Since Coincheck joined the group in 2018, Monex Group has positioned crypto assets as one of the key pillars driving the group's growth and has consistently pursued their potential. Today, the crypto asset market is entering a new phase—transitioning from a "retail-led" market to one characterized by "establishment as a financial product" through the full-scale entry of institutional investors.

To capture this shift and establish a new asset management business, we chose 3iQ, a pioneer in crypto asset management, as our partner.

Why is an approach to institutional investors essential now? And what will the major investment from one of the world's leading sovereign wealth funds [※1] bring to our future? Yo Nakagawa, Executive Officer of Monex Group, and Pascal St-Jean, President, CEO and Director of 3iQ, discussed everything from their initial partnership to their vision of the "Convergence of Traditional Finance and Crypto".

Sovereign Wealth Fund [※1]: A state-owned investment fund that manages national assets. These funds are known for their world-class scale and rigorous investment criteria. This major investment into QMAP[※2] is considered a symbolic milestone, signaling the acceptance of crypto assets by a new class of global investors.

QMAP [※2]: The 3iQ Managed Account Platform (QMAP) is a crypto asset management platform dedicated to institutional investors, provided by 3iQ. Unlike a traditional "fund-of-funds" structure that combines various investment strategies, QMAP is built as an independent platform, delivering high transparency and superior investment flexibility.

1｜The next question after acquiring Coincheck

 

 

Yo Nakagawa

Monex Group’s journey in crypto began with our acquisition of Coincheck in April 2018. After Coincheck joined the group, we became increasingly convinced that if crypto is tobe established as an asset, it will ultimately follow the footsteps of traditional finance—meaning stricter regulation would come into place, and that would bring in institutional money.

And history shows that institutional interest often starts with trading, but then increasingly shifts toward asset management. So fairly early on—after getting involved in the exchange business and retail—we developed a strong interest in crypto asset management as well. In that process, we met 3iQ: one of the very few teams truly able to face the institutional market head-on.

 

Pascal St-Jean

3iQ has consistently been a pioneer in the crypto industry—launching North America’s first listed Bitcoin and Ethereum funds, and later listing what were also among the first staking [※3]-enabled Ethereum and Solana ETFs in the region.
Staking [※3]: A mechanism where holders of specific crypto assets can receive rewards by contributing to the maintenance and security of a blockchain network. 3iQ listed the first-ever ETFs in North America to incorporate this staking feature.

 

In Canada, where we’re based, we saw major exchange failures starting around 2019, and the crypto environment became chaotic. But even in areas where regulators ignore or don’t do anything, users will find a way over the internet to get access to what they want. And if you don’t give them proper, safe, secure, simple tools, they will find a way—most likely ending up in places that are going to hurt them long term.

That’s why we felt it was our mission to take those steps: to bring regulated products to investors, and over time, to give access to as many individuals globally as possible. It was less about a business opportunity, and more about mission.

 

Yo Nakagawa
That overlaps with Monex Group’s thinking as well.

(Yo Nakagawa, Executive Officer of Monex Group,Inc. and Pascal St-Jean, President, CEO and Director of 3iQ Digital Holdings Inc.)

2｜The barrier of “speaking the same language”

 

 

Pascal St-Jean

The reality is: for crypto to become global and for everyone to have democratic access to it, we have to go through the institutional channels. And if we meet a standard where institutions can invest with confidence, that standard tends to cascade and create a safer environment for retail investors as well.

Over the past few years, 3iQ’s mission has been partnering with institutions—educating them, working with them, becoming that partner. And one key reason we were able to do that is simple: we knew how to speak their language.

 

Yo Nakagawa

We met many potential partners as we explored crypto asset management. But we strongly felt that “asset managers doing crypto” and “crypto companies doing asset management” may sound similar, but they’re fundamentally different—because the audience is different.

When you’re facing retail, you really have to be a crypto company. But when you’re facing institutional, you have to be an institutional player—or at least speak the same language.

 

Pascal St-Jean

Traditional asset managers often speak the institutional language, but sometimes miss the actual innovation. On the other hand, “crypto companies doing asset management” can be truly innovative and fast—but they struggle with 40-page institutional diligence questionnaires.

In reality, teams that can meet that institutional standard are very few globally. We built ourselves to fill that gap: to make innovation and institutional-grade governance, risk management, and operations coexist. That is the source of our competitive edge in this space.

3｜Crypto taking root as an asset class

 

 

Yo Nakagawa

Our original hypothesis was: if crypto is to remain, it will be incorporated into the system, and institutional money will come in. That wasn’t just optimism—it was a conclusion drawn from the history of traditional finance.

And now, that direction is becoming clearer. Regulatory frameworks are taking shape across jurisdictions, institutional-grade governance expectations are becoming more defined, crypto ETFs have been approved, and more institutional investors—including pension funds and sovereign wealth funds—are exploring digital assets.

When we met, we were looking at the same future from different angles. And today, that future is gradually taking shape.

 

Pascal St-Jean

When institutions come in, the market gains liquidity and discipline—and those standards spill over to the broader market. But institutions won’t participate just because something is innovative. They participate only when there is enough trust and infrastructure.

That trust requires governance as a public-company family, a long-term vision, and a structure that understands both traditional finance and crypto. Through our discussions, Monex Group and 3iQ became convinced we could build that foundation together. It wasn’t only a strategic decision—it was closer to the feeling that we were looking at the same future. That is where this partnership began.

［Continued in Part 2］

 

May 11, 2026

The interviewees’ affiliations, titles, and comments are current as of the time of the interview.