TL;DR
- Coinone has initiated talks for a potential sale focused on the 53.44% stake controlled by Cha Myung-hoon and the firm The One Group.
- The process includes discussions with international exchanges and local financial institutions to assess a partial sale, capital investments, and cooperation agreements.
- Coinbase will visit South Korea to meet with the firm and other regulated players.
Coinone has begun discussions around a potential sale while reviewing investment alternatives and strategic partnerships. The process centers on the majority stake held by its chairman and main shareholder, Cha Myung-hoon, who controls 53.44% of the exchange through his direct holdings and his firm The One Group, according to Seoul Economic Daily.
The talks involve international exchanges and local financial institutions. The stated objective is to examine a possible partial sale, capital injections, or cooperation structures. Coinone ranks as the third-largest cryptocurrency exchange in South Korea and operates under a strict regulatory framework that limits the number of authorized platforms.
Coinbase will travel to South Korea this week to meet with Coinone and other major industry players. The agenda includes exploratory meetings on investment and product development aligned with local regulation. People familiar with the process said the exchange’s interest is driven by the weight of South Korea’s retail market and by the difficulty of entering the country without a licensed local partner.
Cha Myung-hoon recently resumed an active role in the firm’s management, just four months after stepping down as CEO. Coinone attributed the change to an operational decision. At the same time, the company strengthened product development, expanded internal capabilities linked to artificial intelligence, and worked on technological upgrades to maintain its market share.
Coinone Lost Significant Market Value
The process also involves Com2uS, the platform’s second-largest shareholder, which holds 38.42% of the equity. Com2uS acquired its stake between 2021 and 2022, but subsequent financial performance affected the company’s valuation. As of the close of the third quarter last year, Coinone’s book value stood at 75.2 billion won, below the 94.4 billion won originally paid.
Industry sources said the exchange may have been offered to potential buyers between late 2025 and early 2026. Some accounts indicate that the process may have already progressed to due diligence stages, although the final structure will depend on interest levels, pricing, and the participation of the various shareholders.
The potential entry of Coinbase adds pressure to the local market. Exchanges worldwide are seeking direct exposure to South Korea through investments in regulated platforms, licenses remain scarce, and retail trading volume continues to be high
