Coincheck Buys Aplo To Expand In European Institutional Crypto
Coincheck Group announced on Tuesday it has entered into an agreement to acquire Aplo SAS, a Paris-based institutional crypto prime brokerage, marking the Japanese exchange operator’s first international acquisition as it accelerates global growth.
Details Of The Transaction
The deal will be conducted entirely in stock, with Aplo shareholders set to receive newly issued Coincheck Group ordinary shares in exchange for their equity stakes. The acquisition is scheduled to close in October 2025, pending regulatory approvals and standard closing conditions.
Coincheck described the move as a key step in its international strategy, highlighting that the acquisition provides an immediate entry into the European institutional market, which is expanding rapidly under the EU’s Markets in Crypto Assets (MiCA) regulatory framework.
Aplo’s Institutional Presence
Founded in 2019 by Oliver Yates, Arnaud Carrere, Simon Douyer, and Jacques Lolieux, Aplo has built a strong reputation for its institutional-grade infrastructure. The firm offers algorithmic trading execution, unified liquidity pools, and advanced risk management tools, serving more than 60 institutional clients, including hedge funds, asset managers, banks, and large corporations.
Aplo is currently registered with the Autorité des Marchés Financiers (AMF) as a Digital Asset Service Provider (DASP) and is working toward obtaining a full MiCA license to operate across the European Union.
Coincheck’s Strategic Vision
Coincheck CEO Gary Simanson emphasized that Aplo’s technology and existing institutional client base were the main reasons for the acquisition. “By combining our expertise, we are well positioned to better meet the demands of institutional investors. Aplo’s platform opens new opportunities to create B2B2C products tailored for banks, enabling them to offer crypto services directly to customers,” Simanson said.
The acquisition reflects Coincheck’s ambition to diversify geographically and broaden its services beyond its dominant retail base in Japan. Coincheck has been the most downloaded crypto app in Japan for six consecutive years through 2024, and the company aims to leverage that momentum internationally.
Benefits For Aplo
For Aplo, the deal provides fresh capital and strategic backing, enabling faster product development and market expansion. The founding team will remain in leadership roles, continuing to scale the company’s services.
Both firms plan to collaborate on cross-margining, deferred settlement solutions, and expanded liquidity access across jurisdictions. Aplo’s infrastructure could also enhance Coincheck’s trading capabilities for select altcoins.
Industry Context
The acquisition highlights an ongoing trend of consolidation and institutionalization in crypto markets, as established exchanges pursue partnerships and acquisitions to strengthen their positions globally. Analysts note that the deal gives Coincheck a competitive edge in Europe, where clearer regulations under MiCA are accelerating institutional adoption.
Coincheck, which listed on Nasdaq earlier in 2025, sees the Aplo acquisition as a cornerstone of its global expansion strategy, bridging Asia and Europe in the evolving digital asset landscape.
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