South Korea’s third-largest cryptocurrency exchange, Coinone, is exploring options to sell a significant portion of its ownership, according to a report by the Seoul Economic Daily. The move comes as the company faces ongoing financial pressure and as the local crypto industry undergoes rapid consolidation.
The report says Coinone is reviewing ways to sell part of the 53.4% stake held by its chairman and largest shareholder, Cha Myung-hoon. This includes Cha’s personal holding of 19.14% and an additional 3.43% owned through his company, The One Group. Discussions are reportedly underway with major overseas cryptocurrency exchanges as well as domestic financial institutions, potentially through equity investments.
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A Coinone representative confirmed that talks are taking place but emphasized that no decisions have been finalized.
“Nothing specific has been decided yet,” the spokesperson said, signaling that negotiations remain at an early stage.
Cha, who built his reputation as a white hat hacker before entering the crypto business, recently returned to active management after stepping away for four months. He had resigned as CEO during that period but has now resumed a leadership role. Industry observers cited in the report suggest his return may be connected to preparations for the potential stake sale or a broader strategic transaction.
The report also notes that shares held by Coinone’s second-largest shareholder, South Korean gaming company Com2Us, could be part of any future deal. Com2Us acquired a 38.42% stake in Coinone between 2021 and 2022, making it a key player in any ownership reshuffle.
Financial performance appears to be a major factor behind the discussions. Coinone has posted losses in recent reporting periods, leaving it with a book value of roughly 75.2 billion won ($52.2 million) at the end of the third quarter. This represents a notable decline from its earlier valuation of 94.4 billion won, according to the same report.
Industry sources cited by Seoul Economic Daily said U.S.-based crypto exchange Coinbase may be among the potential participants. Executives from Coinbase are reportedly scheduled to visit South Korea this week to meet with Coinone leadership and representatives from other local companies. Coinone has not publicly confirmed any involvement by Coinbase, and discussions are described as preliminary.
Coinone’s situation reflects a broader wave of ownership changes in South Korea’s crypto exchange market. In November, Dunamu, the operator of market leader Upbit, became a subsidiary of tech giant Naver following a merger and acquisition deal with Naver Financial. Earlier, in October, local media reported that Binance completed its long-delayed acquisition of Gopax, the country’s fifth-largest exchange, after regulatory approval issues stalled the deal for nearly two years.
As competition intensifies and regulatory scrutiny remains high, Coinone’s potential stake sale highlights how South Korea’s crypto exchanges are adjusting to a more challenging market environment. While no agreement has been reached, the talks signal that further changes may be ahead for one of the country’s key digital asset platforms.
