UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): November 14, 2024
Thunder Bridge Capital
Partners IV, Inc.
(Exact name of registrant
as specified in its charter)
Delaware |
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001-40555 |
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86-1826129 |
(State or other jurisdiction
of incorporation) |
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(Commission File Number) |
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(IRS Employer
Identification No.) |
9912 Georgetown Pike
Suite D203
Great Falls, Virginia
(Address of principal
executive offices)
22066
(Zip Code)
Registrant’s telephone
number, including area code: (202) 431-0507
Not Applicable
(Former name or former
address, if changed since last report.)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☒ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Units, each consisting of one share of Class A Common Stock and one-fifth of one Redeemable Warrant |
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THCPU |
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The Nasdaq Stock Market LLC |
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Class A Common Stock, par value $0.0001 per share |
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THCP |
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The Nasdaq Stock Market LLC |
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Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share |
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THCPW |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
As previously disclosed, Thunder Bridge Capital Partners IV, Inc. (“Thunder Bridge IV”), a Delaware corporation, announced a proposed business combination (the “Business Combination”)
between Thunder Bridge IV, Coincheck Group B.V., a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijkheid)
(“CCG”), M1 Co G.K., a Japanese limited liability company (godo kaisha), Coincheck Merger Sub, Inc., a Delaware corporation,
and Coincheck, Inc., a Japanese joint stock company (kabushiki kaisha) (“Coincheck”).
Furnished herewith as Exhibit 99.1 and incorporated into this Item
7.01 by reference, is an investor presentation, dated November 2024, that Thunder Bridge IV and Coincheck have prepared for use in connection
with the proposed Business Combination and various meetings with investors.
The foregoing (including Exhibit 99.1) is being furnished pursuant
to Item 7.01 and will not be deemed to be filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the
“Exchange Act”), or otherwise be subject to the liabilities of that section, nor will it be deemed to be incorporated by reference
in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Additional Information and Where to Find It
In connection with the business combination agreement
among Coincheck, CCG, Thunder Bridge IV and others with regards to the proposed transaction, the parties filed relevant materials with
the U.S. Securities and Exchange Commission (“SEC”), including a registration statement on Form F-4 filed by Coincheck Group
B.V., which includes a proxy statement/prospectus of Thunder Bridge IV, and other documents regarding the proposed transaction with the
SEC. The Form F-4 was declared effective on November 12, 2024, and the definitive proxy statement/prospectus and other proxy materials
are being mailed to Thunder Bridge IV’s stockholders of record as of the close of business on October 25, 2024. Before making any
voting or investment decision, investors and stockholders of Thunder Bridge IV and other interested persons are urged to read the Form
F-4, as amended, the definitive proxy statement/prospectus included in the Form F-4, and documents incorporated by reference therein filed
in connection with the proposed business combination, as these materials contain important information about Coincheck, Thunder Bridge
IV and the proposed business combination. The documents filed by Thunder Bridge IV with the SEC may be obtained free of charge at the
SEC’s website at www.sec.gov, or by directing a request to Thunder Bridge Capital Partners IV, Inc., 9912 Georgetown Pike, Suite
D203, Great Falls, Virginia 22066, Attention: Secretary, (202) 431-0507.
Participants in the Solicitation
Thunder Bridge IV and its directors and executive
officers may be deemed participants in the solicitation of proxies from its shareholders with respect to the business combination. A list
of the names of those directors and executive officers and a description of their interests in Thunder Bridge IV will be included in the
proxy statement/prospectus for the proposed business combination when available at www.sec.gov. Information about Thunder Bridge IV’s
directors and executive officers and their ownership of Thunder Bridge IV common stock is set forth in Thunder Bridge IV prospectus, dated
June 29, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information
regarding the interests of the participants in the proxy solicitation will be included in the proxy statement/prospectus pertaining to
the proposed business combination when it becomes available. These documents can be obtained free of charge from the source indicated
above.
CCG, Coincheck and their respective directors
and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Thunder Bridge IV
in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding
their interests in the proposed business combination is included in the proxy statement/prospectus for the proposed business combination.
No Offer or Solicitation
This current report shall not constitute a
solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination.
This current report shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Forward Looking Statements
This communication contains “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited
to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified by words such as “will likely result,” “are expected
to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,”
“plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include,
but are not limited to, statements regarding Coincheck’s industry and market sizes, future opportunities for CCG, Coincheck and
Thunder Bridge IV, Coincheck’s estimated future results and the proposed business combination between Thunder Bridge IV and Coincheck,
including the implied enterprise value, the expected transaction and ownership structure and the likelihood, timing and ability of the
parties to successfully consummate the proposed transaction. Such forward-looking statements are based upon the current beliefs and expectations
of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of
which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the
results anticipated in these forward-looking statements.
In addition to factors previously disclosed
in Thunder Bridge IV’s reports filed with the SEC and those identified elsewhere in this communication, the following factors, among
others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed
in the forward-looking statements: inability to meet the closing conditions to the business combination, including the occurrence of any
event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the inability to complete
the transactions contemplated by the Business Combination Agreement due to the failure to obtain approval of Thunder Bridge IV’s
shareholders, the failure to achieve the minimum amount of cash available following any redemptions by Thunder Bridge IV shareholders,
redemptions exceeding a maximum threshold or the failure to meet Nasdaq listing standards in connection with the consummation of the contemplated
transactions; costs related to the transactions contemplated by the Business Combination Agreement; a delay or failure to realize the
expected benefits from the proposed business combination; risks related to disruption of management’s time from ongoing business
operations due to the proposed business combination; changes in the cryptocurrency and digital asset markets in which Coincheck competes,
including with respect to its competitive landscape, technology evolution or regulatory changes; changes in domestic and global general
economic conditions, risk that Coincheck may not be able to execute its growth strategies, including identifying and executing acquisitions;
risk that Coincheck may not be able to develop and maintain effective internal controls; and other risks and uncertainties indicated in
Thunder Bridge IV’s final prospectus, dated June 29, 2021, for its initial public offering, and the proxy statement/prospectus relating
to the proposed business combination, including those under “Risk Factors” therein, and in Thunder Bridge IV’s other
filings with the SEC. CCG, Thunder Bridge IV and Coincheck caution that the foregoing list of factors is not exclusive.
Actual results, performance or achievements
may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those
forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to
any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected
financial information and other information are based on estimates and assumptions that are inherently subject to various significant
risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date
hereof in the case of information about Thunder Bridge IV and Coincheck or the date of such information in the case of information from
persons other than Thunder Bridge IV or Coincheck, and we disclaim any intention or obligation to update any forward-looking statements
as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Coincheck’s industry
and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove
accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts
and may not reflect actual results.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 15, 2024 |
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THUNDER BRIDGE CAPITAL PARTNERS IV, INC. |
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By: |
/s/ Gary A. Simanson |
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Name: |
Gary A. Simanson |
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Title: |
Chief Executive Officer |
4
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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
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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
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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
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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
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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
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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
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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
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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
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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
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¯Â 9Õ ȯ¹ ÜãØã
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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
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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
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