KDDI, one of Japan’s largest telecommunications companies, is set to hold a 14.9% stake in local crypto exchange operator Coincheck Group (CNCK) after agreeing to a $65 million deal.
The telecom giant will underwrite 28.5 million newly issued Coincheck Group shares at $2.28 each, Coincheck said Wednesday. The agreement is expected to be completed in June.
Coincheck and KDDI also signed what both firms called a business alliance covering customer referrals, revenue sharing and referral fees. The companies said the partnership is aimed at expanding crypto access 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 deepened this push through a capital and business alliance with HashPort, a Japanese Web3 wallet developer. The deal was tied to plans that allow users to convert Ponta loyalty points into stablecoins and crypto and convert those assets into au PAY gift cards.
KDDI will receive registration rights for the shares and the right to nominate one non-executive director to Coincheck Group’s board at the next annual general meeting expected in September.
Coincheck’s Dutch parent company was listed on Nasdaq in late 2024 under the ticker CNCK, following a delayed plan to go public through a SPAC deal. The company has since pushed into institutional crypto services, including through its acquisition of digital asset prime broker Aplo.
In December 2025, KDDI had over 72 million mobile subscriptions. JP Morgan advised Coincheck Group on the deal. De Brauw Blackstone Westbroek and Simpson Thacher & Bartlett acted as legal advisors.
