Coincheck Group N.v. · NASDAQ:CNCK

Coincheck — SPAC Merger (November 2024)

18 slides from Coincheck's SPAC merger presentation, Nov 22, 2024

1. Slide 1: November 2024 Investor Presentation

   1 CÈó›ÁŽ›Ø ɸɶɸɺ 0Âó›ÜãÈØ V؛ܛÂã‚ã¯ÈÂ

2. Slide 2: Disclaimer, Additional Information and Where to Find It

   2 ¯Ü¼‚¯Á›Ø ••¯ã¯È‚¼ 0¨ÈØÁ‚ã¯È ‚• w­›Ø› ãÈ (¯Â• 0ã 0 È›ã¯È ô¯ã­ ã­› Žçܯ›ÜÜ ÈÁŽ¯Â‚ã¯È ‚©Ø››Á›Âãʍ ‚Ü ‚Á›Â•›•ʍ ‚ÁÈ© ȯ­›¹ʍ 0ʒ ʞʪȯ­›¹ʫʟʍ ȯ­›¹ *ØÈçÕ ʒtʒ ʞʪ*ʫʟʍ d­ç•›Ø د•©› ‚կゼ V‚Øã›ØÜ 0tʍ 0ʒ ʞʪd­ç•›Ø د•©› 0tʫʟ ‚• Èã­›ØÜ ô¯ã­ Ø›©‚Ø•Ü ãÈ ã­›¯Ø ÕØÈÕÈÜ›• Žçܯ›ÜÜ ÈÁŽ¯Â

3. Slide 3: Coincheck, Inc. Overview

   3 ȯ­›¹ʍ 0ʒ Ió›Øó¯›ô Mission : to increase the accessibility of new forms of investing and commerce for our highly - engaged 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 ‚Üܛ㠛õ­‚©›Ü ¯Â 9‚Õ‚Â •

4. Slide 4: One of the Largest Crypto Platforms in Japan

   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 Source: Company filings Note: Figures in JPY converted to USD based on exchange rate of 0.007004 as of 9/30/2024; Coincheck FY ended 3/31

5. Slide 5: Well-Positioned in a Large and Rapidly Growing Market

   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

6. Slide 6: Large and Attractive Market in Early Stages of Adoption

   6 =‚Ø©› ‚• ããØ‚ã¯ó› B‚ع›ã ¯Â ‚ؼö ]ã‚©›Ü Ȩ •ÈÕã¯È x 9‚Õ‚Â ¯Ü ã­› 4 th largest global economy 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¯ÈÂÈÕÕÈØãçÂ¯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

7. Slide 7: Crypto Regulation at a Glance

   Stablecoins (used for payments) Travel rule Licensing / Registration Regulatory framework Jurisdiction 7 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‚ dçع›ö h¯㛕 Ø‚Ž Á¯Ø‚ã›Ü Stablecoins (used for payments) Travel rule

8. Slide 8: Leader in Japan's Highly Regulated Market

   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;

9. Slide 9: Highly Engaged Customer Base

   9 19% 34% 27% 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 Ag

10. Slide 10: Our Revenue Model

    10 IçØ Y›ó›Âç› BÈ•›¼ Source: Company filings 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 Transaction Revenue 92.5% of Total Revenue Transaction Volume (Marketplace) Spread 3.42% Average

11. Slide 11: Robust Financial Model with High Incremental Profitability

    11 ˚ɷɶɶʒɼ ˚ɸɺʒɽ ˚ɽʒɶ ʞ˚ɸʒɻʟ FY23 FY24 1H 25 ˚ɹʒɷ ˚ɺʒɶ ˚ɷʒɷ ˚ɷʒɼ ˚ɶʒɿ FY21 FY22 FY23 FY24 1H 25 ˚ɹʍɼɽɸʒɿ ˚ɷʍɸɹɺʒɽ ˚ɷʍɻɼɿʒɸ ˚ɷʍɶɸɶʒɶ FY21 FY22 FY23 FY24 1H 25 FY22 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› Õ

12. Slide 12: Controlled Expenses and Marketing Cost per Acquisition

    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 ɷɶɶ 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

13. Slide 13: Our Growth Strategy

    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

14. Slide 14: Business Update

    14 çܯ›ÜÜ hÕ•‚㛠ȯ­›¹ ÈÂã¯Âç›Ü ãÈ ‚ããØ‚ã çÜãÈÁ›ØÜ ‚Ü ‚ ØöÕãÈ ‚ÜÜ›ãÜ ãØ‚•¯Â© Õ¼‚ã¨ÈØÁ ¯Â 9‚Ղ 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 (+79K QoQ) =›‚•¯Â© Á‚ع›ã Ü­‚Ø› ô¯ã­ ‚ÕÕØÈõ¯Á‚㛼ö ɸɶ˩ ɷ Ü­‚Ø› Ȩ ó›Ø¯¨

15. Slide 15: Significant Upside in Crypto Market Environment

    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

16. Slide 16: Appendix

    16 Õ՛•¯õ

17. Slide 17: EBITDA Reconciliation

    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 Á

18. Slide 18: Board of Directors and Management

    Yo Nakagawa Director Senior Executive Director of Monex Group, Inc. and Expert Director of Coincheck, Inc. Takashi Oyagi Director Founding member of Monex, Executive Officer and Chief Financial Officer of Monex Group, Inc. Jason Sandberg Incoming Chief Financial Officer Managing Director at Thunder

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