South Korea’s third-largest cryptocurrency exchange, Coinone, is reportedly exploring a major ownership restructuring that could redefine its position in the domestic market. According to an initial report by the Seoul Economic Daily, the exchange is actively considering various options to sell a significant portion of shares held by its Chairman and largest shareholder, Cha Myung-hoon. Currently, Chairman Cha controls a dominant 53.4% stake in the company, which includes his personal 19.14% holding and an additional 34.3% stake held through his company, The One Group. The potential deal may also involve shares held by the firm’s second-largest shareholder, local gaming giant Com2uS, which originally acquired a 38.42% stake between 2021 and 2022.
A representative from Coinone has confirmed that the company is currently in high-level talks with major overseas exchanges and local financial institutions regarding potential equity investments. While the company has been careful to note that no specific decisions have been finalized, the discussions appear to be gaining momentum. Industry sources have specifically pointed toward U.S.-based Coinbase as a potential participant in the sale. Executives from the American exchange are reportedly scheduled to visit South Korea this week to meet with Coinone leadership and other local firms, signaling a heightened interest from global players in the South Korean digital asset ecosystem.
The move toward a sale comes as Coinone faces mounting financial pressure following a period of sustained losses. Internal reports indicate that the exchange’s book value sat at approximately 75.2 billion won ($52.2 million) at the end of the third quarter, representing a significant decline from its previous valuation of 94.4 billion won. Analysts believe that the recent return of Chairman Cha – a white-hat hacker turned businessman – to active management after a four-month hiatus was a strategic move specifically intended to oversee the stake sale or a larger M&A deal.
This development follows a broader trend of consolidation and ownership shakeups among South Korea’s top cryptocurrency exchanges. In a recent high-profile shift, Dunamu, the parent company of the nation’s largest exchange, Upbit, became a subsidiary of the internet giant Naver following a merger with Naver Financial in November. Simultaneously, Binance finally completed its acquisition of Gopax, the country’s fifth-largest exchange, after navigating nearly two years of regulatory delays. As Coinone continues its preliminary negotiations, the outcome could mark the next major chapter in the rapid transformation of the South Korean exchange landscape.
