KDDI, one of Japan’s largest telecommunications companies, is set to own a 14.9% stake in local cryptocurrency exchange operator Coincheck Group (CNCK) after striking a $65 million deal.
The telecommunications giant will subscribe for 28.5 million newly issued Coincheck Group shares priced at $2.28 each, Coincheck announced Wednesday. The deal is expected to be finalized in June.
Coincheck and KDDI also signed what the two companies called a business alliance covering customer referrals, revenue sharing and referral fees. The companies said the partnership aims to expand access to crypto in Japan through KDDI’s consumer channels and Coincheck’s trading, custody, staking and asset management services.
KDDI has been building around crypto and Web3 since at least 2023, when it launched αU, a metaverse and Web3 service with a non-fungible token (NFT) marketplace and crypto wallet.
The company furthered this approach through a financial and commercial alliance with HashPort, a Japanese Web3 wallet developer. The deal was linked to plans to allow users to convert Ponta loyalty points into stablecoins and crypto, and convert these assets into PAY gift cards.
KDDI will receive registration rights for the shares and the right to appoint a non-executive director to the board of directors of Coincheck Group at its next annual general meeting, scheduled for September.
Coincheck’s Dutch parent company listed on Nasdaq in late 2024 under the ticker CNCK, after a delayed plan to go public via a SPAC deal. The company has since moved into institutional crypto services, including through the acquisition of digital asset prime broker Aplo.
KDDI, as of December 2025, had more than 72 million mobile subscriptions. JP Morgan advised Coincheck Group on this transaction. De Brauw Blackstone Westbroek and Simpson Thacher & Bartlett acted as legal advisors.
