Coincheck Group will acquire a 97% stake in Canadian digital asset manager 3iQ for $112 million.

The Block recently reported that the purchase price will be paid through a new share issuance. Coincheck will also offer the same terms to 3iQ minority shareholders to pursue a 100% acquisition.

Coincheck is a Nasdaq-listed company headquartered in the Netherlands and operates Japan's largest cryptocurrency exchange, Coincheck. Coincheck Group CEO Gary Simanson said it will secure 3iQ's institutional-grade products and infrastructure to provide digital asset portfolios to global investors, including traditional financial institutions. He stressed the acquisition will contribute to improving Coincheck's profitability.

3iQ registered in 2017 as Canada's first regulated and approved digital asset manager, and listed Bitcoin and Ethereum funds on the Toronto Stock Exchange in 2020. It expanded its portfolio last year by launching a Solana staking and a Ripple-based ETF.

The acquisition is Coincheck's third strategic merger and acquisition. Coincheck acquired France-based prime brokerage firm Apllo SAS and staking platform Next Finance Tech in October last year. Coincheck plans to create profit synergies among 3iQ, Apllo and Next Finance and strengthen its digital asset management network in the North American market.