Korea Investment & Securities is reviewing a plan to acquire a partial stake in Coinone, South Korea’s third-largest crypto exchange, according to local media. The firm has emerged as a leading potential buyer, and the move is widely seen as a response to rival Mirae Asset Group’s earlier acquisition of Korbit. Reports say the securities company has already begun lobbying financial regulators and members of the National Assembly’s Political Affairs Committee as it examines the deal.
Korbit deal seen as a benchmark for valuation
Industry sources cited in the report said Korea Investment & Securities is following a structure similar to Mirae Asset’s earlier approach, using a holding company as the main vehicle. Market watchers believe that if talks move into a formal phase, the buyer’s financial capacity could speed up negotiations. The earlier Korbit acquisition, valued at 133 billion won, or about $100 million, is being treated as a key pricing reference for any possible Coinone transaction.
Three straight years of losses add pressure at Coinone
Coinone remains the country’s third-largest digital asset exchange with a double-digit market share, but the company has posted losses for three consecutive years. That has added weight to speculation that a stake sale is under consideration. Regulation is another factor. South Korean financial authorities are pushing limits on ownership stakes held by major shareholders in crypto exchanges, and Coinone CEO Cha Myung-hoon currently holds 53.44% of the company.
Analysts quoted in the report said a purchase of around 20% could give Korea Investment & Securities a foothold without disrupting Cha’s management control. For a financial group seen as moving more slowly in digital assets than some rivals, that structure may offer a practical route into the sector.
Both sides say discussions are still at an early stage
Coinone confirmed that it has recently received multiple partnership proposals, but said no specific structure or partner has been decided. Korea Investment & Securities gave a similarly cautious response, saying only that various business matters are under review.
For now, the possible purchase price, stake size, and final structure all remain unsettled. What is clear from the report is that competition between South Korea’s traditional financial firms over crypto exchange exposure is becoming more direct.