Fair value measurement (Tables)

12 Months Ended

Mar. 31, 2025

Disclosure of fair value measurement [Abstract]

Fair value hierarchy of assets measured at fair value

Fair value hierarchy of assets and liabilities measured at fair value on a recurring basis in the consolidated

statements of financial position is as follows:


As of March 31,2024
(In millions)	Note	Level 1	Level 2	Level 3	Total
Crypto assets held(1)	13	¥44,207	¥—	¥—	¥44,207
Other financial assets(2)	15	2	3	39	44
Total		¥44,209	¥3	¥39	¥44,251

Crypto asset borrowings	20	¥44,020	¥—	¥—	¥44,020
Other financial liabilities(2)	21	—	1	—	1
Total		¥44,020	¥1	¥—	¥44,021


As of March 31,2025
(In millions)	Note	Level 1	Level 2	Level 3	Total
Crypto assets held(1)	13	¥44,680	¥—	¥—	¥44,680
Other financial assets(2)	15	22	—	46	68
Total		¥44,702	¥—	¥46	¥44,748

Crypto asset borrowings	20	¥44,479	¥—	¥—	¥44,479
Warrant liability
Public warrant liability	24	398	—	—	398
Private warrant liability(3)	24	—	—	12	12
Total		¥44,878	¥—	¥12	¥44,889

____________

(1) Crypto assets held (current assets) consist of cryptocurrencies for facilitating customer transactions.

(2) USD Coin which is included in “Other financial assets” is categorized as Level 1. Derivative assets and

derivative liabilities which are included in “Other financial assets” and “Other financial liabilities” are

categorized as Level 2. Other financial assets categorized as Level 3 are equity investments in non-listed

company by using the valuation method based on net assets adjusted by items that are necessary for fair value

measurement purposes. The changes in fair value are recognized through other income and expenses. The

financial assets categorized as Level 3 are measured by valuation policy and procedures set by the Company

and the valuation results are reviewed and approved by Chief Financial Officer.

The following table presents a reconciliation of other financial assets and warrant liabilities measured at fair

value on a recurring basis using significant unobservable inputs:

Fair value hierarchy of liabilities measured at fair value

Fair value hierarchy of assets and liabilities measured at fair value on a recurring basis in the consolidated

statements of financial position is as follows:


As of March 31,2024
(In millions)	Note	Level 1	Level 2	Level 3	Total
Crypto assets held(1)	13	¥44,207	¥—	¥—	¥44,207
Other financial assets(2)	15	2	3	39	44
Total		¥44,209	¥3	¥39	¥44,251

Crypto asset borrowings	20	¥44,020	¥—	¥—	¥44,020
Other financial liabilities(2)	21	—	1	—	1
Total		¥44,020	¥1	¥—	¥44,021


As of March 31,2025
(In millions)	Note	Level 1	Level 2	Level 3	Total
Crypto assets held(1)	13	¥44,680	¥—	¥—	¥44,680
Other financial assets(2)	15	22	—	46	68
Total		¥44,702	¥—	¥46	¥44,748

Crypto asset borrowings	20	¥44,479	¥—	¥—	¥44,479
Warrant liability
Public warrant liability	24	398	—	—	398
Private warrant liability(3)	24	—	—	12	12
Total		¥44,878	¥—	¥12	¥44,889

____________

(1) Crypto assets held (current assets) consist of cryptocurrencies for facilitating customer transactions.

(2) USD Coin which is included in “Other financial assets” is categorized as Level 1. Derivative assets and

derivative liabilities which are included in “Other financial assets” and “Other financial liabilities” are

categorized as Level 2. Other financial assets categorized as Level 3 are equity investments in non-listed

company by using the valuation method based on net assets adjusted by items that are necessary for fair value

measurement purposes. The changes in fair value are recognized through other income and expenses. The

financial assets categorized as Level 3 are measured by valuation policy and procedures set by the Company

and the valuation results are reviewed and approved by Chief Financial Officer.

The following table presents a reconciliation of other financial assets and warrant liabilities measured at fair

value on a recurring basis using significant unobservable inputs:


Equity security investments
	As of March 31,
(In millions)	2024	2025
Balance, beginning of period	¥40	¥39
Fair value recorded in connection with acquisition	10	21
Change in fair value	(11)	(4)
Settlement	—	(10)
Balance, end of period	¥39	¥46


Private warrant liabilities
	As of March 31,
(In millions)	2025
Initial recognition, December 10, 2024	¥56
Change in fair value	(45)
Foreign exchange impact	1
As of March 31,2025	¥12

(3) Private warrant liability is valued using a Black-Scholes Merton model. The assumptions used to value the

private warrant liabilities during the period were as follows.


	Initial value
	December 10,	March 31,
	2024	2025
Exercise price	USD11.5	USD11.5
Share price	USD12.2	USD5.1
Volatility	1%	35.9%
Expected life (in years)	5	4.7
Risk-free rate	4.09%	3.95%
Dividend yield	$—	$—

Assumptions used to value private warrant liabilities

The assumptions used to value the

private warrant liabilities during the period were as follows.


	Initial value
	December 10,	March 31,
	2024	2025
Exercise price	USD11.5	USD11.5
Share price	USD12.2	USD5.1
Volatility	1%	35.9%
Expected life (in years)	5	4.7
Risk-free rate	4.09%	3.95%
Dividend yield	$—	$—