Coincheck stock price fell 7% after Wednesday’s trading close with the company reporting a $98 million loss for last year’s third quarter. It has since recovered.
Coincheck CEO Gary Simanson blamed the loss on the expenses incurred during its merger with Thunder Bridge Capital and subsequent Nasdaq listing in November last year.
Simanson revealed the company spent over $751 million to cover sales, expenses and administrative costs related to the merger and Nasdaq listing.
The Nasdaq-listed crypto exchange’s report came at a volatile period for cryptocurrencies as the market value dipped 1% and trading volume on centralised exchanges fell 15%.
The Japanese firm and US rival Coinbase are the only two crypto exchanges listed on the predominantly technology-focused Nasdaq. Several other major crypto firms, including stablecoin issuer Circle and crypto exchange Kraken, could join the list as they seemingly eye IPOs amid expectations of a positive regulatory climate for the market in the US.
Despite the significant net loss reported, Coincheck reported revenue growth of 75% from the previous quarter to $785 million. For comparison, fellow Nasdaq-listed Coinbase saw its revenue fall 27% during the period.
Coincheck also reported an increase in trading volume and user deposits on the platform. Trading activity soared to $351 million while customer assets held on the exchange rose to $6.9 billion.
Still, Coincheck’s stock performance has been largely downwards since the Nasdaq listing.
The company’s stock price is down more than 30% since its debut on the Nasdaq.
Meanwhile, other crypto-linked stocks have posted moderately positive growth this year with Coinbase and MicroStrategy up 6% and 8% in 2025.
Coincheck suffered one of the largest crypto exchange hacks in 2018 when attackers stole $532 million of a cryptocurrency called Nem, which is popular in Asia. The company refunded customers affected by the incident.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? please contact him at [email protected].
