Coincheck Group N.
V., the NASDAQ-listed holding company of Coincheck, Inc., one of Japan’s leading crypto asset exchanges, has announced a stock purchase agreement to acquire Aplo SAS, a digital asset prime brokerage based in Paris, France. The transaction, which involves exchanging all issued and outstanding shares of Aplo for newly issued ordinary shares of Coincheck Group, is anticipated to conclude in October 2025, pending specific undertakings and conditions. This acquisition represents Coincheck Group’s initial step in its strategy to expand its retail and institutional crypto business footprint outside of Japan, particularly in Europe.
Founded in 2019 by Oliver Yates, Arnaud Carrere, Simon Douyer, and Jacques Lolieux, Aplo has developed a proprietary institutional trading application and supporting infrastructure. This platform integrates algorithmic execution, unified access to deep liquidity, and a robust regulatory framework. Aplo is currently registered as a Digital Asset Service Provider (DASP) with the French Authority for the Financial Markets (AMF) and is actively pursuing a full crypto asset service provider license under the European Union’s Markets in Crypto Assets Regulation (MiCA). The company serves over 60 active institutional clients, including hedge funds, asset managers, banks, and large corporations, and was recognized as “Prime Broker of the Year (EMEA)” at the 2025 Hedgeweek Global Digital Asset Awards. All four founders are expected to remain with Aplo post-acquisition.
Following the acquisition, the combined entities plan to accelerate Aplo’s product development and scale its existing solutions. Key initiatives include introducing financing solutions such as cross-margining and deferred settlement to boost client capital efficiency, broadening liquidity access and product offerings across various jurisdictions, and innovating digital asset trading infrastructure. The collaboration also aims to provide a B2B2C offering, enabling banks to utilize Aplo’s execution platform for their own customers. Additionally, the companies will explore whether Aplo can enhance liquidity for some of Coincheck’s altcoin offerings.
Gary Simanson, CEO of Coincheck Group, stated, “Aplo brings us proven technology, expertise recognized by institutional clients in Europe, and a high performance team with an entrepreneurial culture. By combining our strengths, we believe we will be better positioned to meet the needs of institutional crypto investors, which includes plans to provide a valuable B2B2C offering to banks looking to make crypto investing available to their customers.”
Oliver Yates, CEO of Aplo, commented, “Joining Coincheck Group is a tremendous opportunity to accelerate our mission. We built Aplo to provide institutional investors with the platform service they needed to navigate markets that are open 24/7 every day of the year. By combining our technology and operational expertise with the financial strength and strategic vision of Coincheck Group and its seasoned management, we can together set new standards of transparency, security and efficiency in this market.”
Galaxy Digital Partners LLC served as the exclusive financial advisor to Aplo, with Squair acting as counsel. De Brauw and Jeantet provided counsel to Coincheck Group.
