v3.26.1
Fair value measurement
 12 Months Ended
Mar. 31, 2026
Disclosure of fair value measurement [Abstract]  
Fair value measurement Fair value measurement
(1)Fair value hierarchy
When measuring the fair value of an asset or a liability, the Company uses observable market data if reasonably available. Fair values are categorized into different levels in the fair value hierarchy based on the inputs used in the valuation techniques as follows:
Level 1:    Quoted prices without adjustments in an active market for identical assets or liabilities.
Level 2:    Inputs other than the quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly.
Level 3:    Unobservable inputs for the assets or liabilities.
The level of fair value hierarchy is determined by the lowest-level input that is significant to the measurement of the fair value.
There were no transfers between levels for the year ended March 31, 2025 and 2026.
(2)Fair value hierarchy of assets and liabilities measured at fair value on a recurring basis
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, 2025
(In millions)NoteLevel 1Level 2
Level 3(3)
Total
Crypto assets held(1)
¥44,680 ¥— ¥— ¥44,680 
Other financial assets(2)
22 — 46 68 
Total¥44,702 ¥— ¥46 ¥44,748 
Crypto asset borrowings¥44,479 ¥— ¥— ¥44,479 
Warrant liability
Public warrant liabilities25398 — — 398 
Private warrant liabilities25— — 12 12 
Total¥44,878 ¥— ¥12 ¥44,889 
As of March 31, 2026
(In millions)NoteLevel 1Level 2
Level 3(3)
Total
Crypto assets held(1)
¥37,876 ¥— ¥— ¥37,876 
Other financial assets(2)
110 — 54 164 
Total¥37,986 ¥— ¥54 ¥38,040 
Crypto asset borrowings¥37,543 ¥— ¥— ¥37,543 
Warrant liability
Public warrant liabilities25128 — — 128 
Private warrant liabilities25— — 4 4 
Total¥37,672 ¥— ¥4 ¥37,676 
____________
(1) Crypto assets held (current assets) consist of cryptocurrencies for facilitating customer transactions.
(2) Stablecoins included in “Other financial assets” are categorized as Level 1. Other financial assets categorized as Level 3 are equity investments in non-listed companies 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.
(3) The following table presents a reconciliation of other financial assets and private warrant liabilities measured at fair value on a recurring basis using significant unobservable inputs:
Equity security investments
As of March 31,
(In millions)20252026
Balance, beginning of period ¥39 ¥46 
Purchases21 10 
Additions (business combination)— 14 
Change in fair value(4)(16)
Foreign exchange impact(10)0 
Balance, end of period ¥46 ¥54 
Private warrant liabilities
As of March 31,
(In millions)20252026
Balance, beginning of period¥— ¥12 
Initial recognition, December 10, 202456 — 
Change in fair value(45)(9)
Foreign exchange impact— 1 
Balance, end of period¥12 ¥4 
Private warrant liability is valued using a Black-Scholes Merton model. The assumptions used to value the private warrant liabilities were as follows.
As of
March 31, 2025March 31, 2026
Exercise priceUSD11.5 USD11.5 
Share priceUSD5.1 USD1.5 
Volatility35.9 %74.0 %
Expected life (in years)4.73.7
Risk-free rate3.95 %3.86 %
Dividend yield— %— %
(3)Fair value hierarchy of assets and liabilities measured at fair value on a non-recurring basis
As of March 31, 2025
There were no significant assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2025.
As of March 31, 2026
There were no significant assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2026.