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Monex Nets $100M First-Quarter Profit Driven by Crypto Trading
Coincheck, one of Japan's largest crypto exchanges, banked its parent 9 billion yen (US$82 million).
Updated Sep 14, 2021, 1:32 p.m. Published Jul 28, 2021, 9:25 a.m.
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Monex Group, a Japanese online securities company, reported fiscal first-quarter pretax profit of 11 billion yen ($100 million) driven largely by its crypto division.
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- Coincheck, one of Japan's largest crypto exchanges, banked its parent company 9 billion yen (US$82 million) in pretax profit in the three months ended June 30, according to results published Wednesday.
- That's up from the unit's 6.6 billion yen ($60 million) reported by Monex for the previous quarter.
- Monex attributes this performance to increased trading volume resulting from higher volatility in the crypto market.
- The securities company acquired Coincheck in April 2018 for $33.5 million.
Read more: Japan Increasing Efforts to Regulate Digital Currency: Report
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Small wallets have increased their BTC holdings by 2.5% since October's all-time high while large holders trimmed 0.8%, Santiment data shows.
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- The divergence supports choppy, fragile price action because retail demand alone cannot sustain rallies when big wallets are distributing into every recovery.
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