Monex Reports ¥3.8bn Loss due to Coincheck Acquisition

​Monex Group, Inc. has announced that it incurred a loss of ¥ 3.8 billion in the fiscal year ended March 2021 due to its acquisition of Coincheck Inc.

When acquiring Coincheck in April 2018, Monex set an earn-out clause over the next three business years, from the business year that ended in March 2019 to the business year ended in March 2021. According to the clause, Monex was due to pay the former shareholders of Coincheck a contingent consideration, the amount calculated based on certain business risks deducted from up to half of net profits over the three-year period.

As the period subject to the clause came to an end, Monex reported in its current earnings the loss resulting from the changes in the fair value of contingent consideration. It is noted that as the period subject to the earn-out clause concluded at the end of March 2021, there will be no further contingent consideration on net profit from the fiscal year beginning April 2021 and continuing henceforth.