Coincheck Group N.V. CNCK, the holding company of leading Japanese cryptocurrency exchange Coincheck, reported a 75% jump in revenue for the fiscal third quarter on Wednesday.
What happened: The company's quarterly revenue soared to $785 million, up from $448 million disclosed in the second quarter, according to a press release.
The trading volume more than doubled to $785 million quarter-over-quarter, while customer assets increased by 72% to $6.9 billion.
That said, Coincheck recorded a loss of $98 million during the quarter, driven by sales expenses.
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The Tokyo-headquartered firm merged with Thunder Bridge Capital Partners IV in December to become a Nasdaq-listed company. It is one of the few companies on Wall Street with cryptocurrency trading as its core business.
Coincheck is one of Japan’s biggest cryptocurrency exchanges, supporting premium assets like Bitcoin BTC/USD and Ethereum ETH/USD.
Price Action: Shares of Coincheck tumbled 7% to close at $7.030 during Wednesday’s regular trading session, according to data from Benzinga Pro.
Photo Courtesy: Piotr Swat on Shutterstock.com
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