Japanese Financial Group Monex to Acquire Majority Stake in Canadian Digital Asset Manager 3iQ
Monex, a Japanese financial group that owns TradeStation in the U.S. and acquired Coincheck in 2018, is set to acquire a majority stake in Canadian digital asset manager 3iQ. The financial details of the deal have not been disclosed.
3iQ’s Bitcoin ETF and Innovation in Digital Asset Management
3iQ gained prominence for being one of the first to introduce a Bitcoin ETF listed in Canada in 2020. Although it initially reached $755 million in assets, it has since settled at around $100 million. Notably, 3iQ integrated staking capabilities within an Ethereum ETF, showcasing innovation in digital asset management.
3iQ’s Forward-Thinking Approach and Approval of Bitcoin ETFs
In 2022, 3iQ demonstrated its forward-thinking approach by considering assistance to U.S. spot Bitcoin ETF hopefuls. This aligns with the dynamic market trend. Additionally, the approval of Bitcoin ETFs by the Ontario Securities Commission further solidified 3iQ’s standing. These approvals are contingent on daily liquidity workflow and robust custody services.
Bolstering Coincheck’s Offerings for Institutional Investors
Frederick Pye, CEO of 3iQ, expressed confidence in leveraging their expertise to enhance Coincheck’s offerings, particularly for institutional investors. This acquisition presents an opportunity for Monex to expand its presence in the digital asset management space.
Hot Take: Monex’s Strategic Move into Digital Asset Management
Monex’s acquisition of a majority stake in 3iQ signifies its strategic move into the digital asset management sector. With its existing holdings and expertise, Monex aims to capitalize on the growing demand for crypto asset products, especially among institutional investors. This acquisition positions Monex as a key player in the evolving landscape of digital assets and reinforces the importance of innovation and forward-thinking approaches in the industry.
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