An Initial Exchange Offering (IEO) is a new mechanism to procure capital using crypto assets.  In compliance with Japanese domestic regulations, cryptocurrency exchanges conduct reviews, facilitate the sale of the new crypto assets, and handle subsequent listings on exchanges or brokerage platforms.

 

Coincheck embraces IEOs as a core vehicle to manifest our vision, “Making the Exchange of New Values More Accessible.” Having successfully navigated four IEOs, the highest number in Japan, we have built a unique repository of expertise.

 

Our success is not the result of flashy tactics. It is rooted in strict scrutiny of issuer credibility to ensure integrity, an uncompromising commitment to investor protection, and meticulous consensus-building with stakeholders. This steady, disciplined approach to IEO execution is the bedrock of the trust we have earned from the market.

 

We spoke with Yuta Tabata, Head of Business Development at Coincheck, Inc., about the company’s underlying philosophy and strategy behind its efforts to ensure that the crypto asset market evolves into a reliable social infrastructure rather than a transient trend.

 

 

The IEO Mechanism

Embedding integrity into the screening process

IEOs are extremely important mechanisms for both cryptocurrency exchanges and "challengers" seeking to exchange new values. However, we believe the true objective is not the new sale of tokens, but the post-listing growth of the token ecosystem that will sustainably enhance the appeal of tokens.

 

Since delivering Japan’s first IEO in July 2021 and as a leader in the crypto asset industry, Coincheck has supported issuers on four projects. What we provide is an ongoing vigorous screening process over an extended horizon that assesses whether an issuer’s plan is truly executable and whether their governance is functionally robust in practice.

 

Precisely because we are dealing with a type of new value that is difficult to grasp, screening must be more than a mere formality. To address investor anxiety and ensure that we bring only high-conviction projects to the market, we take time to conduct screenings using a broad set of criteria. 

 

 

 

Working with issuers to refine business plans

Realizing an IEO typically requires upwards of 18 months of intensive preparation. This is a collaborative journey where Coincheck and the issuer transcend the roles of "screener" and "applicant." We work as a team, engaging in candid, often challenging discussions to refine the business plan without compromise.

 

"Why is blockchain necessary?" "Why are we issuing this token?" In a market with diverse financing options, our mission is to rigorously test the rationale for an IEO and translate the issuer’s vision into a logical, explainable strategy for global investors. We also engage exhaustively on corporate governance—from internal audits to organizational transparency—because we know these elements are directly linked to investor protection.

 

During the screening process, we frequently encounter challenging situations where issuers may hesitate or struggle. Nevertheless, we conduct our evaluations based on objective facts and engage in deep, face-to-face deliberations to find optimal solutions. We are convinced that identifying risks in advance and acting with integrity to minimize them is an essential process for enhancing project value and making the exchange of new value "accessible" to everyone.

Protecting investors and ensuring market integrity: post-listing challenges

While building our track record as the industry leader, we maintain a clear-eyed view of market challenges, particularly post-listing volatility. We recognize that while initial demand can cause price overheating, post-listing stability in price formation is not always achieved. We constantly ask ourselves: "Does the current structure truly protect the investor?" With this question as a key point, we believe in the need to explore structural enhancements that support post-IEO stable price formation so that investors can participate in the market with confidence over the long term.

 

Even if such measures involve short-term constraints, we view them as indispensable for building medium-to-long-term credibility. By reflecting lessons from our four previous IEOs into clearer, more stringent criteria, we create a cycle of continuous improvement, the core source of Coincheck’s competitiveness and what we believe is our responsibility as a leading company.

 

Building a reproducible screening system: mitigating key-person risk

Through our IEO engagements, we have gained a substantial amount of experience and know-how. However, if this know-how is limited to a few select members, the platform will fail to grow. To ensure scalability, we are systematizing the screening process to make it easy to understand, transparent, and consistently high in quality, mitigating "key-person risk."

 

Specifically, we are developing comprehensive evaluation matrices for preliminary reviews and standardizing the level of discussions to ensure consistent depth across all review items. By converting tacit, individual insights into explicit, formalized knowledge, we are establishing a framework that allows our entire organization to apply the same rigorous standards to every project. Eliminating overreliance on individuals and ensuring an objective, transparent screening process enhance organizational reproducibility and form the foundation for future success.

 

This systematization also benefits issuers. By clarifying the expectations and hurdles early on, communication becomes more efficient and productive. We believe an open screening system where diverse members participate—rather than a closed domain for specialists—is our demonstration of integrity toward all investors.

Making the exchange of new values more accessible

Through our IEO initiatives, we find immense meaning in supporting innovators and broadening access to capital. Tokens serve as a bridge to subsequent economic activities, such as NFTs, bringing to light new, previously unrecognized forms of value.

 

To make the exchange of new values more accessible for everyone, we are fully committed to conducting IEOs with the utmost sense of responsibility. We will continue to engage with all stakeholders with integrity to broaden the foundations of a safe, trusted crypto economy.

February 10, 2026
Employees’ department affiliations, titles, and comments are current as of the time of the interview.