Japanese crypto exchange Coincheck experienced a revenue boost of 75% in its third fiscal quarter to Dec. 31, 2024. The growth occurred after it merged with Thunder Bridge Capital Partners IV and was subsequently listed on Nasdaq.
According to its parent company, Coincheck Group N.V., revenue was up to a total of ¥123.1 billion compared to ¥70.3 billion. The company’s Chief Executive, Gary Simanson, credited the success of the merger with it, making it a leader in the fast-growing global crypto and Web3 markets.
Marketplace trading volume was up 113% to ¥117.4 billion, versus ¥55.1 billion in the earlier quarter. Gross margin was up 135% to ¥4.8 billion, and adjusted EBITDA was up 1,005% to ¥2.76 billion. Net losses, however, deepened to ¥15.4 billion, largely due to ¥13.2 billion in merger transaction costs.
Coincheck expands customer Base and assets
Despite higher expenses, customer assets grew by 72%, reaching ¥1.09 trillion. The number of verified accounts increased by 4.6% to 2.19 million, signaling growing user trust. Executive Chairperson Oki Matsumoto expressed optimism about Coincheck’s future, emphasizing plans for global acquisitions and expansion within Japan.
Coincheck also launched staking services in Jan. of 2025, allowing users to receive Ethereum when depositing ETH. Moreover, in February, it acquired Next Finance Tech to enhance global staking services. The strategic investments underscore Coincheck’s interest in innovation and expansion of users.
The merger and Nasdaq listing mark a milestone for Coincheck, making it open to foreign markets and strategic partners. With challenges to face, its strong finances and aggressive expansion plans put it in a position to be a leader in the new cryptocurrency business.
With revenue, trading volume, and consumer interest growing, Coincheck is looking to become a leader in the international cryptocurrency market. The Nasdaq listing is a milestone in making this vision a reality.
