Coincheck Group, the Nasdaq-listed holding company behind one of Japan’s largest cryptocurrency exchanges, has agreed to acquire a 97% stake in Canadian digital asset manager 3iQ from its majority owner, Monex Group.
The stock purchase transaction values 3iQ at $111.84 million, using Coincheck Group’s shares priced at $4 apiece. Coincheck Group said it intends to offer the same terms to 3iQ’s minority shareholders, which would give it full ownership if the deal closes.
The deal is expected to close in the second quarter, subject to regulatory approvals and other customary conditions.
Founded in 2012, 3iQ is a Canadian-based digital asset manager that provides regulated exposure to cryptocurrencies through traditional investment products. The company was an early participant in publicly traded cryptocurrencies funds and later expanded into exchange-traded funds (ETFs) and managed crypto strategies primarily for institutional investors.
Coincheck is a Japanese cryptocurrency exchange launched in 2014 that offers regulated retail trading and custody services. In December 2024, it became the first Japanese cryptocurrency exchange to be listed on Nasdaq.
According to the statement, the deal with 3iQ follows Coincheck Group’s recent expansion through acquisitions, including the purchase of Paris-based crypto broker Aplo SAS in October and the acquisition of staking services provider Next Finance Tech Co. in March, as the company builds its institutional and international operations.
Related: Binance acquires regulated crypto exchange in Japan
US crypto exchanges are taking over
Recent acquisitions by Coincheck reflect broader efforts by crypto exchanges to diversify revenue beyond trading fees and expand into adjacent businesses.
In 2025, US exchange Coinbase made several acquisitions spanning infrastructure, consumer products and derivatives.
Earlier in the year, the exchange acquired Spindle, a blockchain-based advertising platform, and the team behind Roam, a Web3-focused browser. In July, Coinbase acquired Liquifi, a platform used by early-stage token projects to manage compliance and token distribution.
In May, Coinbase agreed to acquire Deribit for $2.9 billion, one of the largest deals in the sector, expanding its global derivatives business. Toward the end of the year, the company acquired The Clearing Company, adding onchain prediction markets to its product offering.
Kraken has also made several acquisitions in 2025, buying futures trading platform NinjaTrader in May to expand into traditional derivatives for US customers, followed by the acquisition of Capitalise.ai, a no-code trading automation startup, in August.
In December, the company agreed to acquire Backed Finance AG, bringing the issuance of tokenized shares and settlement into the product suite.
Magazine: Davinci Jeremie bought Bitcoin at $1… but $100K BTC doesn’t excite him
About the Author
