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# Coincheck's FY3/25 Financial Results
- URL: https://www.fintechobserver.com/coinchecks-fy3-25-results/
- Published: 2025-05-17T00:03:28.000Z
- Updated: 2025-05-17T01:33:58.000Z
- Author: Norbert Gehrke
- Tags: cryptocurrency exchange, fintech, japan, IPO, broker/dealer

Coincheck Group has reported its first full fiscal year results, after listing on Nasdaq through a [SPAC transaction](https://www.fintechobserver.com/coincheck-to-list-through-de-spac-transaction/) at the end of last year. Before we get into the results announcement, however, let us take a look at where Coincheck fits into the overall Monex Group.

## Overview

![](https://storage.ghost.io/c/46/cb/46cbd57f-e0e8-41a4-a1e2-710103a4267b/content/images/2025/05/Screenshot-2025-05-17-at-8.33.36.png)

Monex Group has re-organized its business segments from April 2025 onwards as shown above. Post-Nasdaq listing, Monex Group still holds 83% of Coincheck Group. The strategy behind going public was always for Coincheck to have a "currency" for talent acquisition & retention, as well as for M&A. This strategy has been put immediately into action with the [acquisition of Next Finance Tech](https://www.fintechobserver.com/kor/), a blockchain infrastructure company headquartered in Tokyo, in February 2025.

![](https://storage.ghost.io/c/46/cb/46cbd57f-e0e8-41a4-a1e2-710103a4267b/content/images/2025/05/Screenshot-2025-05-17-at-8.40.26.png)

Driving synergies across Monex Group, Monex Securities is considering obtaining a crypto assets brokerage business license, which is currently being formulated, while Coincheck and 3iQ plan to collaborate in crypto asset management.

![](https://storage.ghost.io/c/46/cb/46cbd57f-e0e8-41a4-a1e2-710103a4267b/content/images/2025/05/Screenshot-2025-05-17-at-8.44.20.png)

With its strong reputation and large customer base, Coincheck promotes not only trading services but services for corporate entities and institutional investors to support their Web3 business.

![](https://storage.ghost.io/c/46/cb/46cbd57f-e0e8-41a4-a1e2-710103a4267b/content/images/2025/05/Screenshot-2025-05-17-at-8.45.18.png)

Coincheck continues to attract customers as one of Japan’s premier and most trusted crypto assets trading platform.

![](https://storage.ghost.io/c/46/cb/46cbd57f-e0e8-41a4-a1e2-710103a4267b/content/images/2025/05/Screenshot-2025-05-17-at-8.46.17.png)

Coincheck is the leading player in the Japanese Initial Exchange Offering (IEO) market, completing the most IEOs. It is now preparing for the 4th IEO with Fanpla.

## Financial Results

### **Certain Year-Over-Year Highlights**

- Total revenue increased 13% to ¥114.6 billion ($764 million) in the fourth quarter of fiscal 2025 from ¥101.4 billion ($676 million) in the fourth quarter of fiscal 2024, and increased 71%, to ¥383.3 billion ($2,557 million) in the fiscal 2025 full year from ¥224.0 billion ($1,495 million) in the fiscal 2024 full year.
- Gross margin2 decreased 20% to ¥3.5 billion ($24 million) in the fourth quarter of fiscal 2025, compared to ¥4.4 billion ($30 million) in the fourth quarter of fiscal 2024, and increased 46% to ¥13.5 billion ($90 million) in the fiscal 2025 full year, compared to ¥9.3 billion ($62 million) in the fiscal 2024 full year.
- Verified Accounts3 increased 16%, to 2,291,103 as of the end of fiscal 2025 from 1,981,152 as of the end of fiscal 2024.
- Customer Assets4 increased 15%, to ¥859.2 billion ($5,732 million) as of the end of fiscal 2025, from ¥744.2 billion ($4,965 million) as of the end of fiscal 2024.
- Marketplace Trading Volume5 increased 44%, to ¥337.5 billion ($2,252 million) for the fiscal 2025 full year from ¥234.6 billion ($1,565 million) for the fiscal 2024 full year. Fluctuations in Marketplace Trading Volume are usually driven by crypto-asset industry market volumes and conditions generally, and the size and level of trading activity at Coincheck specifically, as well as market-price fluctuations in the crypto assets most frequently traded.
- Net profit was ¥642 million ($4.3 million) in the fourth quarter of fiscal 2025 compared to ¥1,953 million ($13.0 million) in the fourth quarter of fiscal 2024, and Net loss was ¥14,350 million ($95.7 million) in the fiscal 2025 full year, compared to Net profit of ¥1,967 million ($13.1 million) in the fiscal 2024 full year. A large component of the Net loss results for the fiscal 2025 full year was total transaction expenses6 of ¥18,321 million ($122.2 million), partially offset by gain from the change in fair value of warrant liability of ¥1,435 million ($9.6 million) in the third and fourth fiscal quarters.
- Adjusted EBITDA7 decreased 46%, to ¥1,692 million ($11.3 million) in the fourth quarter of fiscal 2025 from ¥3,111 million ($20.8 million) in the fourth quarter of fiscal 2024, and increased 52%, to ¥5,718 million ($38.1 million) in the fiscal 2025 full year from ¥3,773 million ($25.2 million) in the fiscal 2024 full year.

