Coincheck reports first earnings as a public company

Norbert Gehrke

15 Feb 2025 — 4 min read

Coincheck Group, a Dutch holding company for the leading Japanese crypto exchange Coincheck, reported its fiscal 2025 third-quarter results (for the period ending December 31, 2024). The report and subsequent earnings call highlighted significant growth, strategic milestones, and ambitious future plans. The key takeaway is that Coincheck experienced substantial quarter-over-quarter growth, successfully completed its listing on the Nasdaq, and is positioning itself for further expansion both within Japan and globally.

Fiscal 2025 Third Quarter Financial Highlights

Marketplace Trading Volume increased 113% to ¥ 117.4 billion ($749 million) in the third quarter of 2025, compared to ¥55.1 billion ($351 million) in the second quarter of 2025
Total revenue increased 75% to ¥ 123.1 billion ($785 million) in the third quarter of 2025, compared to ¥70.3 billion ($448 million) in the second quarter of 2025
Gross margin increased 135% to ¥4.8 billion ($30 million) in the third quarter of 2025, compared to ¥ 2.0 billion ($13 million) in the second quarter of 2025
Selling, general and administrative expenses increased 222% to ¥ 6,430 million ($41 million) in the third quarter of 2025, compared to ¥1,999 million ($13 million) in the second quarter of 2025
Transaction Costs increased to ¥17,518 million ($111 million) for the third quarter of 2025, including the transaction expenses related to our business combination, which we refer to as our Listing Expense, of ¥13,174 ($87 million), compared to ¥84 million ($537 thousand) in the second quarter of 2025
Net Loss was ¥15,445 billion ($98 million) in the third quarter of 2025, compared to a Net Loss of ¥ 15 million ($0 million) in the second quarter of 2025
Adjusted EBITDA increased 1,005% to ¥2,762 million ($18 million) in the third quarter of 2025, compared to ¥250 million ($1.6 million) in the second quarter of 2025
Customer Assets increased 72% to ¥1,095 billion ($6.9 billion) in the third quarter of 2025, compared to ¥639 billion ($4.0 billion) in the second quarter of 2025
The number of Verified Accounts increased 4.6% to 2,197,619 in the third quarter of 2025, compared to 2,100,374 in the second quarter of 2025

Strategic and Operational Highlights

Beyond the financial numbers, the report and call emphasized several key strategic developments:

Nasdaq Listing: The successful completion of the business combination with Thunder Bridge Capital Partners IV on December 10, 2024, and the subsequent listing on Nasdaq on December 11, 2024, were major milestones. This provides Coincheck with greater access to capital markets, increased visibility, and credibility.
Coincheck Staking Launch: On January 13, 2025, Coincheck launched its staking service, initially allowing users to earn rewards on Ethereum (ETH) deposits. This expands Coincheck's service offerings and caters to the growing interest in staking.
Acquisition of Next Finance Tech: Announced on February 10, 2025, this acquisition aims to provide comprehensive staking services for a wider range of cryptocurrencies on a global basis. This signifies Coincheck's commitment to expanding its staking capabilities and international reach.

Earnings Call Summary

The earnings call, held on February 12, 2025, featured key executives:

Gary Simanson (CEO): Provided an overview of the results, highlighting the strong revenue growth and successful Nasdaq listing. He emphasized the company's position as a leading global crypto and Web3 company.

Oki Matsumoto (Executive Chairperson): Focused on the strategic importance of the Nasdaq listing and Coincheck's plans for global expansion and acquisitions. He also discussed the favorable regulatory environment in Japan.
Jason Sandberg (CFO): Provided a detailed breakdown of the financial results, explaining the impact of one-time transaction costs and highlighting the strong underlying operational performance reflected in the Adjusted EBITDA.

Key Themes from the Call

Successful Nasdaq Listing and its Implications: The executives repeatedly emphasized the importance of the Nasdaq listing as a transformative event. It provides access to capital, enhances visibility, and opens doors for future growth through acquisitions and partnerships.
End of the "Crypto Winter": The strong financial performance was attributed, in part, to the resurgence of the cryptocurrency market. The executives expressed optimism about the future of the industry.
Focus on Japan and Global Expansion: Coincheck aims to become the leading crypto and Web3 player in Japan while simultaneously pursuing international expansion through strategic acquisitions and partnerships.
Favorable Regulatory Environment in Japan: Oki Matsumoto highlighted the supportive regulatory landscape in Japan, including discussions about potential tax reforms and the consideration of cryptocurrency ETFs.
Growth Strategies: The company outlined several growth strategies, including:
- Strategic investments and acquisitions in Japan's domestic exchange market.
- Expanding Coincheck's exchange capabilities and revenue sources.
- Developing a full suite of crypto services, including custodial services, staking, exchange offerings, and derivatives.
- Introducing new digital asset-based products and capabilities, such as asset management, payments, lending, cybersecurity, tax compliance, data services, gaming, and tokenization.
- Exploring international expansion opportunities.
Importance of Staking: The launch of Coincheck Staking and the acquisition of Next Finance Tech underscore the company's focus on staking as a key growth area.
Commitment to Long-Term Shareholder Value: The executives emphasized their commitment to disciplined growth, profitability, and creating long-term value for shareholders.
Opportunistic Outlook: Coincheck intends to be opportunistic concerning market conditions.
Liquidity: They intend to enhance the liquidity of their stock and their institutional following.

Conclusion

Coincheck's third-quarter results and earnings call paint a picture of a company on a strong growth trajectory. The successful Nasdaq listing, combined with a resurgent crypto market and a clear strategic vision, positions Coincheck for continued success. The company's focus on expanding its service offerings, pursuing acquisitions, and capitalizing on favorable regulatory trends suggests a promising future. The significant increase in Adjusted EBITDA, which removes the impact of one-time listing expenses, is a particularly strong indicator of the underlying health and profitability of the business. The leadership team's optimism and clear articulation of their growth plans demonstrate their confidence in Coincheck's ability to become a leading global player in the crypto and Web3 space.

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