Monex Group expands crypto business with 3iQ takeover

abdelaziz Fathi

Monex Group has completed the acquisition of a majority stake in 3iQ Digital Holdings, Inc., a Canadian digital asset investment fund manager, as part of its strategy to expand its crypto business.

Based in Ontario, 3iQ is known for launching North America’s first regulated exchange-listed funds for Bitcoin and Ethereum, and for introducing the first Ethereum ETF with Staking capabilities on the Toronto Stock Exchange.

3iQ also manages private investment funds, which started as a private placement available only to accredited and institutional investors in Canada. Its exchange-traded products provide stockholders with direct exposure to bitcoin value. The non-redeemable investment funds aim to achieve capital appreciation through a long-term holding strategy.

Yuko Seimei, CEO of Monex Group, said that the acquisition aligns with their long-term strategy to expand their asset management business. He expects the deal to help capture the growing demand for crypto asset management among institutional investors and exchanges worldwide.

“I am very excited about the opportunity for Monex Group to invest in the innovative QMAP. I have high hope that QMAP will quickly become the leading platform for sophisticated investors to invest in diversified suite of crypto hedge funds,” added Seimei.

“With a seasoned team that has extensive experience in both alternative asset management and digital asset investing, we remain committed to upholding our firm’s decade-long tradition of developing cutting- edge investment solutions for institutional investors. Together with Monex, we aim to create a superior investor experience that set new standards globally,” added Frederick T. Pye, Chairman and CEO of 3iQ.

Recently, 3iQ launched the 3iQ Managed Account Platform (QMAP), offering a suite of crypto hedge fund managed accounts, targeting institutional investors. To lend support to the fund, 3iQ addressed the questions of pricing, custody, audit, and public interest issues in a regulated investment fund. It acts as the investment and portfolio manager of the fund, while New York-based crypto exchange, Gemini Trust fulfils the functions of the custodian of the bitcoins held in the fund.

In this transaction, Monex Group was advised by TD Cowen and Osler, Hoskin & Harcourt LLP, while 3iQ was advised by Cinaport Capital Inc. and Wildeboer Dellelce LLP.

Monex’s recent fincnial results show that its operating income in the US Segment (TradeStation) has improved since the strategy change in 2022. The company attributed the improved profitability to cost reduction and the higher financial income driven by the interest rate hike.

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