Mirae Asset Consulting, an affiliate of South Korea’s financial services group Mirae Asset, has agreed to acquire a 92.06% controlling stake in cryptocurrency exchange Korbit for approximately 133.5 billion KRW ($92–$93 million) in cash. The transaction, disclosed on February 13, 2026, marks one of the most significant traditional finance (TradFi) entries into Korea’s tightly regulated digital-asset sector.
Key Takeaways
- Mirae Asset Consulting will acquire a 92.06% stake in Korbit for approximately $93 million in cash.
- The deal involves 26.9 million shares purchased primarily from NXC and SK Square, granting Mirae effective management control.
- The acquisition provides Mirae with licensed digital-asset infrastructure in one of Asia’s most tightly regulated crypto markets.
The acquisition reflects a broader institutional push into compliant crypto infrastructure, as financial groups seek regulated exposure amid increasing consolidation in South Korea’s exchange market.
Acquisition Structure and Share Transfer
The purchase covers 26.9 million Korbit shares, primarily from major shareholders NXC and its subsidiary Simple Capital Futures, which together held approximately 60.5%, and SK Square, which controlled roughly 31.5%. Following completion, Mirae Asset Consulting will hold more than 92% of the exchange, securing effective management authority.
The deal received board approval on February 5 and is expected to close within seven business days once regulatory and contractual conditions are satisfied.
Strategic Entry Through a Non-Financial Affiliate
Mirae Asset stated that the transaction aims to “secure future growth drivers through digital-asset businesses”. By structuring the acquisition through a non-financial affiliate rather than its core securities arm, the group navigates South Korea’s regulatory separation between traditional financial institutions and crypto operations.
This approach enables Mirae to gain exposure to licensed digital-asset services, potentially including custody, tokenization initiatives, or brokerage integration without directly blending regulated securities operations with exchange activities.
Korbit’s Position in Korea’s Exchange Landscape
Founded as South Korea’s first cryptocurrency exchange, Korbit now represents a smaller share of the domestic trading market. Recent data places its 24-hour trading volume near $60 million, significantly below market leaders such as Upbit and Bithumb.
Despite its modest scale, Korbit holds a full operating license under Korea’s strict crypto framework, which requires comprehensive AML and KYC compliance standards. Financially, the exchange has recently returned to profitability, reporting approximately 8.7 billion KRW in revenue and 9.8 billion KRW in net profit in its latest fiscal year, reversing earlier losses.
Consolidation Under Tight Regulatory Oversight
South Korea maintains one of the most structured regulatory regimes for digital-asset platforms in Asia. Exchanges must meet stringent compliance, reporting, and banking partnership requirements to maintain operational status. Enforcement actions and ongoing investigations into irregularities at other domestic platforms have reinforced supervisory intensity.
The Mirae-Korbit transaction follows broader consolidation signals within the Korean market, including reported efforts by stakeholders in other exchanges to explore strategic alternatives. Institutional ownership may accelerate the formalization of governance structures and capital backing within smaller exchanges.
Implications for Market Structure and Institutional Participation
For Mirae Asset Group, which oversees approximately $418 billion in assets under management globally, the acquisition offers direct infrastructure exposure in the digital-asset ecosystem. Rather than building an exchange platform organically, the firm gains an established licensed entity capable of supporting compliant crypto services.
The transaction also illustrates how traditional financial groups are increasingly entering digital-asset markets via acquisitions in regulated jurisdictions. Such moves reduce licensing uncertainty while potentially expanding liquidity, product offerings, and institutional participation.
Execution and Competitive Considerations
Korbit’s relatively small market share presents both opportunity and challenge. Scaling trading volume and user engagement will require capital investment, technology upgrades, and differentiated offerings in a competitive landscape dominated by larger incumbents.
Integration risks also remain. Aligning traditional finance governance frameworks with crypto exchange operations may introduce operational adjustments, particularly in risk management, compliance reporting, and technology systems.
Outlook: Institutionalization of Korea’s Crypto Sector
If completed as expected, the acquisition would represent one of the clearest examples of South Korean TradFi capital consolidating into licensed digital-asset infrastructure. The deal underscores a broader shift toward institutionalization in the Korean crypto market, where regulatory clarity coexists with strict supervisory oversight.
While immediate market impact may be limited given Korbit’s size, the transaction signals continued convergence between traditional financial groups and regulated digital-asset platforms in Asia’s more mature crypto jurisdictions.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/mirae-asset-expands-into-crypto-with-93m-korbit-acquisition/
