In a significant move to expand its global presence, Coincheck, one of Japan’s leading cryptocurrency exchanges, has announced plans to acquire the French digital asset prime brokerage Aplo. This acquisition is part of Coincheck’s broader strategy to extend its operations beyond Japan, aiming to enhance its offerings in the rapidly evolving digital asset landscape.
The deal, structured as a stock purchase agreement, is anticipated to close in October 2025. While Coincheck has not disclosed the financial details of the acquisition, the company emphasized its commitment to exploring strategic investments both domestically and internationally. “As part of its business strategy, Coincheck Group is actively exploring potential opportunities to make acquisitions and strategic investments both inside and outside of Japan,” the company stated.
Founded in 2014, Coincheck has established itself as Japan’s most downloaded cryptocurrency trading application. The exchange made headlines in 2024 when it listed its shares on the Nasdaq. Despite facing a significant setback in 2018 due to a hack that resulted in losses of approximately $534 million, Coincheck has rebounded remarkably. According to its latest annual financial report, the exchange reported a 15% increase in customer assets, reaching ¥859.2 billion (approximately $5.7 billion), alongside a 44% surge in trading volume to ¥337.5 billion (around $2.25 billion).
This acquisition is emblematic of a larger trend of consolidation within the global digital asset sector, driven by increasing regulatory clarity and growing institutional adoption. Recent months have seen notable transactions in the industry, including Coinbase’s acquisition of the derivatives exchange Deribit for $2.9 billion and Ripple’s purchase of Galaxy-backed stablecoin issuer Rail for $200 million. However, not every acquisition attempt has been successful; for instance, a recent proposed takeover of Core Scientific by CoreWeave was blocked by the bitcoin miner’s largest shareholder.
With the acquisition of Aplo, Coincheck aims to accelerate the French firm’s product development, particularly in areas such as cross-margining and deferred settlement. This strategic move is expected to enhance liquidity access across various jurisdictions and assist banks interested in utilizing Aplo’s platform for their clientele. Aplo, established in 2019, has developed a robust trading application and infrastructure that serves over 60 institutional clients. The firm is registered with France’s financial regulator, the AMF, and is actively pursuing a full license under the European Union’s crypto framework, known as MiCA.
“Aplo brings us proven technology, expertise recognized by institutional clients in Europe, and a high-performance team with an entrepreneurial culture,” said Coincheck CEO Gary Simanson. He further noted that this acquisition would position both firms “better to meet the needs of institutional crypto investors,” including plans to provide a B2B2C offering for banks looking to facilitate crypto investments for their customers.
As the cryptocurrency market continues to evolve, Coincheck’s acquisition of Aplo is a strategic step that underscores its commitment to enhancing its service offerings while adapting to the dynamic needs of institutional investors in an increasingly competitive landscape.
For further details on this acquisition, you can read the original announcement from Decrypt.
