Coincheck Group N.V. (Nasdaq: CNCK) returned to profitability in the third quarter, reporting revenue of $915 million, up 17% from $785 million a year earlier. The Netherlands-based holding company of a major Japanese digital asset exchange posted net income of $2.6 million, reversing a $98.5 million net loss recorded in the same quarter of the previous fiscal year.
Q3 Financial Results and Trading Activity
Despite higher revenue, adjusted EBITDA declined 38% to $9.1 million from $14.7 million, reflecting softer trading conditions. Marketplace trading volume fell 25% year over year to $559 million. Customer assets stood at $6 billion, down 17% from a year earlier and 20% from the prior quarter, largely due to price declines in bitcoin, ether and XRP. The total number of digital tokens held by customers remained relatively stable.
Revenue growth was supported by the first full-quarter contribution from Aplo, a Paris-based institutional prime brokerage acquired in October, which added $83 million to quarterly revenue.
Leadership Transition and 3iQ Acquisition
Chief Executive Officer Gary Simanson will step down effective March 31. Pascal St-Jean, currently CEO of Canadian digital asset manager 3iQ and recently appointed chief growth officer, will assume the role on April 1.
In January, Coincheck agreed to acquire approximately 99.8% of 3iQ in a deal valuing the firm at $111.8 million, to be settled through the issuance of 27.1 million shares. The transaction is expected to close in the second quarter of 2026, pending regulatory approvals.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.