Coinone In Stake Sale Talks As South Korea’s Crypto Market Reshapes

TLDR

• Coinone is in talks with foreign crypto exchanges and local firms for equity investment.
• Chairman Cha holds 53.44% of Coinone, including personal and company shares.
• U.S. exchange Coinbase is planning a visit to meet with Coinone this week.
• Coinone’s valuation dropped to 75.2B won as of Q3 2025 due to continued losses.

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South Korea’s third-largest cryptocurrency exchange, Coinone, is reportedly exploring a sale of major shareholder stakes. The company is in talks with global exchanges and financial institutions as it considers options to sell part of Chairman Cha Myung-hoon’s 53.44% stake.

Coinone Explores Sale of Major Stake to Foreign Crypto Exchanges

Coinone, South Korea’s third-largest cryptocurrency exchange, is considering the sale of major shareholder stakes. The company is currently in discussions with overseas cryptocurrency exchanges and local financial institutions for potential equity investments.

Chairman Cha Myung-hoon, who owns a combined 53.44% of Coinone through his personal stake and his company The One Group, is at the center of the potential transaction. A Coinone spokesperson stated, “We are discussing partnerships, including equity investments, with overseas exchanges and domestic financial institutions,” while adding that no final decisions have been made yet.

Chairman Cha Returns to Management Amid Stake Sale Speculations

Chairman Cha recently returned to active management after stepping down as CEO just four months ago. Industry sources believe his comeback is linked to ongoing plans for selling his stake.

Coinone, however, said Cha’s return was intended to enhance the company’s technological capabilities, particularly as it nears a double-digit share in the domestic market. Known for his background as a white hat hacker, Cha has played a role in service development, including forming an in-house AI team.

Coinbase Visit Raises Speculation of U.S. Entry via Coinone

Sources report that U.S.-based crypto exchange Coinbase may be considering an equity investment in Coinone. Coinbase executives are scheduled to visit South Korea this week to meet with several domestic companies, including Coinone.

An industry source noted, “Coinbase’s interest remains high, as the number of Korean investors is significant.” The company is reportedly exploring partnerships that comply with Korean regulatory requirements.

Com2uS Stake May Also Be Up for Sale

In addition to Chairman Cha’s holdings, industry insiders suggest the 38.42% stake held by local gaming company Com2uS could also be part of the sale. Com2uS acquired its shares between 2021 and 2022 but has seen the value decrease over time.

As of the third quarter of 2025, Coinone’s book value dropped to 75.2 billion won ($52 million), lower than Com2uS’s acquisition cost of 94.4 billion won. Sources indicate due diligence may already be underway for the possible stake transaction.

South Korea’s Crypto Market Sees Ongoing Ownership Changes

Coinone’s potential sale follows a series of ownership changes in South Korea’s crypto exchange sector. Naver Financial recently agreed to merge with Dunamu, which operates Upbit, through a stock swap.

Binance also completed the acquisition of GOPAX, after receiving approval from South Korean regulators. Mirae Asset Securities is reportedly pursuing the acquisition of Korbit. This activity reflects growing interest from traditional finance and global exchanges in the Korean market.

Despite financial pressures, Coinone has continued to develop new offerings. In August 2025, the exchange launched Korea’s first flexible Bitcoin staking service. The service allows users to earn rewards without locking their crypto assets. Coinone says discussions about the stake sale are still at an early stage, with no timeline or final structure confirmed.

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