Coincheck Group N.V. has entered into a stock purchase agreement to acquire approximately 97 % of 3iQ Corp., a Canadian‑based digital‑asset investment manager. The transaction values 3iQ at $111.84 million and will be financed by issuing 27,149,684 newly issued ordinary shares of Coincheck Group. The deal is expected to close in the second calendar quarter of 2026, pending customary regulatory approvals and due diligence.
The acquisition adds a leading alternative digital‑asset manager to Coincheck’s portfolio, broadening its institutional product offering. 3iQ’s platform, which includes the QMAP managed‑account solution and a Bitcoin ETP, is positioned to serve the growing demand for regulated crypto exposure among traditional financial institutions. By integrating 3iQ’s expertise, Coincheck aims to create cross‑sell opportunities with its existing retail and staking businesses and to accelerate its global expansion beyond Japan.
Coincheck’s recent financial performance has been mixed. The company reported a net loss for the fiscal year ended March 31 2025, largely driven by transaction expenses related to a business combination. For the first quarter of fiscal 2026 (ending June 30 2025), the company posted a net loss of ¥1,377 million, attributed to share‑based compensation and other operating costs. Despite these losses, verified accounts and customer assets have grown, and the company is positioning itself to benefit from Japan’s upcoming tax reforms in the first quarter of 2026, which are expected to lower tax rates on cryptocurrency gains and could boost trading volumes.
3iQ, founded in 2012, became Canada’s first regulated Digital Asset Investment Fund Manager in 2017 and launched North America’s first major exchange‑listed Bitcoin and Ether funds in 2020. The firm also introduced the first Ethereum staking ETF in 2023. Monex Group, Coincheck’s majority shareholder, acquired a majority stake in 3iQ in April 2024 after an initial announcement in December 2023. The acquisition aligns with Coincheck’s recent moves, including the October 2025 purchase of Aplo SAS and the March 2025 acquisition of Next Finance Tech Co., Ltd., and the partnership with Mercoin to enable crypto trading through the Mercari app.
Gary Simanson, CEO of Coincheck Group, said the deal would enhance the company’s ability to serve sophisticated investors and that the combination would be accretive to earnings. Yuko Seimei, CEO of Monex Group, highlighted that the reorganization would unlock increased international growth opportunities for both crypto‑asset and asset‑and‑wealth‑management businesses. Oliver Yates, co‑founder and CEO of Aplo, noted that combining Aplo’s technology with Coincheck’s financial strength would set new standards in the market.
Investors reacted positively to the announcement, reflecting confidence in the strategic expansion and the anticipated accretive impact on future earnings.
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