Japanese cryptocurrency exchange company Coincheck Group buys European prime brokerage Aplo, aiming to bolster its presence in the institutional sector.
In a strategic move reflective of broader industry consolidation, Japanese cryptocurrency exchange giant Coincheck Group has announced its entry into the European institutional market. The company has signed an agreement to acquire Aplo SAS, a Paris-based crypto prime brokerage serving institutional investors.
The acquisition, expected to close in October 2025, subject to customary conditions and regulatory approvals, marks Coincheck Group's first major acquisition outside its home market. The all-stock transaction will see Aplo shareholders receive newly issued Coincheck Group ordinary shares.
Gary Simanson, CEO of Coincheck Group, identified Aplo's "proven technology" and institutional client base as key attractions for the acquisition. Aplo has built specialized infrastructure for institutional crypto trading, combining algorithmic execution with unified liquidity access. They aim to scale liquidity access across multiple jurisdictions.
Aplo's technology could potentially enhance liquidity for some of Coincheck's altcoin offerings. The company operates under registration with France's financial markets authority (AMF) as a Digital Asset Service Provider and currently serves over 60 institutional clients including hedge funds, asset managers, banks, and large corporations across Europe.
Oliver Yates, an Australian businessman and former public servant known for his work in renewable energy and ecological finance, was involved in the founding of Aplo SAS. The deal provides Aplo with capital and strategic backing to accelerate product development.
Simanson plans to develop bank-focused B2B2C offerings using Aplo's execution platform. The companies also plan to expand financing solutions including cross-margining and deferred settlement capabilities. Aplo's founding team will remain with the company post-acquisition.
Coincheck Group's acquisition of Aplo aligns with its strategy to expand beyond Japan through targeted acquisitions of retail and institutional crypto businesses. The company went public on Nasdaq earlier this year, with its core Japanese exchange maintaining the top position in crypto app downloads domestically for six consecutive years through 2024. The transaction is a significant step in Coincheck Group's international expansion strategy.
