- Coinbase weighs a Coinone equity stake as South Korea crypto exchange deal activity accelerates under tighter regulation.
- Coinone losses pressure valuation even as tech upgrades and market share gains attract global exchange interest.
- Korea crypto exchange consolidation grows as banks, tech firms, and global players seek licensed won trading access.
Coinbase is weighing a potential equity investment in South Korea’s Coinone as deal activity intensifies across the local crypto exchange market. The review comes as Coinone explores options tied to its controlling shareholder stake. Local media and industry sources say discussions remain exploratory and non-binding.
Coinbase Reviews Coinone Stake Options
According to local reporting, Coinone has effectively put itself on the market. The discussions center on Chairman Cha Myung-hoon’s combined holdings. Cha controls 53.44% through his personal stake and holding firm The One Group. The market attention increased after Cha returned to frontline management four months after stepping down as chief executive. Observers linked the move to potential preparations for a transaction.
Meanwhile, industry sources say Coinbase plans to visit South Korea this week. The trip includes meetings with major local players, including Coinone. Coinbase is seeking partnerships that fit Korean regulatory requirements. The company has focused on compliant market entry strategies in regulated jurisdictions. South Korea remains one of Asia’s most tightly supervised crypto markets.
Losses Pressure Valuation Despite Tech Push
Coinone has pushed ahead with technology upgrades while reporting continued losses. The company said Cha returned to strengthen its technical competitiveness. The exchange has expanded development in areas such as artificial intelligence. Coinone has also moved closer to a double-digit domestic market share. However, losses have weighed on its book value.
Seoul Economic Daily estimated Coinone’s book value at 75.2 billion won. That equals about $52 million at the end of the third quarter. The figure sits below acquisition costs reported by Com2uS. The gaming group built a 38.42% stake in Coinone between 2021 and 2022. As a result, Com2uS now stands as a key variable in any ownership changes.
Korean Exchange Deals Gain Momentum
The talks arrive as mergers and acquisitions accelerate across South Korea’s crypto exchange sector. Traditional finance firms and technology groups are circling licensed platforms. Access to won trading rails has become a strategic priority. Regulators recently cleared Binance’s acquisition of GOPAX. That approval triggered renewed takeover interest across the market.
Elsewhere, Naver Financial agreed to acquire Dunamu, operator of market leader Upbit, through an all-stock deal. Local media have also reported Mirae Asset Securities is pursuing Korbit. These moves signal growing consolidation pressure among smaller exchanges. Coinone’s strategic review fits this broader market shift.
Product Differentiation Shapes Negotiations
Coinone has also pursued product differentiation alongside ownership discussions. In August 2025, the exchange launched a flexible Bitcoin staking service. The product allows users to earn rewards without locking holdings. The offering aimed to stand out in a crowded domestic market. Still, Coinone has stated that talks remain open-ended. The company has not settled on a buyer, structure, or timeline.
