Coincheck Group (the holding company of Coincheck) announced it has entered into a stock purchase agreement to acquire Aplo SAS. This digital asset prime brokerage caters to institutional crypto investors.
Under this agreement, all existing shares of Aplo will be exchanged for newly issued ordinary shares of Coincheck Group. The deal is expected to close around October 2025, pending certain regulatory approvals and conditions. This move marks a significant milestone for Coincheck Group’s broader strategy — they aim to expand beyond Japan and make strategic acquisitions in Europe and other regions, aiming to support both retail and institutional clients in the rapidly evolving world of digital assets.
Aplo, founded in 2019 in Paris by Oliver Yates, Arnaud Carrere, Simon Douyer, and Jacques Lolieux, has quickly established itself as an innovative player in the digital asset space. They have developed a proprietary trading application designed specifically for institutional investors. This platform combines advanced algorithmic execution, seamless access to deep liquidity pools, and a solid regulatory foundation. Currently, Aplo is registered as a Digital Asset Service Provider with France’s Autorité des marchés financiers (AMF) and is working towards obtaining full licensing under the European Union’s Market in Crypto Assets Regulation (MiCA).
Over the past few years, Aplo has experienced rapid growth, serving more than 60 active institutional clients, including hedge funds, asset managers, banks, and large corporations. In recognition of its excellence, Aplo was named the Prime Broker of the Year for the EMEA region at the 2025 Hedgeweek Global Digital Asset Awards.
All four founders plan to continue working with Aplo after the acquisition closes. Together with Coincheck, they aim to accelerate Aplo’s product development and expansion plans. This includes enhancing financing solutions, such as cross-margining and deferred settlement, to improve clients’ capital efficiency. It also involves expanding liquidity access and product offerings across different jurisdictions, as well as driving innovation in digital asset trading infrastructure to meet the demands of global markets.
Furthermore, the companies are exploring the possibility of Aplo providing additional liquidity to some of Coincheck’s altcoin offerings, which could benefit both firms and their clients. They are also considering how Aplo’s technology and expertise could enable banks and other financial institutions to serve their customers through improved execution platforms better.
Overall, this acquisition represents an exciting step for Coincheck Group as it continues to build a more diverse and robust presence in the global crypto marketplace, while supporting their mission to forge meaningful alliances and expand their reach into new regions and business opportunities.
Advisors: Galaxy Digital Partners served as exclusive financial advisor to Aplo. Squair served as counsel to Aplo. De Brauw and Jeantet served as counsel to Coincheck Group.
KEY QUOTES:
“Aplo brings us proven technology, expertise recognized by institutional clients in Europe, and a high performance team with an entrepreneurial culture. By combining our strengths, we believe we will be better positioned to meet the needs of institutional crypto investors, which includes plans to provide a valuable B2B2C offering to banks looking to make crypto investing available to their customers.”
Gary Simanson, CEO of Coincheck Group
“Joining Coincheck Group is a tremendous opportunity to accelerate our mission. We built Aplo to provide institutional investors with the platform service they needed to navigate markets that are open 24/7 every day of the year. By combining our technology and operational expertise with the financial strength and strategic vision of Coincheck Group and its seasoned management, we can together set new standards of transparency, security and efficiency in this market.”
Oliver Yates, CEO of Aplo
