South Korea’s third-largest crypto exchange, Coinone, is reportedly exploring the sale of a major shareholder stake as it navigates a competitive and consolidating digital asset market.
Key Takeaways
- Chairman Cha Myung-hoon is considering selling part of his 53.44% stake in Coinone, which includes personal and corporate holdings.
- Coinone is in talks with overseas crypto exchanges and local financial institutions for equity investment opportunities.
- U.S. exchange Coinbase is reportedly visiting South Korea to meet Coinone and other firms, fueling speculation of a strategic entry.
- Coinone’s valuation has dropped to 75.2 billion won ($52 million) amid continued financial losses, down from a previous 94.4 billion won.
What Happened?
Coinone is engaging in early-stage discussions to sell a portion of the majority stake held by its chairman and founder Cha Myung-hoon. With a total ownership of 53.44% split between his personal holdings and his company The One Group, Cha is seeking strategic partnerships rather than a full exit. The move comes amid increased consolidation in South Korea’s crypto sector and growing interest from international players.
Seoul Economic Daily reports that South Korea’s third-largest crypto exchange Coinone is up for sale. Major shareholder and chairman Cha Myung-hoon is considering selling part of his stake and exploring other options. Coinbase will visit Korea this week to discuss equity…
— Wu Blockchain (@WuBlockchain) January 26, 2026
Chairman Cha Returns Amid Sale Speculation
Chairman Cha recently returned to active leadership just months after stepping down as CEO. His comeback is viewed by industry observers as a calculated step in preparing for a potential stake sale or strategic deal. Coinone has stated that his return is focused on enhancing the company’s technological capabilities, including the formation of an in-house AI team.
- Cha owns 19.14% personally and 34.3% via The One Group, totaling 53.44%.
- His return coincides with preparations for a sale to both local and foreign investors.
Coinone Confirms Ongoing Talks With Global and Local Players
A spokesperson for Coinone confirmed that the company is in talks with major overseas crypto exchanges and domestic financial institutions about potential equity investments. While no definitive structure or timeline has been confirmed, industry sources suggest that Coinbase executives are visiting South Korea this week, likely to meet with Coinone and evaluate a possible investment.
An insider said, “Coinbase’s interest remains high, as the number of Korean investors is significant.” Although no official partnership has been announced, this visit adds to the momentum of speculation around a U.S. entry via Coinone.
Com2uS Stake May Also Be on the Table
Coinone’s second-largest shareholder, South Korean gaming company Com2uS, which holds a 38.42% stake, may also consider offloading part or all of its position. The company acquired its stake between 2021 and 2022, but the value has since declined.
- Com2uS invested when Coinone was valued at 94.4 billion won.
- As of Q3 2025, Coinone’s book value dropped to 75.2 billion won ($52 million).
- Sources suggest due diligence is already underway.
Regulatory and Market Landscape
South Korea’s cryptocurrency exchanges operate under a strict regulatory framework enforced by the Financial Services Commission (FSC) and Financial Intelligence Unit (FIU). Any ownership changes must undergo regulatory approval, including audits on financial stability, compliance, and user protection.
Coinone ranks behind Upbit and Bithumb with approximately 4% market share. Upbit dominates with around 80%, while Bithumb holds 15%. The competitive pressure and evolving regulatory requirements are prompting mid-sized players like Coinone to seek capital and alliances.
Industry-Wide Consolidation Ongoing
Coinone’s move follows other recent ownership shifts in South Korea’s crypto scene:
- Dunamu, parent of Upbit, became a subsidiary of Naver Financial after a merger in November.
- Binance completed its acquisition of Gopax, the fifth-largest exchange, after a long delay in regulatory approval.
- Mirae Asset Securities is reportedly pursuing a stake in Korbit.
These moves reflect growing interest from traditional finance and global platforms in South Korea’s regulated crypto market.
Coinone’s Push for Innovation
Despite financial headwinds, Coinone has continued to roll out new products. In August 2025, it launched Korea’s first flexible Bitcoin staking service, enabling users to earn rewards without locking their assets. The company says that while the stake sale talks are ongoing, there is no confirmed outcome yet.
CoinLaw’s Takeaway
In my experience, when a mid-tier exchange like Coinone starts shopping its stake around, it is less about retreat and more about regrouping with the right allies. The Korean market is fiercely competitive and heavily regulated. Coinone likely needs both capital and partners to stay relevant. I found the timing of Coinbase’s visit particularly telling. If they step in, this could fast-track Coinone’s growth and possibly improve services for users. But until a deal is signed, we should watch carefully. This story is far from over.
