Japanese crypto exchange Coincheck is expanding its global footprint with the acquisition of Aplo, a Paris-based digital asset prime brokerage regulated by France’s financial markets authority, the AMF.
Key Takeaways:
Coincheck is acquiring France-regulated Aplo to expand into the European institutional crypto market. Aplo serves over 60 institutional clients and brings deep liquidity, regulatory alignment, and award-winning infrastructure. The deal supports Coincheck’s broader push to scale globally and strengthen its B2B2C offerings.The deal, announced Tuesday, will see all shares of Aplo exchanged for newly issued ordinary shares of Coincheck Group N.V., with closing expected in October 2025. Financial terms were not disclosed.
Coincheck, founded in Tokyo in 2014, is one of Japan’s most recognized exchanges and is owned by Coincheck Group N.V., a Netherlands-based holding company that went public on Nasdaq last year under the ticker CNCK.
Coincheck Eyes European Growth with Strategic Aplo Acquisition
The acquisition of Aplo comes as Coincheck plans expansion into the European institutional crypto market.
“Aplo brings us proven technology, expertise recognized by institutional clients in Europe, and a high-performance team with an entrepreneurial culture,” said Coincheck Group CEO Gary Simanson in a statement.
“By combining our strengths, we aim to better serve institutional investors and enhance our B2B2C offerings.”
Founded in 2019, Aplo has established itself as a leading player in crypto prime brokerage, serving more than 60 institutional clients, including hedge funds, asset managers, and banks.
The firm was recently named “Prime Broker of the Year (EMEA)” at the 2025 Hedgeweek Global Digital Asset Awards. Its platform provides algorithmic execution, deep liquidity access, and strong compliance infrastructure.
The deal will also support Coincheck’s broader ambitions to scale its institutional services globally and pursue synergies across liquidity, trading infrastructure, and banking partnerships.
Aplo is currently registered as a Digital Asset Service Provider with the AMF and is seeking full licensure under the EU’s MiCA framework.
All four Aplo co-founders, including Oliver Yates, Arnaud Carrere, Simon Douyer, and Jacques Lolieux, will remain with the company post-acquisition.
Galaxy Digital Partners acted as exclusive financial advisor to Aplo, with legal counsel provided by Squair for Aplo and De Brauw and Jeantet for Coincheck Group.
Japanese Public Firms Ramp Up Bitcoin Holdings Despite Market Dip
Several Tokyo-listed companies are accelerating their Bitcoin treasury strategies, collectively adding over 156 BTC to their balance sheets this week.
Metaplanet led the move with a 103 BTC purchase worth $11.7 million, raising its total holdings to nearly 19,000 BTC and positioning it as the seventh-largest corporate holder globally.
The company also gained inclusion in the FTSE Japan Index, boosting investor confidence despite short-term stock volatility.
Other firms followed suit. Remixpoint acquired 41.5 BTC and continues exploring synergies between Bitcoin mining and its energy services, marking a pioneering step in Japan’s public sector.
ANAP Holdings and Agile Media Network also added to their reserves, while Def Consulting announced the start of its own Bitcoin treasury program.
Supporting this corporate adoption wave, Japan’s regulatory clarity has been a decisive factor. The Financial Services Agency (FSA) plans to formally recognize crypto assets as financial products under the Financial Instruments and Exchange Act by 2026.
Alongside, proposed tax reforms could lower crypto capital gains from rates as high as 55% to a flat 20%, making corporate adoption far more appealing.
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