Japanese financial services company Monex Group Inc is reorganising itself by selling its 97% stake in Canada’s 3iQ Corp to wholly-owned Coincheck Group for over US$111.8 million.
Coincheck will also buy the remaining 3% from minority shareholders of 3iQ for over $1.2 million.
Founded in 2012, 3iQ is best known for being the first bitcoin exchange-traded fund issuer in Canada.
The revamp will see all of Monex’s digital asset business parked under Coincheck.
Coincheck announced the move in a statement on January 14, just over two years after Monex acquired 3iQ for an undisclosed sum.
According to Yuko Seimi, chief executive officer and representative executive officer of Monex, reorganising the company’s crypto asset business under Coincheck “unleashes increased opportunities for our growth and success internationally in both our crypto-asset and asset and wealth management businesses”.
“We view this as a ‘win-win’ for both Monex and Coincheck Group shareholders,” she says in the statement.
Pascal St. Jean, president and CEO of 3iQ, tells Asia Asset Management that the firm’s management team will not change with the business overhaul.
“We will continue our global expansion, continue to capture market opportunities and find ways to collaborate as a group,” he says.
