Global exchanges circle Coinone stake sale as Korean crypto market consolidates

Foreign and domestic financial players are circling opportunities linked to the ongoing coinone stake sale, underscoring a new phase for South Korea’s crypto industry.

Coinone in talks over sale of major shareholder stakes

Coinone, South Korea’s third-largest cryptocurrency exchange, is reportedly exploring the sale of major shareholder stakes as competition and regulation reshape the market. The Seoul-based platform is in discussions with overseas crypto exchanges and local financial institutions about potential equity investments tied to a sale of part of Chairman Cha Myung-hoon‘s holdings.

According to Seoul Economic Daily, the process centers on Cha’s combined 53.44% ownership of Coinone, including his personal shares and those held through his company. However, the talks remain exploratory, and the final size and structure of any deal have not been decided, reflecting the fluid nature of current negotiations.

A spokesperson for Coinone confirmed that the exchange is discussing partnerships, including equity investments, with overseas exchanges and domestic financial institutions. Moreover, the spokesperson emphasized that while conversations are active, no binding decisions or definitive agreements have yet been reached.

Chairman Cha returns to management amid strategic shift

Chairman Cha Myung-hoon recently returned to active management after stepping down as CEO only four months earlier, a move that has fueled speculation about a strategic realignment. Industry observers see his comeback as closely linked to ongoing plans for a potential sale of part of his large stake in the company.

Coinone, however, has framed Cha’s return differently, stating that his renewed involvement aims to strengthen the platform’s technological capabilities as it approaches a double-digit share of the domestic crypto market. Moreover, with competition intensifying among South Korean exchanges, management argues that technical differentiation is becoming increasingly important.

Known in the industry for his background as a white hat hacker, Cha has long been associated with service development and security-driven innovation at Coinone. That said, his profile as a founder-led technologist could also reassure potential investors who are evaluating Coinone’s long-term product roadmap and resilience in a consolidating sector.

Coinbase visit fuels speculation over US entry via Coinone

Market attention has intensified after reports that Coinbase, the major US-based crypto exchange, is planning a visit to South Korea this week. Executives from Coinbase are expected to meet several domestic firms, including Coinone, to discuss possible partnerships and cooperation.

An industry source quoted in local media said Coinbase’s interest in South Korea remains high because the number of Korean crypto investors is significant and still growing. Moreover, any potential coinone stake sale involving a global brand like Coinbase would signal deeper cross-border integration between Korean trading platforms and international liquidity pools.

Sources also suggested that Coinbase is exploring deal structures that would comply fully with South Korea’s regulatory requirements, which have tightened in recent years. However, it remains unclear whether Coinbase is leaning toward a minority coinone equity investment, a broader strategic partnership, or simply exploratory talks without immediate transaction plans.

Com2uS holding could join the assets on the block

Beyond the chairman’s stake, industry insiders believe that the 38.42% holding in Coinone owned by local gaming company Com2uS may also be considered for sale. Com2uS built this position between 2021 and 2022, seeking exposure to South Korea’s fast-growing crypto trading market through a sizable equity bet.

However, the investment has come under pressure as Coinone’s valuation has declined. As of the third quarter of 2025, Coinone’s book value had dropped to 75.2 billion won (approximately $52 million), falling below Com2uS’s reported acquisition cost of 94.4 billion won. This gap highlights the financial hit that existing shareholders may face if they decide to exit now.

Industry sources indicate that due diligence work may already be underway around the Com2uS position, suggesting that potential buyers are closely reviewing Coinone’s financials and regulatory posture. Moreover, any Com2uS stake sale would likely be evaluated alongside Cha’s holdings to determine whether a new shareholder bloc could gain effective control.

Valuation pressure and financial performance

Coinone’s reduced book value of 75.2 billion won as of Q3 2025 reflects several quarters of continued losses and the higher cost of regulatory compliance. The downgrade in valuation stands in contrast to the more robust performance of some larger rivals, further motivating talks around a strategic reshuffle of its shareholder base.

Moreover, with Com2uS having invested a total of 94.4 billion won for its 38.42% stake, the book value decline raises questions about potential write-downs for the gaming group. However, a well-structured sale to foreign or domestic financial players could help reset Coinone’s growth story, especially if new capital is earmarked for technology upgrades and product expansion.

Ownership changes reshape South Korea’s crypto exchanges

The situation at Coinone is unfolding against a backdrop of broader crypto exchange ownership changes across South Korea’s digital asset market. In a landmark deal, Naver Financial recently agreed to merge with Dunamu, operator of leading exchange Upbit, through a stock swap arrangement that underscores the convergence of big tech and crypto trading.

At the same time, global giant Binance has completed its acquisition of local platform GOPAX, having secured approval from South Korean regulators. Moreover, Mirae Asset Securities, one of the country’s largest traditional finance groups, is reportedly pursuing the acquisition of rival exchange Korbit, highlighting how conventional institutions are moving aggressively into digital assets.

These deals illustrate an accelerating phase of korean crypto acquisitions and consolidation, with both global and domestic firms competing to secure licenses, user bases, and technological infrastructure. That said, regulators have also tightened oversight, which raises the bar for compliance and capital adequacy as the market matures.

Coinone’s product strategy and bitcoin staking launch

Despite mounting financial pressure, Coinone has continued to roll out new services designed to attract and retain users in a crowded trading landscape. In August 2025, the exchange launched South Korea’s first flexible Bitcoin staking product, allowing customers to earn rewards while retaining the ability to withdraw or trade their assets without rigid lock-up periods.

This move into flexible yield generation has been positioned as part of a broader innovation roadmap rather than a one-off experiment. Moreover, the product aligns with growing demand for safer, more transparent staking and yield services among Korean retail and institutional traders, especially after global market turbulence in previous years.

Industry watchers note that Coinone bitcoin staking and other value-added services could prove critical as the exchange seeks to differentiate itself from larger incumbents like Upbit and new entrants backed by major financial groups. However, product innovation alone may not offset the structural advantages of rivals with deeper capital reserves and broader ecosystems.

Outlook for Coinone amid consolidation

Looking ahead, the ultimate outcome of the ongoing talks around Coinone‘s ownership structure remains uncertain. The combination of Chairman Cha’s 53.44% stake and Com2uS’s 38.42% holding offers a sizable block that could attract both global exchanges and large domestic institutions seeking a faster route into the regulated Korean trading market.

Moreover, the visit by Coinbase to South Korea this week has reinforced speculation that international players may view equity deals as an efficient way to enter or expand in the region. Whether this interest translates into a concrete transaction, such as a coinbase korea visit leading to a strategic partnership, will depend on valuation expectations, regulatory approvals, and the alignment of long-term plans.

For now, Coinone maintains that discussions about potential share transactions are still at an early stage, with no final structure or timeline confirmed. However, as consolidation accelerates across South Korea’s exchanges, any decisive move on Coinone’s shareholder front could become a key milestone in the next chapter of the country’s digital asset market.

In summary, Coinone’s exploration of stake sales, combined with active interest from names like Coinbase and Com2uS’s shifting position, underscores how financial pressures and strategic ambitions are driving a new wave of restructuring in South Korea’s crypto exchange sector.