Coincheck Seals European Ambition with Strategic Aplo Takeover

Coincheck Group N.V., the Netherlands-based holding company of Japan’s largest cryptocurrency exchange, announced the acquisition of Aplo, a France-registered digital asset prime brokerage, marking a significant step in its international expansion strategy. The transaction, structured as a stock-for-stock exchange, is expected to finalize in October 2025, with no financial terms disclosed. The deal will see all outstanding shares of Aplo converted into ordinary shares of Coincheck Group, allowing the French firm to operate under the larger exchange’s umbrella [1].

Founded in 2019, Aplo has built a reputation among European institutional clients for its trading infrastructure and digital asset services. It is currently registered with France’s Autorité des Marchés Financiers (AMF) and is in the process of obtaining a full crypto asset service provider license under the European Union’s Market in Crypto Assets Regulation (MiCA). Aplo serves over 60 institutional clients and has been expanding its product offerings to meet growing demand for institutional-grade crypto services [2].

Coincheck, which listed on the Nasdaq in 2024 following a merger with SPAC Thunder Bridge Capital Partners IV, has grown significantly since its rebranding in 2014 from its earlier incarnation as a bitcoin wallet and payment company called ResuPress. Despite a major $534 million hack in 2018, the company has rebounded, reporting a 15% rise in customer assets to ¥859.2 billion ($5.7 billion) and a 44% increase in trading volume to ¥337.5 billion ($2.25 billion) in its most recent annual report [2].

The acquisition of Aplo aligns with Coincheck’s broader strategy to enhance its institutional and retail offerings beyond its domestic market. Gary Simanson, CEO of Coincheck Group, emphasized that the deal would provide the firm with “proven technology, expertise recognized by institutional clients in Europe, and a high-performance team with an entrepreneurial culture.” He further noted the intent to accelerate Aplo’s product roadmap, including the development of cross-margining, deferred settlement, and broader liquidity solutions [1].

Coincheck’s move follows a broader trend of consolidation in the crypto industry, with major players such as Coinbase and Ripple also pursuing strategic acquisitions to strengthen their market positions. However, not all such efforts have succeeded; recent examples include the blocked takeover of Core Scientific by CoreWeave. For Coincheck, the acquisition of Aplo is expected to position the firm to better serve institutional investors in Europe and to facilitate B2B2C offerings, particularly for banks aiming to offer crypto investing to their retail customers [2].

Source:

[1] Nasdaq-Listed Crypto Exchange Group Coincheck Buys (https://finance.yahoo.com/news/nasdaq-listed-crypto-exchange-group-070000411.html)

[2] Coincheck to Acquire French Crypto Brokerage Aplo in (https://decrypt.co/337657/coincheck-to-acquire-french-crypto-brokerage-aplo-in-push-beyond-japan)

[3] Nasdaq-Listed Crypto Exchange Group Coincheck Buys (https://www.coindesk.com/business/2025/09/02/nasdaq-listed-crypto-exchange-group-coincheck-buys-regulated-prime-broker-aplo)