Coincheck Group NV (CNCK) Q3 2026 Earnings Call Highlights: Revenue Growth Amidst Market Challenges

Q: Great, thanks for that, and then I'm just, yes, sorry. A: I'm sorry, can I, if I can add one thing, the tax, refund is, for retail investors. So if it's ETA for those kind of retail targeted funds that are really important. But for institutional investors in Japan, the tax reforms. Is not needed, even today, before or after the tax reform over crypto in Japan, for institutional investors, the situation is the same. So we are seeing the really growing interest from institutional investors and start entering into this crypto space even before the tax reform does happen.

Q: Great. Thanks for that color. And then I guess a bit more of a broad question, but I guess with the new change in leadership, I mean, certainly the company has been pretty active in M&A over the past, 1.5 years since you've really been public, and obviously Gary has a pretty, long history in his own career just of M&A. Does the leadership transition impact, the company's appetite for M&A, or, is it kind of the same strategy as before? A: Happy to jump in here. So fundamentally right now, I think like Gary and Oki have brought together, 4 very strong companies. Right now we're, as we mentioned, we're really preparing to, bring together these 4 companies for the Japanese market and the regulatory unlock as well as support, and kind of digest the M&A we've done so far. We've got a great, young team. At Alo, and of course, the team over at 3A2 which I lead, and the continued growth that Coinheck and XPlantech are seeing. So we really want to make sure that we support, the companies that we've acquired, getting them to really start working together, which we have begun exploring certain synergies together and really working on the engineering level. So we want to digest that over the coming quarters. With that being said, as we see. The markets evolve, we're, I think we're going to remain opportunistic to those types of opportunities, and we'll take it case by case based on what we're seeing in the markets that could add to so maybe potential gaps or opportunities we see in the market. So it's a dual approach, but for now, right now, it's really digesting and making sure that the companies we have acquired are primed for success, for the year to come.

Q: Thank you and Gary, congrats on the accomplishments in a short period of time. Pascal, congrats on the new role. I guess Pascal one for you, just, I, I'd be curious to understand how you might think about the size of growth opportunities in the, call it next 12 months between Japan retail versus broader sort of global institutional opportunities. A: So I won't necessarily speak to specific, numbers, but, the team could speak to some of the growth we've seen in the past quarters. But, fundamentally speaking, at the institutional side, the biggest difference between, the last, down trend in crypto in 2021 and 2022, where, collectively, I think a lot of companies, including 3 IQ and others were speaking at a high level with institutions who were starting to. Sort of dip their toes into the crypto markets. Of course, the FTX collapse and things of that nature set them backwards, but the major difference right now is, although, price action across all markets are in a down trend right now, the institutions are not wavering at all. You'll be hearing some announcements from some of our core companies in the coming weeks and months, the conversations, you, in the past few weeks, even in Japan that we were having with very large institutions. In the middle of the price down trend, continue to be steadfast in terms of how they execute and how to bring things together and how to get things ready. So in the coming year, what we're seeing right now in the Japanese market is definitely the planning for the institutions to enter that market. On the retail side, we, we'll see and monitor and explore how the trading continues, but Kincheck Inc. Is working on several other. Products and features to continue enhancing the opportunities for their clients as well as partners like Mercoin and others that we're exploring and on our side, I would say, and I say our side sorry, but 3AQ side as I'm speaking of 3AQ side today with that hat, we are in talks more than ever, with new logos and and allocators as well. And so we're seeing the market continue moving forward and I think fundamentally we're seeing this as a very positive entry position. And so we continue with that positive vibe as we enter, 2026.

Q: That's great to hear. I appreciate that. And maybe just one sort of, one more on just recent sort of price action across the ecosystem. How, and Gary or Jason or Pascal, but I'm not sure who this is appropriate for, but just curious to understand how on the retail side in particular coin check customers are sort of reacting more recently. So, call it. Late January February around price declines just you know you're seeing sort of net buyer sellers what kind of deposit activity are you seeing to the platform anything around that would be helpful just to understand, customers retail customer behavior at this point. Thank you. A: So that may be, I should explain for that. So the retail costs in Japan, of course

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