### **Certain Quarter-Over-Quarter Highlights**

- Total revenue decreased 7% to ¥114.6 billion ($764 million) in the fourth quarter of fiscal 2025, compared to ¥123.1 billion ($821 million) in the third quarter of fiscal 2025.
- Gross margin decreased 26% to ¥3.5 billion ($24 million) in the fourth quarter of fiscal 2025, compared to ¥4.8 billion ($32 million) in the third quarter of fiscal 2025.
- Verified Accounts increased 4.3% to 2,291,103 as of the end of the fourth quarter of fiscal 2025, compared to 2,197,619 as of the end of the third quarter of fiscal 2025.
- Customer Assets decreased 25% to ¥859.2 billion ($5,732 million) in the fourth quarter of fiscal 2025, compared to ¥1,142.2 billion ($7,620 million) in the third quarter of fiscal 2025.
- Marketplace Trading Volume decreased 22% to ¥92.0 billion ($614 million) in the fourth quarter of fiscal 2025, compared to ¥117.4 billion ($783 million) in the third quarter of fiscal 2025.
- Selling, general and administrative expenses decreased 45% to ¥3,556 million ($23.7 million) in the fourth quarter of fiscal 2025, compared to ¥6,429 million ($42.9 million) in the third quarter of fiscal 2025.
- Transaction expenses included in Selling, general and administrative expenses were ¥540 million ($3.6 million) and ¥3,804 million ($25.4 million), respectively for the fourth quarter and third quarter of fiscal 2025\. Excluding transaction expenses, Selling, general and administrative expenses increased 15% to ¥3,016 million ($20.1 million) in the fourth quarter of fiscal 2025, compared to ¥2,625 million ($17.5 million) in the third quarter of fiscal 2025.
- Total transaction expenses were ¥540 million ($3.6 million) for the fourth quarter of fiscal 2025, compared to ¥17,518 million ($116.9 million) for the third quarter of fiscal 2025, which included the transaction expenses related to the Company’s recent de-SPAC business combination (“Listing Expense”) of ¥13,714 million ($91.5 million).
- Net profit was ¥642 million ($4.3 million) in the fourth quarter of fiscal 2025, compared to Net loss of ¥15,445 million ($103.0 million) in the third quarter of fiscal 2025\. Net profit in the fourth quarter of fiscal 2025 included transaction expenses of ¥540 million ($3.6 million), compared to transaction expenses of ¥17,518 million ($116.9 million) in the third quarter of fiscal 2025's Net loss, and change in fair value of warrant liability was ¥973 million ($6.5 million) in the fourth quarter of fiscal 2025, compared to ¥462 million ($3.1 million) in the third quarter of fiscal 2025.
- Adjusted EBITDA decreased 39% to ¥1,692 million ($11.3 million) in the fourth quarter of fiscal 2025, compared to ¥2,767 million ($18.5 million) in the third quarter of fiscal 2025.

### **Strategic and Operational Highlights**

- Launched Coincheck Staking on January 13, 2025, allowing users to automatically earn Ethereum (ETH) simply by depositing ETH with Coincheck.
- Completed the acquisition of Next Finance Tech Co., Ltd., a staking platform service company, on March 14, 2025, to enhance Coincheck Staking and offer staking platform services to other cryptocurrency marketplace providers both in and outside of Japan.

### Stock Chart

![](https://storage.ghost.io/c/46/cb/46cbd57f-e0e8-41a4-a1e2-710103a4267b/content/images/2025/05/Screenshot-2025-05-17-at-8.48.48.png)

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