In a significant move for global cryptocurrency infrastructure, Nasdaq-listed Japanese exchange operator Coincheck Group N.V. has entered a definitive agreement to acquire approximately 97% of Canadian digital asset manager 3iQ Corp. for about $112 million. The transaction, valued at roughly $111.8 million, will be settled through the issuance of 27,149,684 new Coincheck ordinary shares.
The acquisition is strategically designed to create a trans-Pacific bridge, connecting Japan's regulated crypto ecosystem with Canada's innovative digital asset investment landscape. Coincheck's CEO, Gary Simanson, stated the move will better position the combined entity to meet the needs of institutional and sophisticated investors, including traditional financial institutions looking to add digital assets to their offerings. He added that the deal is expected to be accretive to Coincheck's earnings.
Key transaction details include: The stake acquired is 97%, with Coincheck offering equivalent terms to 3iQ's minority shareholders, which could involve issuing up to an additional 810,435 shares to secure 100% ownership. Closing is subject to regulatory approvals and confirmatory due diligence and is expected during the second quarter of 2026 (with one source noting Q2 2025).
This acquisition grants Coincheck immediate access to 3iQ's established product suite, which includes North America's first publicly traded Bitcoin and Ethereum funds, as well as more recent products like Solana staking and spot-based XRP ETFs. 3iQ, founded in 2012, became Canada's first regulated digital asset investment fund manager in 2017.
The deal represents Coincheck's third strategic purchase in 12 months, following acquisitions of Paris-based prime brokerage Aplo SAS and staking services company Next Finance Tech Co., Ltd. The group plans to explore revenue synergies, with 3iQ and Aplo offering cross-services to institutional clients and Next Finance providing staking services.
Analysts view the merger as a validation of the growing convergence between traditional finance and digital assets, accelerating institutional adoption. It also demonstrates how established exchanges are expanding through strategic acquisitions rather than organic growth alone, potentially prompting further industry consolidation.
