Coinone's major shareholder is evaluating the sale of holdings. Years of losses have prompted discussions with overseas exchanges and local financial institutions regarding investment cooperation. The market is paying attention to the consolidation trends of Korean exchanges.
South Korean media reports that Cha Myung-hoon, the largest shareholder and chairman of South Korea's third-largest cryptocurrency exchange Coinone, is considering selling part of his holdings and is simultaneously in talks with multiple overseas exchanges and domestic financial institutions about strategic investments and cooperation.
South Korea's third-largest exchange Coinone has been incurring losses for consecutive years, with the first and second largest shareholders seeking to exit
It is understood that Cha Myung-hoon currently holds a total of 53.44% of the shares, including 19.14% directly held by himself, and 3.43% held through his personal company The One Group. The remaining shares are related affiliated holdings. Discussions about transferring some of these holdings have recently taken place. Coinone confirmed that it is indeed negotiating equity investments and business cooperation with overseas exchanges and domestic financial institutions, but emphasized that no specific transaction structure has been finalized yet.
Notably, Cha returned to the front line of management after stepping down as CEO about four months ago. The market interprets this move as potentially paving the way for subsequent equity transactions.
Additionally, there are reports that the second-largest shareholder, Com2uS, may also be seeking an exit. Com2uS acquired approximately 38.42% of Coinone's shares between 2021 and 2022. However, Coinone has continued to incur losses in recent years, with a book value of about 75.2 billion KRW at the end of Q3 2025, significantly below Com2uS's original investment cost of approximately 94.4 billion KRW. Insiders reveal that Coinone previously engaged with potential buyers through a "whole package sale" approach, and the process had even progressed to on-site due diligence.
Reports suggest Coinbase has expressed strong interest in acquiring Coinone and has visited Korea
On the international front, the report highlights that the largest US-based cryptocurrency exchange, Coinbase, has shown potential investment interest. Coinbase visited Korea this week and met with several local companies, including Coinone. Market insiders point out that Korean investors are substantial in scale, and Coinbase has been paying long-term attention to the local market, seeking local partners who can help ensure its products and operations comply with Korean regulations.
As a major hub for cryptocurrency trading, South Korean exchanges have always been highly attractive acquisition targets for giants. This includes Naver Financial and Dunamu, which have engaged in share exchanges for integration.
It is also rumored that Binance has obtained final approval from regulatory authorities, completed its investment in Gopax, and is preparing to expand its presence in Korea.
- This article is reprinted with permission from: 《Chain News》
- Original title: 《South Korea's third-largest exchange Coinone seeks to sell after years of losses; Coinbase rumored to be the buyer》
- Original author: Neo
