Crypto Weakness Continues to Weigh on Results; Strategic Investment is a Boost

Research evidence excerpt

Crypto Weakness Continues to Weigh on Results; Strategic Investment is a Boost

Crypto & Blockchain

Coincheck Group N.V. (CNCK)

EQUITY RESEARCH Company Update

May 12, 2026

Crypto Weakness Continues to Weigh on Results; Price: $2.06

Price Target: $2.50 (From $2.70) Strategic Investment is a Boost

Rating: Neutral

CNCK reported 4Q26 results before the market opened today (5/12). Trading activity

Key Statistics: was negatively impacted by the broader crypto market weakness. In Japan, CNCK's

Symbol NASDAQ: CNCK core market, total trading volume fell 28.1% q/q. CNCK was slightly more resilient, with 52-Week Range 1.40 - 9.49

marketplace trading volume declining 25% q/q. With the decline, adjusted EBITDA Market Cap 323.1

ADV (3 mo) 145,886 dipped back into negative territory, the first time since 1Q26. Despite that, the

EV ($M) 270 highlight of the quarter was CNCK announcing a $65m strategic investment from

Shares Out (M) 156.9 KDDI at $2.28/share, which sent shares up ~17% today (more below). Ultimately,

while crypto prices have had a mini-rally, crypto trading volumes have yet to rally

Research Analysts: off what feels like bear-market levels. We believe a catch-up trade is to be with

Brett Knoblauch, CFA respect to volumes, and CNCK, being one of the leading exchanges in Japan, should

212-610-2221

be well positioned to benefit. Furthermore, CNCK continues to diversify the business. Brett.Knoblauch@cantor.com

Gareth Gacetta For instance, its acquisition of 3iQ adds asset management (also announced an ETP

212-915-1251 partnership with Scotia Bank), and its acquisitions of Aplo and Next Finance further

Gareth.Gacetta@cantor.com broaden its digital asset offering (prime / staking). While it is still early for all of these