Coincheck Eyes European Expansion: Can The $583 Million Aplo Acquisition Revive Its Fortunes?

Coincheck Group N.V. is aggressively positioning itself as a leading global player in crypto financial services, and its latest strategic initiative could mark a turning point. Following a disappointing first quarter of fiscal 2026—where trading volumes dipped 33% QoQ and adjusted EBITDA turned negative—Coincheck announced its intent to acquire Aplo SAS, a regulated digital asset prime brokerage based in Paris. This acquisition, expected to close in October 2025, represents the company’s first major step into European markets and underscores its ambition to diversify beyond Japan. Aplo, which boasts a strong regulatory foundation under French and upcoming MiCA regimes, serves over 60 institutional clients and was recently named “Prime Broker of the Year (EMEA).” While Coincheck reported a net loss of ¥1.38 billion in Q1 and remains vulnerable to market cycles, its expanding user base, growing staking revenues, and push into B2B2C through partnerships like Mercoin indicate a transformation underway. Here’s how Aplo could accelerate that shift.