TLDR
- Coinoneโs book value dropped to 75.2 billion won.
- Chairman Cha Myung-hoon holds a 53.44% stake in Coinone.
- Coinbase is exploring potential equity investments in Coinone.
Coinone, South Koreaโs third-largest cryptocurrency exchange, is reportedly up for sale. Chairman Cha Myung-hoon is considering selling his majority stake, which amounts to 53.44% of the company. This announcement comes amid financial difficulties that have reduced Coinoneโs book value to 75.2 billion won ($52.2 million) by the third quarter of 2025.
Reports indicate that Coinbase representatives are visiting South Korea. They are in early talks with Coinone for a potential equity investment. The Coinone spokesperson has confirmed discussions about strategic partnerships, including potential equity deals with foreign exchanges and domestic institutions. However, no specific decisions have been made yet.
Background of Key Stakeholders
Chairman Cha Myung-hoon, the founder of Coinone, holds a 53.44% stake. He resigned as CEO a few months ago but returned to active management as the company prepares for acquisition talks. His share is divided between a personal stake of 19.14% and over 34% owned via The One Group. Meanwhile, Com2uS, a leading Korean gaming company, owns a 38.42% stake. This stake may also be part of the sale discussions.
No official comments have been made about potential Com2uS involvement. Coinoneโs history has been tumultuous, with controversies such as an insider bribery scandal in 2023 and a 2024 investigation over alleged price manipulation linked to the Movement token.
Market Regulations and Industry Comparisons
South Korean exchanges face ownership caps enforced by the Financial Supervisory Service (FSC). These limitations have led to market consolidation, particularly through mergers and acquisitions. For example, Binance recently re-entered South Korea by acquiring Gopax following a regulatory review. This acquisition process reflects the potential structure of a Coinbase-Coinone agreement.
Similar market transactions have been motivated by the need for greater market access and operational consolidation. The dominance of exchanges like Bithumb and Upbit further emphasizes this trend. Despite Coinoneโs current sale discussions, the exchange hasnโt released an official sale announcement.
Seeking Partnerships Amid Regulatory Scrutiny
Coinone is actively pursuing partnerships to innovate and comply with Korean regulations. According to a source cited in Seoul Economic Daily, the exchange aims to develop products that adhere to these standards. This goal aligns with recent Coinbase strategies, including the integration of new trading capabilities.
As on-chain data remains unchanged, no fluctuations in total value locked (TVL), liquidity, staking, or asset flows have been reported. Additionally, there have been no regulatory updates from major institutions such as the SEC or CFTC. Similarly, there is no visible response from key opinion leaders within the crypto community.
The Coinone sale preparations might reflect a strategic move in response to ongoing financial struggles. However, further details remain undisclosed. If finalized, these partnerships and equity deals could potentially revitalize the exchange and enhance its competitive position in the South Korean crypto market.
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