Coinone Explores Stake Sale as Coinbase Weighs Korea Entry

• Coinone discussed selling chairman shares as losses reduced book value levels again.
• Coinbase’s interest reflects the Korean investor scale and the regulatory focus shift today.
• The Korean crypto market saw mergers as Coinone weighed partners’ options carefully again.

South Korea’s third-largest cryptocurrency exchange, Coinone, has entered stake sale discussions as its majority shareholder weighs options with overseas exchanges and domestic financial institutions. Financial industry sources said on the 25th that talks center on selling part of Chairman Cha Myung-hoon’s holdings while the company explores equity partnerships.

A Coinone representative confirmed discussions on partnerships, including equity investments, but said no structure or method has been finalised. Chairman Cha Myung-hoon controls 53.44% of Coinone through his personal stake and his company, The One Group.

The disclosure follows his return to active management just four months after stepping down as chief executive. Market participants link the timing to preparations for a potential sale, though the company disputes that characterization.

Chairman’s Stake and Strategic Signals

Coinone said Chairman Cha returned to management to strengthen technological differentiation as the exchange approached a double-digit market share. The company said he focused on service development and built a dedicated artificial intelligence team during his time away from daily management. Coinone described these steps as part of efforts to sharpen product competitiveness rather than a sales signal.

Still, industry observers note that Chairman Cha’s 53.44% stake remains the focal point of current talks. Sources said preliminary discussions include overseas exchanges and Korean financial institutions seeking exposure to the regulated domestic market. Coinone reiterated that it continues to review partnership options without committing to a transaction.

At the same time, the exchange’s financial position draws scrutiny. As of the third quarter of 2025, Coinone’s book value stood at $52.2 million, down sharply from earlier valuations. The company also posted losses in recent periods, which fueled speculation about the urgency of negotiations.

Shareholder Moves and Valuation Pressure

Attention has also turned to Com2uS, Coinone’s second-largest shareholder. An industry insider said Coinone entered sale discussions between late last year and early this year, with talks possibly reaching due diligence. Com2uS acquired a 38.42% stake between 2021 and 2022.

Coinone’s book value reached 75.2 billion won by the end of the third quarter, well below Com2uS’s initial acquisition cost of 94.4 billion won. Losses during the period added pressure on shareholders to reassess their positions. Market participants said both major stakes remain subjects of informal market soundings.

Meanwhile, interest from Coinbase has drawn attention. Industry sources said Coinbase plans meetings in Korea this week with major local companies, including Coinone. One insider said Coinbase continues to assess opportunities tied to Korea’s large retail investor base and regulatory framework.

Related: South Korea’s KB Card Seeks Patent For Stablecoin Credit Card

Consolidation Across Korea’s Crypto Market

Coinone’s talks unfold amid accelerating consolidation across the domestic virtual asset sector. Naver Financial and Dunamu previously agreed to merge through a comprehensive stock swap. The deal reflected growing alignment between fintech platforms and crypto operators.

At the same time, Mirae Asset Securities has pursued the acquisition of Korbit. Separately, Binance secured final approval to acquire GOPAX, clearing a path into the domestic market. Regulators have tightened oversight as institutional participation grows.

Coinone uses its current blockchain development work to create specific market opportunities, which it follows up with compliance framework development. Market players are currently observing the results of global partner negotiations. These talks will stabilize company valuations and bring in new investment. The question at hand is whether Coinone can obtain a strategic investor while managing two competing regulatory obligations and its current financial deficits.