Key Highlights
- Coinone’s Chairman and major shareholder, Cha Myung-hoon, is considering selling part or all of his 53.44% controlling stake in the exchange.
- Coinone is under financial pressure, with its book value having fallen to ₩75.2 billion (approximately $52.2 million), driven by strong competition from Upbit and Bithumb, high regulatory compliance costs, and the current industry slowdown.
- U.S.-based Coinbase is holding early-stage discussions with Coinone during a visit to South Korea this week, with topics potentially including equity investment, strategic partnership, or deeper involvement.
South Korea’s third-largest cryptocurrency exchange by trading volume Coinone, is reportedly exploring options to sell a portion of the controlling stake held by its Chairman and major shareholder, Cha Myung-hoon.
As per local reports, Coinone is looking to cashout on major stakeholding with speculation about potential involvement from global players like Coinbase. The move comes amid broader consolidation pressures in South Korea’s tightly regulated crypto sector.
According to reports from Seoul Economic Daily, Coinone has initiated a process to divest part or all of Cha Myung-hoon’s 53.44% ownership interest. This stake is split between Cha’s personal holdings (approximately 19.14%) and shares controlled through his affiliated entity, The One Group. Another significant shareholder, South Korean gaming company Com2uS, holds 38.42% of the company.
Financial pressures prompt stake review
The news breaks against a backdrop of declining financial metrics. Industry sources indicate that Coinone’s book value fell to 75.2 billion Korean won (approximately $52.2 million USD) in the third quarter of 2026. This represents a notable drop of 22.64% from its previous valuation of 94.4 billion Korean won.
While the crypto industry is currently navigating through a cool down period, the stake sell-off reflects challenges including intense domestic competition from market leaders Upbit and Bithumb. Additionally, ongoing regulatory compliance costs in a maturing crypto market also stays a hurdle.
South Korea’s crypto exchanges have faced heightened scrutiny from regulators such as the Financial Services Commission (FSC) and the Korea Financial Intelligence Unit (FIU). Recent years have seen penalties imposed on several platforms for anti-money laundering (AML) and real-name account compliance issues.
Read: $110B Crypto Exodus: Why Koreans Are Leaving Domestic Exchanges
Coinbase eyes strategic entry into the Korean market
The report from Seoul Economic Daily also noted that the U.S.-based Coinbase is planning discussions with Coinone during a visit to South Korea this week. Sources describe the talks as preliminary, potentially covering equity investment, strategic cooperation, or even a fuller acquisition scenario.
Coinbase has not yet confirmed anything regarding the matter while Coinone representatives have characterized the outreach as early-stage exploratory discussions with overseas exchanges and domestic financial institutions. “Nothing has been decided,” they emphasized.
Coinbase’s interest aligns with its broader Asia-Pacific expansion strategy, where gaining a foothold in regulated markets like South Korea could provide access to sophisticated retail and institutional users.
Industry context: Consolidation and regulatory headwinds
South Korea remains one of the world’s most active crypto trading jurisdictions per capita, despite strict rules on leverage, foreign exchange controls, and virtual asset service provider (VASP) licensing.
The potential transaction underscores ongoing consolidation trends in South Korea’s crypto landscape. With three major exchanges historically dominating within the country—including Upbit, Bithumb, Coinone—the sector has seen mergers, acquisitions, and strategic partnerships as platforms seek scale to meet rising compliance burdens and compete for liquidity.
Also read: SEC Abandons Gemini Lawsuit: 100% Crypto Recovery Ends Legal Battle
