Japanese cryptocurrency company Coincheck Group buys European prime brokerage Aplo, aiming to broaden its services for institutional clients.

In a significant move towards international expansion, Coincheck Group, the parent company of the popular Japanese cryptocurrency exchange, has announced its acquisition of Aplo SAS, a Paris-based crypto prime brokerage serving institutional investors. This marks Coincheck Group's first major acquisition outside its home market and a strategic entry into the European institutional market.

The acquisition, an 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. Aplo operates under registration with France's financial markets authority (AMF) as a Digital Asset Service Provider and has built specialized infrastructure for institutional crypto trading.

Aplo currently serves over 60 institutional clients including hedge funds, asset managers, banks, and large corporations across Europe. The founder of Aplo SAS, Nicolas Brada, will remain with the company post-acquisition.

The deal could potentially enhance liquidity for some of Coincheck's altcoin offerings. Simanson also emphasized potential banking partnerships that could help traditional financial institutions offer crypto services to their customers. Plans for development include bank-focused B2B2C offerings using Aplo's execution platform and scaling liquidity access across multiple jurisdictions.

Coincheck Group's entry into the European institutional market reflects broader industry consolidation. The transaction is a significant step in Coincheck Group's international expansion strategy, with the parent company going public on Nasdaq earlier this year. The deal is expected to close in October 2025, subject to customary conditions and regulatory approvals.

Moreover, Aplo is pursuing a full crypto asset service provider license under the EU's Markets in Crypto Assets (MiCA) regulation. The companies plan to expand financing solutions including cross-margining and deferred settlement capabilities. Simanson expressed optimism about the deal, stating that it would accelerate product development and help Coincheck Group expand beyond Japan through targeted acquisitions of retail and institutional crypto businesses.