KDDI, one of Japan’s largest telecommunications companies, will take a 14.9% stake in local cryptocurrency exchange operator Coincheck Group (CNCK) after reaching a $65 million deal.
The telecommunications giant will subscribe for 28.5 million newly issued shares of Coincheck Group at $2.28 each, Coincheck said Wednesday. The deal is expected to close in June.
Coincheck and KDDI also signed what both companies called a business alliance that covers customer referrals, revenue sharing, and referral fees. The companies said the partnership aims to expand access to cryptocurrencies in Japan through KDDI’s consumer channels and Coincheck’s trading, custody, staking and asset management services.
KDDI has been building around cryptocurrencies 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 that momentum through a business and equity alliance with HashPort, a Japanese Web3 wallet developer. The deal was linked to plans that allowed users to convert Ponta loyalty points into stablecoins and cryptocurrencies, and convert those assets into au PAY gift cards.
KDDI will receive share registration rights and the right to nominate a non-executive director to the Coincheck Group board of directors at its next annual general meeting, scheduled for September.
Coincheck’s Dutch parent listed on Nasdaq in late 2024 under the symbol CNCK, after a delayed plan to go public through a SPAC deal. The company has since ventured into institutional crypto services, including through the acquisition of leading digital asset broker Aplo.
KDDI, as of December 2025, 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.
