- Coincheck’s revenue surged 75% in Q3 FY2025 after its Nasdaq listing.
- Trading volume grew 113% to ¥117.4 billion, signaling increased platform activity.
- Strategic expansion includes a merger and new staking services.
Coincheck, a dominant cryptocurrency exchange in Japan, experienced a revenue jump of 75% in its third fiscal quarter ending on December 31, 2024. The increase, to ¥123.1 billion from ¥70.3 billion, came after it merged successfully with Thunder Bridge Capital Partners IV and listed on Nasdaq.
Gary Simanson, CEO of Coincheck Group, hailed the merger as a cornerstone for global expansion. Executive Chairperson Oki Matsumoto echoed this sentiment:
We are thrilled to have successfully completed our previously announced business combination with Thunder Bridge IV and become a publicly listed company on NASDAQ as of December 11, 2024, which we believe supports our plans to make strategic acquisitions across the globe and expand Coincheck within Japan.
Trading Volume and User Growth Drive Momentum
Coincheck’s marketplace trading volume soared by 113% quarter-over-quarter, reaching ¥117.4 billion ($749 million). This sharp increase reflects a strong uptick in trading activity. Meanwhile, the platform’s user base grew steadily, with verified accounts climbing 4.6% to 2.2 million during the same period.
The exchange also saw customer assets rise 72%, hitting ¥1,095 billion ($6.9 billion). These metrics underscore Coincheck’s expanding influence in Japan’s crypto market and its ability to attract and retain users.
Coincheck Faces Higher Costs Amid Expansion
Even with its monumental growth, the exchange suffered a net loss of ¥15.4 billion (USD 98 million) for Q3, which was largely due to merger-related expenses that totalled ¥13.2 billion (USD 87 million). Selling, general and administrative expenses increased 222% to ¥6.4 (USD 41 million) billion, which indicates greater operational spending.
Nonetheless, operational efficiency improved, as evidenced by the fact that adjusted EBITDA rose by an astounding 1005% to ¥2.8 billion (USD 18 million). This number reflects Coincheck’s proficiency of managing their central operations during periods of high transaction spending as well as expansionary spending.
Strategic Initiatives Fuel Future Plans
The exchange’s Q3 activities were supported by developments that promise growth in the future. Starting in January 2025, the company began offering Ethereum staking services that enable users to earn rewards for depositing ETH. This action helps the company achieve broader aims targets in improving customer offerings.
Additionally, the purchase of Next Finance Tech Co., Ltd. in February 2025 adds to the capabilities of Coincheck in terms of global cryptocurrency staking service provision.
These initiatives demonstrate the seriousness of the exchange in broadening its scope of operations beyond Japan. Regardless, Coincheck’s merger, Nasdaq listing, and geographical expansion have strengthened the company’s ability to grow in the future.
Related Reading: TON Just Leveled Up: 100+ Chains Now Connected