Japan's Coincheck Group Acquires European Prime Brokerage Aplo in Push for Institutional Expansion

Coincheck Group has signed an agreement to acquire Aplo SAS, a Paris-based crypto prime brokerage serving institutional investors, marking the Japanese exchange operator's first major acquisition outside its home market as it pursues global expansion.

The all-stock transaction will see Aplo shareholders receive newly issued Coincheck Group ordinary shares in exchange for their stakes in the French firm. The deal is expected to close in October 2025, subject to customary conditions and regulatory approvals, according to a statement on Tuesday.

Coincheck Group's entry into the European institutional market through an established player reflects broader industry consolidation as exchanges seek scale and geographic diversification. The deal comes as institutional crypto adoption continues growing across Europe, driven partly by clearer regulatory frameworks under MiCA.

Founded in 2019 by Oliver Yates, Arnaud Carrere, Simon Douyer, and Jacques Lolieux, Aplo has built specialized infrastructure for institutional crypto trading, combining algorithmic execution with unified liquidity access. The company currently serves over 60 institutional clients including hedge funds, asset managers, banks, and large corporations across Europe.

Aplo operates under registration with France's financial markets authority (AMF) as a Digital Asset Service Provider and is pursuing a full crypto asset service provider license under the EU's Markets in Crypto Assets (MiCA) regulation.

The acquisition aligns with Coincheck Group's stated strategy to expand beyond Japan through targeted acquisitions of retail and institutional crypto businesses. CEO Gary Simanson highlighted Aplo's "proven technology" and institutional client base as key attractions, noting plans to develop bank-focused B2B2C offerings using Aplo's execution platform.

"By combining our strengths, we believe we will be better positioned to meet the needs of institutional crypto investors," Simanson said, emphasizing potential banking partnerships that could help traditional financial institutions offer crypto services to their customers.

For Aplo, the deal provides capital and strategic backing to accelerate product development. Aplo's founding team will remain with the company post-acquisition.

The companies plan to expand financing solutions including cross-margining and deferred settlement capabilities, while scaling liquidity access across multiple jurisdictions. Aplo's technology could also potentially enhance liquidity for some of Coincheck's altcoin offerings.

The transaction represents a significant step in Coincheck Group's international expansion strategy. The parent 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, Coincheck said.