The Coincheck Group will acquire a 97% stake in Canadian digital asset manager 3iQ for $112 million. The purchase price will be paid via the issuance of new shares. Coincheck also plans to offer the same terms to 3iQ’s minority shareholders to pursue a 100% acquisition.
Coincheck is a Nasdaq-listed company headquartered in the Netherlands and operates Japan’s largest cryptocurrency exchange. Gary Simenson, CEO of Coincheck Group, said that securing institutional-grade products and infrastructure from 3iQ will enable the company to provide digital asset portfolios to traditional financial institutions and global investors, and that the acquisition will contribute to profitability. 3iQ was registered in 2017 as Canada’s first regulated digital asset manager, and in 2020 listed Bitcoin and Ethereum funds on the Toronto Stock Exchange. Last year, it expanded its portfolio with Solana staking and a Ripple-based ETF.
This acquisition marks Coincheck’s third strategic M&A. In October last year, Coincheck acquired Apollo SAS, a France-based prime broker, and the staking platform Next Finance Tech. Coincheck aims to generate revenue synergies among 3iQ, Apollo, and Next Finance, and to strengthen its digital asset management network in North America.
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