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 22, 2024

 

1 CÈó›ÁŽ›Ø  ɸɶɸɺ 0Âó›ÜãÈØ  V؛ܛÂã‚ã¯ÈÂ

 

 

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ã­›  ÕØÈÕÈÜ›•  Žçܯ›ÜÜ  ÈÁŽ¯Â‚ã¯ÈÂʒ  d­¯Ü  Õ؛ܛÂã‚ã¯È  Ü­‚¼¼  ‚¼ÜÈ ÂÈã  ÈÂÜã¯ãçã›  ‚  Ȩ¨›Ø  ãÈ  Ü›¼¼  ÈØ  ã­›  Üȼ¯¯ã‚ã¯È Ȩ  ‚  Ȩ¨›Ø  ãÈŽçö  ‚Âö  Ü›çد㯛Üʍ  ÂÈØ  Ü­‚¼¼  㭛؛  Ž›  ‚Âö  Ü‚¼›  Ȩ  Ü›çØ¯ã¯›Ü  ¯Â  ‚Âö  Üã‚ã›Ü  ÈØ  ¸çدܕ¯ã¯ÈÂÜ  ¯Â  ô­¯­  Ü琭  Ȩ¨›Øʍ  Üȼ¯¯ã‚ã¯ÈÂʍ ÈØ  Ü‚¼›  ôÈ缕  Ž›  缂ô¨ç¼  ÕدÈØ  ãÈ  Ø›©¯ÜãØ‚ã¯È  ÈØ  ×炼¯¨¯‚ã¯È  ç•›Ø  ã­›  Ü›çØ¯ã¯›Ü  ¼‚ôÜ  Ȩ  ‚Âö  Ü琭  ¸çدܕ¯ã¯ÈÂʒCÈ  Ȩ¨›Ø¯Â©  Ȩ  Ü›çØ¯ã¯›Ü  Ü­‚¼¼  Ž›  Á‚•›  ›õ›Õã  Žö  Á›‚ÂÜ  Ȩ  ‚  ÕØÈÜÕ›ãçÜ  Á››ã¯Â©  ã­›  Ø›×ç¯Ø›Á›ÂãÜ  Ȩ  ]›ã¯È  ɷɶ  Ȩ  ã­›  ]›çØ¯ã¯›Ü  ã  Ȩ  ɷɿɹɹʍ  ‚Ü  ‚Á›Â•›•ʍ  ÈØ  ‚  ›õ›ÁÕã¯È  㭛؛¨ØÈÁʒ CÈ ʣ 0(Y](¯Â‚¯‚¼ B›‚ÜçØ›Ü d­¯Ü  Õ؛ܛÂã‚ã¯È  ¯Â¼ç•›Ü  ›Øク  ¨¯Â‚¯‚¼  Á›‚ÜçØ›Ü  ÂÈã  Õ؛Ղ؛•  ¯Â  ‚ÈØ•‚›  ô¯ã­0(Y]ʍ  ô­¯­  ÈÂÜã¯ãçã›  ʪÂÈ ʣ 0(Y]  ¨¯Â‚¯‚¼  Á›‚ÜçØ›Üʫ  ‚Ü  •›¨¯Â›•Žö  ã­›  Øç¼›Ü  Ȩ  ã­›  ]ʒ  d­›  ÂÈ ʣ 0(Y]  ¨¯Â‚¯‚¼  Á›‚ÜçØ›  ¯Ü  0dʒ  d­¯Ü  ÂÈ ʣ 0(Y]  ¨¯Â‚¯‚¼  Á›‚ÜçØ›  ­‚Ü  Ž››Â  ¯Â¼ç•›•  Ž›‚çÜ›  ȯ­›¹  Ž›¼¯›ó›Ü  ¯ã  ÕØÈó¯•›Ü  ‚  ‚••¯ã¯È‚¼  ãÈȼ  ¨ÈØ  ¯Âó›ÜãÈØÜ  ãÈçÜ›  ¯Â  ›ó‚¼ç‚ã¯Â©¯ãÜ  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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  ‚ÜÜ›ã  ›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  ‚ÜÜ›ã  ›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  Ȩ  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  ã­›  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  •‚ã›  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 0.007004 as of 9/30/2024; Coincheck FY ended 3/31, Q’2 25 based on the 3 - month period ended September 30, 2024; 1 As of Jun - 2024; Does not include NFTs; 2 LTM figures represent 12 months ended Sept - 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  ؛ク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 $5.2B custome r ass e t s 1, 4 $2.1B L T M Q’2 2 5 M a rketpla c e trading value 2 27% F Y 2 4 YoY rev en u e growth 3 $33mm LT M Q’2 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 ȯ­›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  ÂÈã  ¯Â¯ã¯‚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 0.007004 as of 9/30/2024; 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 $1.6B 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 ˚ɷɶɶʒɼ ˚ɸ ɺ ʒɽ ˚ ɽ ʒɶ ʞ˚ɸʒɻʟ FY23 FY24 1H 25 ˚ɹʒɷ ˚ ɺ ʒɶ ˚ɷʒɷ ˚ɷʒɼ ˚ɶʒɿ F Y 21 F Y 22 F Y 23 F Y 24 1H 25 ˚ɹʍɼɽɸʒɿ ˚ɷʍ ɸ ɹ ɺ ʒɽ ˚ɷʍɻɼ ɿ ʒɸ ˚ɷʍɶɸɶʒɶ F Y 21 F Y 22 F Y 23 F Y 24 1H 25 F Y 22 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 0.007004 as of 9/30/2024; Revenue growth rates reflect YoY % growth in JPY; Figures for 1H 25 (excluding number of accounts) are calculated based on the 6 - month accounting period from April to September 2024; 1 As of end of Coincheck FY ended 3/31; Figures for 1H 25 (excluding Number of accounts) are calculated based on the 6 - month accounting period from April to September 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 Y›ó›Âç›  ʞ˚Bʟ  ‚•  yÈy  ˩  ©ØÈôã­  ɷʍ  ɸ +32% (74% ) +27% ˚ɺʍɾɹɿʒɹ 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 1 0 1 1 11 10 14 4 1 1 1 1 8 6 6 9 18 22 48 25 9 9 8 7 8 8 3 4 1 2 3 2 4 6 2 2 4 3 22 19 26 25 21 8 33 33 68 67 117 134 86 49 60 58 42 37 28 26 22 46 ɶ ɸɶ ɺɶ ɼɶ ɾɶ ɷ ɶ ɶ ɷɸɶ ɷɺɶ ɶ ɻ ɷɶ ɷɻ ɸɶ ɸɻ ɹɶ ɹɻ ɺɶ ɺɻ 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 Cost per acquisition (line chart, right axis) 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 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 0.007004 as of 9/30/2024; Coincheck FY ended 3/31; As of Jun - 24; 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›  •  dÈゼ  B‚ع›ã¯Â©  ÈÜãÜ  (ÈØ  çÜãÈÁ›Ø  ×ç¯Ü¯ã¯È  ʞB‚ع›ãÕ¼‚›  V¼‚ã¨ÈØÁʟ ˚ Á Á ȯ­›¹  ‚•¸çÜãÜ  Á‚ع›ã¯Â©›õÕ›ÂÜ›  Ž‚Ü›•  È  ã­›  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•‚ã› ȯ­›¹  ÈÂã¯Âç›Ü  ãÈ  ‚ããØ‚ã  çÜãÈÁ›ØÜ  ‚Ü  ‚  ØöÕãÈ  ‚ÜÜ›ãÜ  ãØ‚•¯Â©  Õ¼‚ã¨ÈØÁ  ¯Â  9‚Õ‚Â 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 ȯ­›¹  ¨ÈØ  çܯ›ÜÜ ȯ­›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•›د¼¼¯‚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 19, 2024; 1 CoinMarketCap as of November 19, 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 +147% $92,295 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’2 25 1H 25 FY24 FY23 FY22 ($M) $19.6 $3.2 $13.8 ($3.9) $68.6 C›ã  VØȨ¯ã  ʞ=ÈÜÜʟ 8.8 1.5 6.1 (2.0) 28.9 ʞ˟ʟ  0ÈÁ›  d‚õ  õÕ›ÂÜ›Ü  ʞ›Â›¨¯ãÜʟ 28.4 4.7 19.9 (5.9) 97.5 VØȨ¯ã  ʞ=ÈÜÜʟ  Ž›¨ÈØ›  0ÈÁ›  d‚õ›Ü 0.1 0.1 0.0 0.0 0.0 ʞ˟ʟ  0Âã›Ø›Üã  õÕ›ÂÜ› 4.8 2.3 4.8 3.4 3.1 ʞ˟ʟ  ›ÕØ›¯‚ã¯È ˬ  ÁÈØã¯ú‚ã¯È $33.4 $7.0 $24.7 ($2.5) $100.6 0d Source: Company filings; Company information Note: Figures in JPY converted to USD based on exchange rate of 0.007004 as of 9/30/2024; Coincheck FY ended 3/31

 

 

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

 


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