Coincheck Swaps Shares for Aplo’s Institutional Edge

Coincheck Group N.V., the Netherlands-based holding company of one of Japan’s leading cryptocurrency exchanges, has entered into a stock purchase agreement to acquire Aplo, a Paris-based digital asset prime brokerage for institutional investors. The transaction, expected to close in October 2025, marks a strategic move to expand Coincheck Group’s presence in Europe. Under the agreement, all issued and outstanding shares of Aplo will be exchanged for newly issued ordinary shares of Coincheck Group [1]. This acquisition is aligned with Coincheck Group’s broader mission to grow its institutional and retail crypto business outside Japan [1].

Aplo, founded in 2019, has developed a proprietary trading platform and infrastructure tailored for institutional clients. The firm has rapidly grown to serve over 60 active institutional clients, including hedge funds, asset managers, and large corporations. It was recognized as “Prime Broker of the Year (EMEA)” at the 2025 Hedgeweek Global Digital Asset Awards [1]. Aplo is registered as a Digital Asset Service Provider by the French financial regulator, Autorité des Marchés Financiers (AMF), and is currently pursuing a full crypto asset service provider license under the European Union’s Market in Crypto Assets Regulation (MiCA) [2].

The acquisition is expected to enhance Coincheck Group’s capabilities in institutional-grade crypto trading and liquidity provision. Aplo’s technology and regulatory foundation are seen as complementary to Coincheck Group’s existing infrastructure, enabling the combined entity to expand its offerings across multiple jurisdictions. Gary Simanson, CEO of Coincheck Group, emphasized that the partnership would strengthen the firm’s ability to meet the needs of institutional crypto investors, including the development of a B2B2C offering for banks seeking to provide crypto services to their customers [1].

According to the press release, Aplo’s founders will remain with the company post-acquisition, supporting the integration and scaling of its product roadmap. The combined entity plans to develop financing solutions such as cross-margining and deferred settlement to improve capital efficiency for clients. Additionally, the firms aim to expand liquidity access and product offerings across new markets and institutional partners [1]. The transaction also opens the possibility for Aplo to provide additional liquidity to Coincheck’s altcoin offerings, further broadening its market reach [2].

The deal comes after Coincheck Group listed on the Nasdaq in late 2024 through a merger with the special purpose acquisition company Thunder Bridge Capital Partners IV. The firm has previously focused on growing its presence in Japan, where its core subsidiary, Coincheck, Inc., has ranked as the top crypto trading app for six consecutive years [1]. With this acquisition, Coincheck Group is signaling its intent to diversify geographically and strengthen its position in institutional-grade crypto services. The transaction, however, remains subject to regulatory and other customary closing conditions [1].

Source: [1] Coincheck Group N.V. Signs Agreement to Acquire Aplo SAS a Registered Crypto Prime Brokerage for Institutional Investors (https://www.coincheckgroup.com/news-events/press-releases/detail/108/coincheck-group-n-v-signs-agreement-to-acquire-aplo-sas-a-registered-crypto-prime-brokerage-for-institutional-investors) [2] Nasdaq-Listed Crypto Exchange Group Coincheck Buys Regulated Prime Broker Aplo (https://www.coindesk.com/business/2025/09/02/nasdaq-listed-crypto-exchange-group-coincheck-buys-regulated-prime-broker-aplo) [3] Nasdaq-Listed Crypto Exchange Group Coincheck Buys Regulated Prime Broker Aplo (https://finance.yahoo.com/news/nasdaq-listed-crypto-exchange-group-070000411.html)