Responding to the needs of crypto asset management for institutions
Monex Group announced on the 28th that it will make 3iQ Digital Holdings, a major Canadian crypto asset management company, a subsidiary. 3iQ provides Bitcoin spot ETFs and asset management services in Canada, with total assets under management (AUM) of 85 billion yen. The acquisition price is approximately 5.6 billion yen (US$39,757,000), and the company will acquire 6,630,000 shares, representing approximately 68.4% to 72.4% of the voting rights.
Monex Group aims to strengthen its asset management business through the acquisition of 3iQ, and plans to respond to the increasing needs of crypto asset management among crypto asset exchanges and institutional investors around the world. The company plans to leverage 3iQ’s ability to create crypto-asset-related products and maximize synergies among group companies, including its main subsidiary Coincheck, which is planning to list in North America.
connection:Monex Securities, NTT Docomo and Monex Group announce capital and business alliance
What is 3iQ?
3iQ holds a crypto asset management company license in Ontario, Canada, and is a pioneering company that launched Bitcoin and Ethereum exchange-traded funds (BTCQ, ETHQ) for the first time in North America and listed them on the Toronto Stock Exchange. . It also has QMAP (3iQ Managed Account Platform), which enables investment in hedge funds that manage crypto assets that incorporate a variety of alpha strategies.
As of the end of November 2023, 3iQ’s operating balance is 795 million Canadian dollars (85 billion yen). The total assets under management (AUM) of the core fund BTCQ is USD 160 million (approximately JPY 22 billion), and the fund invests 100% in Bitcoin. The custodian is Coinbase Cusoty.
On the other hand, 3iQ Ether Staking ET is attracting attention as the world’s first to implement a staking function in an Ethereum ETF.
What is staking?
Staking is a system that allows you to earn rewards by depositing a certain amount of crypto assets (virtual currency) for a specified period of time.
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Coincheck aims to be listed in the US
Monex Group plans to strengthen its business with retail customers, which has 1.8 million accounts, as well as its corporate business, including institutional investors, through Coincheck, Inc., its main subsidiary in the crypto asset exchange business in Japan.
Monex Group aims to list its wholly owned subsidiary Coincheck Group on the Nasdaq. This listing plan will proceed through a merger with a special acquisition purpose company (SPAC), and in March 2022, the company entered into a business integration agreement with Thunder Bridge Capital Partners IV Inc. of the United States.
In listing using a SPAC, a special purpose acquisition company first lists on the market and then acquires the target company. Through this process, the company being acquired becomes listed on the stock market.
Thunder Bridge Capital Partners IV, Inc. proposed in May to extend the deadline for its merger with Coincheck by up to 12 months from July 2, 2023.
connection:Coincheck’s listing on NASDAQ may be delayed by up to 12 months
connection:Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks
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