Monex acquires majority stake in Canadian digital asset manager
The Japanese business Monex includes asset management, online brokerage and a crypto exchange
Monex is acquiring a majority stake in Canadian digital asset manager 3iQ.
Monex, a Japanese financial group, is a business that includes asset management, online brokerage and a crypto exchange.
It owns TradeStation in the US and bought Coincheck back in 2018 after the crypto exchange was hacked. TradeStation was acquired by Monex back in 2011.
No financial details of the deal were disclosed.
Read more: The year’s most significant crypto MA deals — and how 2024 might shape up
3iQ is best known for its bitcoin ETF listed in Canada; it’s one of a handful of bitcoin ETFs listed in Canada. However, it was the first to list the bitcoin fund back in 2020.
The fund reached approximately $755 million ($1 billion CAD) in assets in the weeks after its launch, but the numbers have since drifted down to around $100 million in assets.
Blockworks previously reported that the Ontario Securities Commission (OSC) signed off on the launch of bitcoin ETFs after it signed off on a workflow for daily liquidity, and became comfortable with investment-grade custody and infrastructure services.
“3iQ emerged as one of the first to introduce Bitcoin and Ethereum ETFs on the Toronto Stock Exchange, cementing their role as market leaders. The company continued to break new ground, recently becoming the first globally to integrate Staking capabilities within an Ethereum ETF — a game-changing move for digital asset management,” a press release said .
3iQ , in 2022, even floated helping US spot bitcoin ETF hopefuls . The US Securities and Exchange Commission is currently mulling over a dozen proposals for a spot bitcoin ETF in the US.
Read more: January bound: SEC sets decision date on Ark, 21Shares bitcoin ETF
“In response to a dynamic market trend where major crypto asset exchanges are diversifying into asset management, 3iQ is once again leading the charge. They plan to offer unparalleled asset management services on an outsourced basis, staying ahead of the curve and catering to the evolving needs of their clients,” the release said.
3iQ CEO Frederick Pye said, “with 3iQ’s expertise in crafting exceptional crypto asset products, we’re poised to bolster Coincheck’s offerings, especially for institutional investors.”
Don’t miss the next big story – join our free daily newsletter .
- 3iQ
- ETFs
- MA
- SEC
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Stablecoin Legislation Booms Globally, Why Is China Taking the Opposite Approach? An Article to Understand the Real National Strategic Choices
Amid the global surge in stablecoin legislation, China has chosen to firmly curb stablecoins and other virtual currencies, while accelerating the development of the digital yuan to safeguard national security and monetary sovereignty. Summary generated by Mars AI. This summary is produced by the Mars AI model and its accuracy and completeness are still being iteratively improved.
Liquidity migration begins! Japan becomes the Fed's "reservoir," 120 billions in carry trade returns set to ignite the December crypto market
The Federal Reserve has stopped quantitative tightening and may cut interest rates, while the Bank of Japan plans to raise rates, changing the global liquidity landscape and impacting carry trades and asset pricing. Summary generated by Mars AI. This summary is produced by the Mars AI model, and the accuracy and completeness of its content are still under iterative improvement.
Weekly Hot Picks: Bank of Japan Sends Strongest Rate Hike Signal! Is the Copper Market Entering a Supercycle Rehearsal?
The leading candidate for Federal Reserve Chair is being questioned for potentially "accommodative rate cuts." Copper prices have reached a historic high, and a five-hour meeting between the United States and Russia ended without results. Expectations for a Japanese interest rate hike in December have surged, and Moore Threads' stock soared more than fivefold on its first day... What market moves did you miss this week?
Monad Practical Guide: Welcome to a New Architecture and High-Performance Development Ecosystem
This article will introduce some resources to help you better understand Monad and start developing.
Trending news
MoreCrypto prices
More
