Japan’s Monex Acquires Majority Stake in Crypto Asset Manager 3iQ

Japan’s Monex Group is diving further into digital currencies as it has agreed to acquire a majority stake in 3iQ Digital Holdings, a Canadian crypto asset management company. However, the announcement today (Thursday) did not elaborate on the acquisition details.

Expanding Crypto Industry Exposure

“Our long-term strategy is to strengthen our asset management business, and by welcoming 3iQ to our group, we aim to achieve high growth by capturing the crypto asset management needs of institutional investors and crypto asset exchanges around the world, which are expected to grow in the future,” Yuko Seimei, the CEO of Monex Group, said.

Monex already owns the crypto exchange Coincheck in Japan. The financial services giant acquired that exchange after it suffered a massive cyber attack that resulted in the theft of $534 million in crypto. Following the acquisition, Coincheck regained its market dominance and became one of the group's prized assets.

Now, the acquisition of 3iQ provides Monex exposure to the North American crypto industry. It is to be noted that the Japanese conglomerate already owns and operates TradeStation, an American brokerage firm.

Operator of Crypto ETF

3iQ operates with a Canadian license and is known for launching two exchange-listed funds for Bitcoin and Ethereum in Canada. It additionally launched Bitcoin and Ethereum exchange-traded funds (ETFs) on the Toronto Stock Exchange, while companies in the neighboring US still await regulatory approval.

“We've always been passionate about bringing regulated, innovative digital asset products to investors worldwide, and now, with Monex Group, we can turbocharge this mission,” said Frederick Pye, the Chairman and CEO of 3iQ.

“We're eagerly looking forward to being a part of the Monex family, especially collaborating with Coincheck – Japan's crypto exchange powerhouse with a staggering 1.8 million customer accounts. Imagine the synergy. With 3iQ's expertise in crafting exceptional crypto-asset products, we're poised to bolster Coincheck's offerings, especially for institutional investors. This is beyond a win-win – it's a joyous, groundbreaking collaboration that promises to reshape our industry!”