Squair Advises Aplo and Founders on Sale to Coincheck Group

Squair advised Aplo SAS and its four founders; De Brauw Blackstone Westbroek and Jeantet advised Coincheck Group N.V.; Galaxy Digital Partners LLC served as financial adviser to Aplo. The transaction concerns the sale of the entire share capital of Aplo SAS to Coincheck Group N.V., a Netherlands‑based holding company listed on the NASDAQ and the parent of Coincheck, one of Japan's leading digital asset trading platforms. The consideration for the transaction will be paid entirely in new ordinary shares to be issued by Coincheck Group N.V. Founders Oliver Yates, Simon Douyer, Arnaud Carrere and Jacques Lolieux will continue to serve in their roles at Aplo following completion. The integration into Coincheck is intended to accelerate Aplo's roadmap and to enhance and scale its existing solutions. Key objectives include strengthening innovative financing solutions to optimise investment efficiency; improving access to liquidity and expanding the product offering across multiple jurisdictions and with new institutional partners; continuing infrastructure innovation in digital asset trading to meet growing global market needs; and deploying a B2B2C offering for banks wishing to use Aplo's execution platform for their clients. Founded in Paris in 2019 by Oliver Yates, Simon Douyer, Arnaud Carrere and Jacques Lolieux, Aplo is a digital asset service provider (DASP) registered with the AMF. Aplo provides institutional investors with a unified, secure platform for liquidity access and large‑scale execution on crypto markets, serving more than sixty active clients across hedge funds, asset managers and banks. Aplo was named Prime Broker of the Year (EMEA) at the Hedgeweek Global Digital Asset Awards 2025. Coincheck Group N.V. is a Netherlands‑based holding company listed on the NASDAQ. Its principal subsidiary, Coincheck, Inc., operates one of Japan's most widely used digital asset trading platforms and was the top crypto app in Japan by downloads for six consecutive years (2019–2024). Coincheck emphasises advanced technological infrastructure and high security standards and is focused on developing an ecosystem for new value exchange mechanisms built on digital assets and blockchain. Squair represented Aplo and its founders with a team composed by: Damien GORSE, Charles‑Louis PIERRON and Louis Le Roy. Galaxy Digital Partners LLC acted as financial adviser to Aplo. De Brauw Blackstone Westbroek represented Coincheck Group N.V. with a team composed by: Jaap BARNEVELD and Bob VAN ELS. Jeantet represented Coincheck Group N.V. with a team composed by: Alexandre NAUDEAU.

Squair Advises Aplo and Founders on Sale to Coincheck Group

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