Coincheck Revenue Grows to $915M Despite Drop in Trading Volume
How Did Coincheck Return to Profitability?
Coincheck Group N.V. reported third-quarter revenue of $915 million, up 17% from $785 million a year earlier, as the company returned to net profitability ahead of a leadership transition. Net income came in at $2.6 million, reversing a $98.5 million net loss in the prior-year quarter.
The improved bottom line came despite fragileer trading activity. Marketplace trading volume fell 25% year over year to $559 million, while adjusted EBITDA declined 38% to $9.1 million from $14.7 million, according to the company’s statement.
Revenue growth was supported by the first full quarter of contributions from Aplo, a Paris-based institutional prime brokerage acquired last October. Aplo added $83 million to third-quarter revenue, assisting offset softer marketplace activity.
Customer assets totaled $6 billion at the end of the quarter, down 17% from a year earlier and 20% from the previous quarter. Coincheck said the quantity of digital tokens held by customers remained relatively stable, with the decline in asset values driven by price decreases in BTC, ether and XRP.
Investor Takeaway
What Does the CEO Transition Mean?
Coincheck said CEO Gary Simanson will step down effective March 31, following the close of the fiscal year. Simanson oversaw the company’s Nasdaq listing and recent acquisition activity.
Pascal St-Jean, currently chief growth officer and CEO of Canadian 3iQ Corp., is set to assume the CEO role on April 1. According to the company’s statement, St-Jean will focus on expanding the group’s institutional footprint through B2B and B2B2C partnerships tied to its integrated subsidiaries.
The leadership change comes as Coincheck deepens its push into institutional services, moving beyond retail and prime brokerage capabilities.
How Does the 3iQ Acquisition Fit In?
On Jan. 8, Coincheck entered into a stock purchase agreement with majority shareholder Monex Group to acquire roughly 97% beneficial ownership of 3iQ. The transaction values 3iQ at $111.8 million and will be settled through the issuance of 27.1 million new Coincheck ordinary shares priced at $4.00 per share.
Minority shareholders representing the remaining 3% have since joined the transaction, raising Coincheck’s expected ownership to about 99.8%. The deal is projected to close in the second calendar quarter of 2026, subject to regulatory approvals and confirmatory due diligence.
Bringing 3iQ fully in-house aligns with Coincheck’s broader strategy of integrating institutional products under a single listed entity. Combined with Aplo’s contribution, the group is building a structure that spans retail trading, prime brokerage, and .
Investor Takeaway
What Should Investors Watch Next?
The rebound to quarterly profit offers relief later than last year’s loss, but point to ongoing pressure in core marketplace activity. Future quarters will test whether acquisition-driven revenue can translate into steadier earnings growth.
Investors will also monitor the integration of Aplo and 3iQ, as well as the impact of the CEO transition on execution and capital allocation. As the group leans more heavily into institutional services, revenue mix and margin trends may become more significant than headline trading volume alone.
