Japanese financial group Monex plans to acquire a majority stake in Canadian digital asset management company 3iQ.
This acquisition continues the trend of major cryptocurrency exchanges jumping into asset management. Monex, which owns TradeStation in the U.S. and acquired Coincheck in 2018, did not disclose financial details of the deal.
3iQ rose to prominence with its Canadian-listed Bitcoin ETF and introduced the first such fund in 2020. Despite assets reaching $755 million upon launch, they have since settled down to around $100 million. 3iQ breaks new ground by introducing innovation in digital asset management by integrating staking capabilities within the Ethereum ETF.
In 2022, 3iQ demonstrated its forward-thinking approach by considering support for US spot Bitcoin ETF hopefuls in line with dynamic market trends. The Ontario Securities Commission’s approval of the Bitcoin ETF further solidifies the company’s position on daily liquidity workflows and robust custody services.
3iQ CEO Frederick Pye expressed confidence in leveraging 3iQ’s expertise in creating outstanding crypto asset products to strengthen Coincheck’s offerings, especially for institutional investors.