Coincheck (NASDAQ: CNCK) falls to a quarterly loss as trading volume drops 56%

What happened

Coincheck Group N.V. (NASDAQ: CNCK) swung to a second-quarter net loss of 4,136 million yen ($26.3 million) as revenue fell 43%. A year earlier it earned a profit of 355 million yen ($2.3 million).

Revenue for the quarter, the second of fiscal 2027, was 75.5 billion yen ($480 million). It was 133.1 billion yen ($846 million) a year earlier. The company said the drop came mainly from lower Marketplace Trading Volume, which fell 56% to 41.5 billion yen ($264 million) from 94.7 billion yen ($602 million). Higher institutional transaction revenue and investment management fees partly offset it.

Adjusted EBITDA, a non-IFRS measure, was a loss of 4,020 million yen ($25.6 million). A year earlier it was a profit of 1,486 million yen ($9.5 million). Coincheck said the swing came mainly from the Aplo impairment and a larger operating loss.

Key numbers

Metric	Latest	Change	Source
Total revenue, Q2 fiscal 2027	$480 million (75.5 billion yen)	from $846 million (133.1 billion yen), -43%	SEC 6-K, Exhibit 99.1
Marketplace Trading Volume, Q2 fiscal 2027	$264 million (41.5 billion yen)	from $602 million (94.7 billion yen), -56%	SEC 6-K, Exhibit 99.1
Net income (loss), Q2 fiscal 2027	$26.3 million loss (4,136 million yen)	from $2.3 million profit (355 million yen)	SEC 6-K, Exhibit 99.1
Adjusted EBITDA, Q2 fiscal 2027	$25.6 million loss (4,020 million yen)	from $9.5 million profit (1,486 million yen)	SEC 6-K, Exhibit 99.1
Aplo impairment loss	$18.8 million (2,962 million yen)		SEC 6-K, Exhibit 99.1
Verified Accounts, Sept. 30	2,868,544	from 2,421,080, +18%	SEC 6-K, Exhibit 99.1

Read more: Coincheck Group (CNCK) company research

The Aplo impairment and wind-down

The quarter included an impairment loss of 2,962 million yen ($18.8 million) tied to Aplo SAS, the Paris-based crypto prime brokerage Coincheck bought in October 2025. The company named it as the primary driver of the net loss. In OptimistFi's calculation, the charge equals 71.6% of the quarter's net loss. An income tax benefit of 468 million yen ($3.0 million) cushioned the loss. A year earlier there was a tax expense of 548 million yen.

Coincheck is now winding down Aplo's operations in France under an orderly plan that follows French law. It is moving Aplo's technology and related intellectual property to its 3iQ asset management subsidiary, acquired effective March 1, 2026. It is also inviting about half of Aplo's team to join 3iQ.

The aim is a separately managed account product for institutional and high net worth investors worldwide, which the company calls the SMA Offering. Aplo's prime brokerage services generate the institutional transaction revenue line, which was 6,609 million yen in the quarter.

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How much revenue still depends on trading

Retail transaction revenue, mainly from sales of crypto assets to retail customers and cover counterparties, was 67,560 million yen in the quarter. A year earlier it was 131,954 million yen. In OptimistFi's calculation, it made up 89.5% of total revenue, compared with 99.1% a year earlier.

The share fell as retail revenue dropped and institutional transaction revenue of 6,609 million yen and investment management fees of 542 million yen joined the total. Commissions were 214 million yen, down from 275 million yen. Staking revenue fell to 474 million yen from 794 million yen.

Balance sheet and crypto exposure

Crypto assets held in current assets rose to 47,086 million yen ($299.4 million) on Sept. 30 from 37,876 million yen on March 31. Crypto asset borrowings rose to 46,860 million yen ($298.0 million) from 37,543 million yen.

Cash and cash equivalents rose to 13,995 million yen ($89.0 million) from 9,458 million yen at March 31. In the six months to Sept. 30, Coincheck raised 9,949 million yen ($63.3 million) by issuing ordinary shares, net of costs. Net cash used in operating activities was 2,200 million yen ($14.0 million). The six-month net loss was 5,311 million yen ($33.8 million), against a loss of 1,022 million yen a year earlier.

Why it matters

OptimistFi has argued that Coincheck becomes a durable earnings engine only if recurring fees replace volatile trading revenue and material on-balance crypto exposure comes off the books. The quarter shows the problem. Trading drove revenue down hard, and the crypto balances on both sides of the balance sheet grew since March 31. The Aplo decision points toward the integrated institutional products the case requires, so the filing is mixed for it.

The filing also gives holders a reason not to read the quarter as a broken model. Verified Accounts rose 18% to 2,868,544 from 2,421,080 on Sept. 30, 2025. Since June 2026, though, the count includes accounts opened under CaaS arrangements with third-party firms that carry fee-sharing terms.

Customer Assets fell 26% to 876.9 billion yen ($5.58 billion) from 1,189.2 billion yen ($7.56 billion). The company blamed mainly lower prices of Bitcoin, Ether and XRP. Assets under management at 3iQ were 148.8 billion yen ($946 million) on Sept. 30.

What's next

3iQ currently estimates that the SMA Offering will launch in the first half of calendar 2027. A launch on that schedule, with investment management fees growing from this quarter's level, would support OptimistFi's view that recurring fees can replace trading income.

The company lists risks in winding down Aplo's operations in France, redeploying its technology and executing the SMA Offering. A slip in any of them would weaken the case.

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