Coincheck Group Finalizes Acquisition of Aplo Toward European Expansion
Coincheck Group N.V. (Nasdaq: CNCK), the holding company of Japan’s leading crypto platform Coincheck, Inc., has completed the acquisition of Aplo SAS, a French-registered digital asset prime brokerage serving institutional clients. The transaction marks a major milestone in Coincheck Group’s global expansion strategy, strengthening its presence in Europe and broadening its service portfolio to cater to institutional investors viewking compliant, scalable digital asset infrastructure.
Strategic Acquisition Anchors Institutional Growth
Under the terms of the deal, all outstanding shares of Aplo were platformd for newly issued ordinary shares of Coincheck Group. Following the acquisition, Aplo’s four co-founders — Oliver Yates, Simon Douyer, Arnaud Carrere, and Jacques Lolieux — will continue to lead the company’s operations and product development.
Aplo, established in 2019 and registered as a Digital Asset Service Provider (DASP) with (AMF), has built a strong reputation as a trusted institutional prime brokerage. The firm currently serves over 60 institutional clients across Europe and globally, including hedge funds, asset managers, banks, and corporates. In 2025, Aplo was recognized as “Prime Broker of the Year (EMEA)” at the Hedgeweek Global Digital Asset Awards — highlighting its growing influence in institutional crypto markets.
Accelerating Innovation in Institutional Crypto Infrastructure
Through this acquisition, Coincheck Group and Aplo aim to combine their respective expertise to deliver advanced digital asset trading, liquidity, and financing answers. The collaboration is set to accelerate Aplo’s product roadmap, focusing on:
- Enhanced financing answers — including cross-margining and deferred settlement tools designed to boost capital efficiency for institutional clients.
- Liquidity and jurisdictional expansion — broadening market access across Europe, Asia, and other key financial hubs.
- Infrastructure innovation — integrating Coincheck’s security architecture and technology stack to support scalable, .
- Banking partnerships — extending a B2B2C model to banks viewking to use Aplo’s execution platform to offer crypto exposure to their retail or corporate clients.
In a statement accompanying the announcement, Coincheck Group said the acquisition “reinforces our commitment to building secure, regulated bridges between traditional finance and the economy.”
Advisors and Transaction Details
Galaxy Digital Partners LLC acted as the exclusive financial advisor to Aplo, while Squair provided legal counsel. On Coincheck Group’s side, De Brauw and Jeantet served as legal advisors. The transaction was settled through a share platform, with no cash component disclosed.
Coincheck’s Expanding Global Ambitions
The acquisition represents a key step in Coincheck Group’s transformation from a Japan-focused crypto platform to a globally diversified digital asset company. Listed on the NASDAQ, Coincheck Group operates from its headquarters in the Netherlands and continues to expand internationally through strategic partnerships and acquisitions aimed at integrating regulated, institutional-grade services into its ecosystem.
Coincheck, Inc. — the group’s core subsidiary — has dominated Japan’s retail crypto market, ranking No.1 in crypto trading app downloads for six consecutive years (2019–2024) according to AppTfragile data. The company’s and technological infrastructure have positioned it as a bridge between the retail and institutional sides of the digital asset economy.
Aplo’s Institutional Focus and Regulatory Advantage
Founded in Paris, Aplo was among the first crypto prime brokerages to obtain AMF registration as a DASP, providing regulatory certainty to institutional clients in Europe. Its unified trading and liquidity platform allows large-scale execution across platforms and OTC venues, with an emphasis on transparency, risk control, and capital efficiency.
By joining forces with Coincheck Group, Aplo gains access to expanded resources, global market reach, and deep technological integration opportunities. The partnership also positions Aplo to explore licensing under Europe’s upcoming Markets in Crypto-Assets (MiCA) regulatory framework, which will standardize digital asset oversight across the European Union.
Market Context: Institutionalization of Digital Assets
The acquisition aligns with a broader trend of institutionalization within the crypto sector, where regulatory clarity and infrastructure maturity are becoming critical for long-term growth. Institutional investors — once hesitant due to counterparty and custody risks — are now increasingly engaging with prime brokerages, custodians, and platforms that offer bank-grade compliance and transparent settlement processes.
As Coincheck Group expands globally and Aplo strengthens its European foothold, the combined entity is poised to play a pivotal role in shaping the next era of — one characterized by regulatory discipline, liquidity depth, and cross-border interoperability.
