Japanese financial services company Monex Group has agreed to acquire the majority stake in Canadian investment fund manager 3iQ Digital, for a total of $39.8m
Monex runs an online brokerage, crypto exchange, and asset management business in Japan.
Licensed in Ontario, Canada, 3iQ is the first company to launch regulated exchange-listed funds for Bitcoin (BTC) and Ethereum (ETH) in North America.
Also, it is one of the first to introduce Bitcoin and Ethereum ETFs on the Toronto Stock Exchange, strengthening its position in the market.
3iQ has recently become the first operator to integrate Staking capabilities within an Ethereum ETF, a game-changing move for digital asset management.
Monex Group CEO Yuko Seimei said: “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.”
3iQ recently developed the industry’s first-ever comprehensive suite of crypto hedge fund-managed accounts through its advanced 3iQ Managed Account Platform (QMAP).
The QMAP platform easily connects institutions with advanced digital asset alpha strategies.
It offers security, transparency, and efficiency, and is precisely designed to meet the complex demands of institutional investors worldwide.
3iQ developed QMAP in repose to major crypto-asset exchanges, which are diversifying into asset management and offering superior asset management services on an outsourced basis.
TD Cowen served as financial advisor and Osler, Hoskin & Harcourt as legal advisor to Monex, on this transaction. Cinaport Capital served as financial advisor and Wildeboer Dellelce as legal advisor to sellers.
3iQ chairman and CEO Frederick Pye said: “We’re absolutely thrilled about this incredible opportunity to join forces with Monex Group. This partnership is not just about growth; it’s a thrilling leap towards realizing our dream.
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!”
