Coincheck Expands Into North America With 3iQ Acquisition
Coincheck Group is accelerating its push beyond Japan, moving to take control of Canadian digital asset manager 3iQ in a deal that highlights the growing convergence between crypto exchanges and traditional investment platforms.
Under the agreement, Coincheck Group will acquire 97% of 3iQ from its majority owner, Monex Group, valuing the firm at approximately $111.8 million. The consideration will be paid in Coincheck Group shares priced at $4 per share, with the company planning to extend identical terms to remaining minority shareholders — a move that could result in full ownership.
Key takeaways
- Coincheck Group is moving to gain near-total ownership of a regulated Canadian crypto asset manager.
- The transaction values 3iQ at about $111.8 million and is structured as an all-share deal.
- The acquisition would expand Coincheck’s institutional footprint in North America.
- The deal is expected to close in the second quarter, pending regulatory approvals.
Institutional reach, not retail scale
Founded in 2012, 3iQ built its reputation by packaging cryptocurrency exposure into regulated, exchange-listed products, making digital assets accessible to pension funds, asset managers, and professional investors. The firm was among the earliest providers of listed crypto funds in Canada and later expanded into staking-enabled ETFs and actively managed digital asset strategies.
For Coincheck Group, the acquisition is less about adding assets under management and more about buying institutional credibility and regulatory expertise in North America. While Coincheck itself is best known as a retail-focused exchange in Japan, the holding company has been steadily assembling a broader ecosystem that spans custody, staking, prime brokerage, and asset management.
Coincheck’s own trajectory reflects that ambition. Launched in 2014, the exchange operates under Japan’s strict regulatory framework and made history in December 2024 by becoming the first Japanese crypto exchange to list on Nasdaq.
A pattern of global consolidation
The 3iQ deal fits neatly into Coincheck Group’s recent acquisition spree. Over the past year, the company has picked up Aplo SAS, a Paris-based crypto prime broker, and Next Finance Tech, a staking infrastructure provider, as it builds out institutional-facing services across multiple jurisdictions.
That strategy mirrors a wider industry trend. As trading fees compress and competition intensifies, large crypto platforms are increasingly acquiring adjacent businesses rather than building everything in-house.
U.S.-based exchanges have followed a similar playbook. Coinbase spent 2025 snapping up companies across advertising, Web3 browsing, token compliance, derivatives, and prediction markets — capped by its $2.9 billion acquisition of Deribit. Kraken has likewise expanded into futures, automation, and tokenized equities through a series of targeted purchases.
In that context, Coincheck’s move for 3iQ looks less like a one-off transaction and more like a strategic alignment with where the industry is heading: vertically integrated crypto firms that combine exchange infrastructure, regulated investment products, and institutional services under one roof.
If completed, the acquisition would give Coincheck Group a meaningful foothold in North America’s regulated investment landscape — and signal that Japanese crypto firms are no longer content to remain regional players in an increasingly global market.
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Alexander Zdravkov is a person who always looks for the logic behind things. He has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
