Coincheck to Acquire 3iQ for $111.84M
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- 3iQ launched one of the world's first publicly traded spot Bitcoin funds in Canada in 2021, three years before the US approved nearly a dozen spot Bitcoin ETFs in early 2024
- That 3iQ spot Bitcoin fund quickly surpassed 1 billion Canadian dollars in assets under management, a notable milestone in Canada's smaller ETF market
- Canada has since expanded its crypto ETF market to include spot Ether funds and other digital-asset products listed on the Toronto Stock Exchange and Cboe Canada
- Coincheck, a Japanese cryptocurrency exchange, is acquiring 3iQ for $111.84 million, with the deal expected to close in Q2 of this year
- Multi-asset crypto ETFs are gaining popularity because they bundle exposure to several digital assets into a single regulated product traded on traditional stock exchanges
Why it matters: The $111.84 million Coincheck-3iQ deal folds a Canadian crypto pioneer into a major Asian exchange, while the 2021-vs-2024 timeline shows Canada launched spot Bitcoin ETFs three years before the US — a competitive edge in regulated crypto products that the acquisition could now leverage across Japanese and North American markets.
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