Coincheck Group, the parent company of the prominent Japanese cryptocurrency exchange Coincheck, is strategically expanding into the European market through the acquisition of Aplo SAS, a Paris-based, French-regulated digital asset prime brokerage. The acquisition, Coincheck's first major move outside of Japan, signifies a significant step in its global expansion strategy, particularly targeting the institutional crypto market in Europe.
The deal, structured as an all-stock transaction, will see Aplo's shareholders receive newly issued ordinary shares of Coincheck Group in exchange for their stakes in the French firm. The acquisition is expected to be finalized in October 2025, pending customary conditions and regulatory approvals.
Aplo, founded in 2019, has established itself as a key player in the crypto prime brokerage space, providing services to over 60 institutional clients, including hedge funds, asset managers, and banks. The company is registered with France's financial markets authority (AMF) as a Digital Asset Service Provider and is pursuing a full crypto asset service provider license under the EU's Markets in Crypto Assets (MiCA) regulation. Aplo's platform offers algorithmic execution and unified liquidity access, catering to institutional crypto trading needs. In fact, Aplo was named “Prime Broker of the Year (EMEA)” at the 2025 Hedgeweek Global Digital Asset Awards.
Coincheck's CEO, Gary Simanson, highlighted Aplo's "proven technology" and established institutional client base as key factors driving the acquisition. He also noted plans to develop bank-focused B2B2C offerings using Aplo's execution platform. Coincheck aims to combine Aplo's European regulatory foundation with its own retail capabilities to scale globally. Simanson believes that by combining the strengths of both companies, they will be better positioned to meet the needs of institutional crypto investors, emphasizing potential banking partnerships to enable traditional financial institutions to offer crypto services to their customers.
This strategic move allows Coincheck to capitalize on the growing institutional adoption of crypto in Europe, which is being driven by clearer regulatory frameworks under MiCA. The EU's institutional crypto market is projected to reach €1.8 trillion by the end of 2025, marking a 15% year-over-year growth. Moreover, 32% of institutional investors in the EU have increased their crypto holdings post-MiCA, with 65% citing regulatory certainty as a key factor in lowering investment risk. The acquisition provides Coincheck with access to European market infrastructure as Aplo progresses toward full MiCA licensing.
For Aplo, this acquisition offers access to capital and strategic support to accelerate product development. The founding team of Aplo will remain with the company after the acquisition, ensuring continuity in client service and product development. Coincheck and Aplo plan to expand financing solutions, including cross-margining and deferred settlement capabilities, while also scaling liquidity access across multiple jurisdictions. Aplo's technology has the potential to enhance liquidity for some of Coincheck's altcoin offerings.
Coincheck, which went public on Nasdaq earlier in 2025, sees this acquisition as a crucial part of its mission to expand beyond Japan and acquire complementary businesses with specialized knowledge, expertise, and licenses. The company continues to explore further acquisitions and strategic investments to strengthen its global presence.
