Coincheck's Q3 Loss: A Setback or a Stepping Stone?

Coincheck Group N.V. (Nasdaq: CNCK), the holding company for leading Japanese crypto exchange Coincheck, reported a net loss of $98 million in the third quarter of 2025, marking a significant downturn from the previous quarter's net loss of $0 million. The company's shares tumbled 7% following the announcement, reflecting investor concerns about the financial results. However, it is essential to analyze the underlying factors contributing to the loss and assess the company's long-term prospects.

Coincheck's net loss in Q3 FY2025 was primarily driven by two factors: transaction costs and selling, general, and administrative expenses. The company incurred significant transaction costs of $111 million, including listing expenses of $87 million related to its business combination with Thunder Bridge Capital Partners IV. Additionally, selling, general, and administrative expenses increased by 222% to $41 million in Q3, compared to the previous quarter. These expenses are one-time costs associated with the merger and listing on NASDAQ, which are expected to normalize in the future.

Despite the net loss, Coincheck's financial performance in Q3 FY2025 demonstrated strong growth in key metrics:

1. Marketplace trading volume increased 113% to $749 million, outpacing the broader crypto market's recovery.
2. Total revenue grew 75% to $785 million, reflecting Coincheck's effective market share capture in Japan.
3. Gross margin expanded 135% to $30 million, indicating improved operational efficiency.
4. Adjusted EBITDA surged 1,005% to $18 million, highlighting the company's ability to generate cash from operations.
5. Customer assets increased 72% to $6.9 billion, and the number of verified accounts grew by 4.6% to 2,197,619.

Coincheck's strategic acquisitions and service launches, such as the acquisition of Next Finance Tech Co. Ltd. and the launch of Coincheck Staking, align with its long-term growth plans. These initiatives position the company to capture a larger share of the growing staking market and further solidify its position as a leading global crypto and Web3 company.



In conclusion, Coincheck's Q3 FY2025 net loss of $98 million should be viewed as a temporary setback rather than a long-term concern. The company's strong financial performance in key metrics, strategic acquisitions, and service launches demonstrate its commitment to growth and innovation. As Coincheck works to optimize its costs and normalize one-time expenses, investors should remain optimistic about the company's long-term prospects in the rapidly growing crypto and Web3 market.

As an investor, it is crucial to maintain a balanced perspective and consider the potential risks and opportunities presented by Coincheck's financial results. By focusing on the company's long-term growth strategy and its ability to adapt to market conditions, investors can make informed decisions about their investments in Coincheck and other companies in the crypto and Web3 space.