Coincheck Group, the Nasdaq-listed holding company that operates one of the largest cryptocurrency exchange…

Lede

Coincheck Group, the Nasdaq-listed holding company that operates one of the largest cryptocurrency exchanges in Japan, has entered into a definitive agreement to acquire a 97% stake in the Canadian digital asset manager 3iQ. The stock-purchase transaction values 3iQ at approximately $111.84 million. The acquisition will be executed using Coincheck Group shares, which are valued at $4 per share for the purpose of the transaction. Founded in 2012, 3iQ is a pioneer in the Canadian market, known for providing regulated cryptocurrency exposure through traditional investment products. The firm was an early participant in exchange-listed crypto funds and eventually expanded its offerings to include staking-based exchange-traded funds (ETFs) and managed crypto strategies tailored for institutional investors.

The deal is currently expected to close during the second quarter of the year, provided it meets all necessary regulatory approvals and customary closing conditions. Coincheck Group has also signaled its intention to offer identical terms to the minority shareholders of 3iQ. If successful, this move would allow Coincheck Group to achieve full ownership of the Canadian asset manager. This acquisition marks a significant strategic pivot for the Japanese firm as it seeks to integrate 3iQ’s specialized institutional services and regulated fund structures into its broader global operations.

Context

Coincheck began its journey in the digital asset space in 2014 as a Japan-based cryptocurrency exchange, primarily offering regulated retail trading and custody services to the Japanese market. Over the following decade, the company worked to establish its presence, culminating in a historic milestone in December 2024 when it became the first Japanese cryptocurrency exchange to list on the Nasdaq. This public listing served as a catalyst for the firm’s international expansion and its strategy to diversify beyond domestic retail trading.

The agreement to acquire 3iQ is part of a series of recent acquisitions designed to build out Coincheck Group’s institutional and international capabilities. In March, the company acquired Next Finance Tech Co., a provider focused on staking services. This was followed by the October purchase of Aplo SAS, a crypto prime broker based in Paris. By acquiring these specialized firms, Coincheck Group is transitioning from a regional retail exchange into a global entity with a presence in prime brokerage, staking infrastructure, and now, regulated asset management through 3iQ. The integration of these various business units—ranging from the 2014-founded exchange to the 2012-founded 3iQ—demonstrates a concerted effort to establish a vertically integrated digital asset ecosystem that spans multiple regulatory jurisdictions and service sectors.

Impact

The acquisition of 3iQ by Coincheck Group is indicative of a broader consolidation trend within the cryptocurrency industry, where major exchanges are moving to diversify their revenue streams and secure regulated footholds in new markets. This shift is highlighted by other major players making similar moves, such as Binance, which recently acquired a regulated cryptocurrency exchange in Japan. These types of acquisitions allow exchanges to bypass long regulatory hurdles and immediately gain access to established client bases and licenses.

The year 2025 has been particularly active for US-based exchanges such as Coinbase, which has executed a variety of acquisitions across infrastructure, consumer products, and derivatives. In May 2025, Coinbase reached a massive $2.9 billion agreement to acquire Deribit, a move that significantly expanded its global footprint in the derivatives market. Other notable acquisitions by Coinbase during the year include:

• Spindle, a platform specializing in blockchain-based advertising.
• Liquifi, a compliance and token distribution platform acquired in July.
• The Clearing Company, which integrated onchain prediction markets into the Coinbase ecosystem.

These activities suggest that the leading exchanges are no longer content with being mere trading venues. Instead, they are evolving into comprehensive financial service providers that offer everything from institutional-grade derivatives and compliance tools to consumer-facing prediction markets and advertising infrastructure.

Outlook

As the market moves forward, the integration of these acquired companies will be a primary focus for the industry’s largest entities. Kraken has also been a key participant in this trend throughout 2025, strategically acquiring firms to enhance its traditional and digital product suites. In May 2025, Kraken purchased the futures trading platform NinjaTrader, a move specifically designed to offer traditional derivatives products to its customers in the United States. This was followed in August by the acquisition of Capitalise.ai, which provides no-code trading automation tools to users.

To round out its 2025 strategy, Kraken agreed in December to acquire Backed Finance AG. This particular deal is expected to bring tokenized equities issuance and settlement directly into Kraken’s product ecosystem, further blurring the lines between traditional equity markets and blockchain technology. For Coincheck Group, the successful closing of the 3iQ deal in the second quarter will be a critical test of its ability to manage a Canadian asset manager while maintaining its Nasdaq-listed status and its core exchange operations in Japan. As these exchanges continue to absorb specialized firms—ranging from staking providers to tokenized equity platforms—the digital asset landscape is expected to become increasingly institutionalized and regulated, providing a broader array of sophisticated financial instruments to a global audience.