TL;DR
- Acquisition Deal: Coincheck will acquire France-based Aplo through a share exchange, with closing expected in October 2025, marking its first major move outside Japan to strengthen institutional crypto services.
- Regulatory Edge: Aplo’s AMF registration and pending MiCA license position it as a fully compliant EU entry point for Coincheck’s expansion strategy.
- Growth Plan: The partnership aims to broaden liquidity access, introduce B2B2C banking integrations, and enhance trading infrastructure for institutional clients across Europe.
Coincheck Group N.V., the Nasdaq-listed holding company of Japan’s leading crypto exchange Coincheck, has signed a stock purchase agreement to acquire French digital asset prime brokerage Aplo SAS. The deal, expected to close in October 2025, marks Coincheck’s first major acquisition outside Japan and a strategic step toward expanding institutional services in Europe under the EU’s Market in Crypto Assets Regulation (MiCA).
Strategic Entry into the European Market
Under the agreement, all issued and outstanding shares of Aplo will be exchanged for newly issued Coincheck Group ordinary shares. The acquisition is designed to leverage Aplo’s regulated infrastructure and client base to accelerate Coincheck’s European presence. Aplo is recognized as a Digital Asset Service Provider by France’s AMF and is working towards obtaining a complete MiCA license, making it a compliant entry point for institutional crypto services throughout the EU.
Aplo’s Institutional Strengths
Established in Paris in 2019 by Oliver Yates, Arnaud Carrere, Simon Douyer, and Jacques Lolieux, Aplo has created a unique institutional trading platform that combines algorithmic execution, unified access to liquidity, and strong regulatory compliance. The firm serves more than 60 active institutional clients, including hedge funds, asset managers, banks, and corporates, and was named “Prime Broker of the Year (EMEA)” at the 2025 Hedgeweek Global Digital Asset Awards. All four founders will stay with the company after the acquisition.
Synergies and Product Expansion
Coincheck and Aplo aim to expand Aplo’s current solutions, which include financing options such as cross-margining and deferred settlement, increased access to liquidity, and improved trading infrastructure. The companies will also look into a B2B2C model, allowing banks to utilize Aplo’s execution platform to provide crypto services to their clients. Further synergies might involve supplying liquidity to Coincheck’s altcoin products.
Industry Context and Growth Outlook
The acquisition fits into a larger industry trend where exchanges collaborate with regulated entities to speed up market entry under MiCA. The exchange’s move mirrors similar strategies by competitors seeking to capture institutional demand in Europe’s evolving regulatory landscape. By combining Coincheck’s financial strength with Aplo’s technology and compliance credentials, the partnership aims to set new standards for transparency, security, and efficiency in institutional crypto trading.
