal to the Floor – Trump's victory presents a unique opportunity to reshape regulation and ensure
no future SEC Chair can hamstring the industry again.” Coindesk 11/12/2024 “Bitcoin Price Sets Another Record as Post - Election
Rally Continues” New York Times 11/11/2024 “The Crypto World Is Preparing for a Renaissance Under Trump” Wall Street
Journal 11/10/2024 “Bitcoin Hits Another Record High in ‘Undeniable Bull Market ’ – President - elect Trump’s
crypto ardor is energizing the market; digital - asset traders predict a friendlier regulatory backdrop.” Bloomberg 11/10/2024
16 ÕÕ¯õ
17 0d Yȯ¼¯ã¯ÈÂ
LTM Q’1 25 Q’1 25 FY24 FY23 FY22 ($M) $17.7 $2.9 $13.0 ($3.7) $64.7 Cã VØȨ¯ã
ʞ=ÈÜÜʟ 8.0 1.4 5.8 (1.9) 27.2 ʞ˟ʟ 0ÂÈÁ dõ
õÕÂÜÜ ʞ¨¯ãÜʟ 25.6 4.3 18.8 (5.6)
92.0 VØȨ¯ã ʞ=ÈÜÜʟ ¨ÈØ 0ÂÈÁ
dõÜ 0.1 0.0 0.0 0.0 0.0 ʞ˟ʟ 0ÂãØÜã õÕÂÜ
4.7 1.2 4.5 3.2 3.0 ʞ˟ʟ Õدã¯È ˬ
ÁÈØã¯úã¯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 ÈØ È¨ ¯ØãÈØÜ
 0ÂÈÁ¯Â© :ö B©ÁÂã
dÁ
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