Monex acquires majority stake in Canadian digital asset manager
The Japanese business Monex includes asset management, online brokerage and a crypto exchange
Monex is acquiring a majority stake in Canadian digital asset manager 3iQ.
Monex, a Japanese financial group, is a business that includes asset management, online brokerage and a crypto exchange.
It owns TradeStation in the US and bought Coincheck back in 2018 after the crypto exchange was hacked. TradeStation was acquired by Monex back in 2011.
No financial details of the deal were disclosed.
Read more: The year’s most significant crypto MA deals — and how 2024 might shape up
3iQ is best known for its bitcoin ETF listed in Canada; it’s one of a handful of bitcoin ETFs listed in Canada. However, it was the first to list the bitcoin fund back in 2020.
The fund reached approximately $755 million ($1 billion CAD) in assets in the weeks after its launch, but the numbers have since drifted down to around $100 million in assets.
Blockworks previously reported that the Ontario Securities Commission (OSC) signed off on the launch of bitcoin ETFs after it signed off on a workflow for daily liquidity, and became comfortable with investment-grade custody and infrastructure services.
“3iQ emerged as one of the first to introduce Bitcoin and Ethereum ETFs on the Toronto Stock Exchange, cementing their role as market leaders. The company continued to break new ground, recently becoming the first globally to integrate Staking capabilities within an Ethereum ETF — a game-changing move for digital asset management,” a press release said .
3iQ , in 2022, even floated helping US spot bitcoin ETF hopefuls . The US Securities and Exchange Commission is currently mulling over a dozen proposals for a spot bitcoin ETF in the US.
Read more: January bound: SEC sets decision date on Ark, 21Shares bitcoin ETF
“In response to a dynamic market trend where major crypto asset exchanges are diversifying into asset management, 3iQ is once again leading the charge. They plan to offer unparalleled asset management services on an outsourced basis, staying ahead of the curve and catering to the evolving needs of their clients,” the release said.
3iQ CEO Frederick Pye said, “with 3iQ’s expertise in crafting exceptional crypto asset products, we’re poised to bolster Coincheck’s offerings, especially for institutional investors.”
Don’t miss the next big story – join our free daily newsletter .
- 3iQ
- ETFs
- MA
- SEC
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The 10-year US Treasury yield approaches 5.4%, with the AI halo unable to hide the "inflated" risks of the S&P 500
Behind the S&P 500's record high, only 30% of its constituent stocks are above their 50-day moving average, marking the narrowest market breadth at a record high since 1990. The Russell 2000 has fallen for five consecutive weeks, and high-yield bond yields have soared to 15%. Societe Generale warns that if US Treasury yields rise to 6% and oil prices reach $150, the S&P 500 could fall by more than 20% next year. In addition, some top-performing fund managers have completely exited AI stocks in favor of energy, stating that once financing dries up, it will be "game over."
Oil tanker freight reaches a sixty-year high: shipping oil from the US to China is more expensive than launching a rocket!
The freight for a single barrel of crude oil has soared to $41, approaching half the oil price, and for a single trip, the freight was once enough to buy an oil tanker. The Middle East crisis has led to a structural shortage of shipping capacity in the Strait of Hormuz, coupled with ship-to-ship transfers extending turnaround times. VLCC freight rates have skyrocketed from an annual average of $9.2 million to $77 million—an increase of more than eight times. Refiners’ profits are being rapidly eroded, the average price of second-hand oil tankers has reached a historic high, and, unusually, surpassed the price of new vessels.
Following the Drop but Not the Rise! Silver Trapped in Difficulties
The logic of AI and solar energy demand continues to play out, yet prices are falling against the trend—macroeconomic forces such as a strengthening US dollar and rising real interest rates have completely suppressed fundamentals. Speculative funds offloaded $1.6 billion in a single week, marking a yearly peak, while CTA net short positions reversed by $2.6 billion to the highest level this year. However, Goldman Sachs analysts believe that the extreme short positioning itself is building reversal momentum, highlighting an asymmetry; once macro headwinds subside, a retaliatory rebound could be easily triggered. After a similar shakeout last time, silver surged 15% in six weeks.
Crypto prices
More
