- Coinone’s valuation has been pressured by losses, with its book value reported at 75.2 billion won at the end of the third quarter.
- Coinbase is expected to visit South Korea this week to meet local firms and explore partnerships tailored to the Korean market.
- South Korea’s crypto exchange market is seeing a rapid increase in deal activity involving major domestic and global players.
Coinbase is reportedly considering a potential equity investment in Coinone, South Korea’s third-largest cryptocurrency exchange, as it explores options that could include the partial sale of shares held by the controlling shareholder, according to local media and industry sources.
A local outlet reported on Sunday that Coinone has placed itself on the market and is discussing scenarios related to the ownership held by Chairman Cha Myung-hoon.
Cha controls 53.44% of the company through his personal holdings and the parent company, The One Group.
The prospect of an investment has attracted quick attention amid a new wave of dealmaking in Korea’s crypto exchange sector, as large financial groups and global platforms look to secure access to regulated, won-denominated trading infrastructure.
Speculation about a Coinone sale grows after leadership reversal
Talk of a sale at Coinone intensified after Cha returned to front-line management just four months following his resignation as CEO.
Some observers interpreted his return as a move that could facilitate a share transaction, particularly because discussions were reported to be directly tied to his controlling stake.
Coinone has not confirmed it is pursuing a full sale.
However, reports indicate the company is exploring various ownership structures, leaving open the possibility of a partial share sale, new strategic investors, or a broader shift in shareholder control.
Losses weigh on valuation despite accelerated tech upgrades
Coinone said Cha stepped back into management to sharpen the exchange’s technological competitiveness as it approaches a double-digit market share.
The company has cited investments in areas such as artificial intelligence as part of its product and infrastructure build-out.
At the same time, Coinone’s losses continue to depress its valuation.
Seoul Economic Daily placed Coinone’s book value at 75.2 billion won, roughly $52 million, at the end of the third quarter, below the reported acquisition cost by Com2uS.
Ownership attention has also turned to Com2uS, the Korean gaming group that acquired a 38.42% stake in Coinone between 2021 and 2022.
The size of that holding means any transaction involving Coinone’s control structure is likely to be closely watched by market participants tracking shifts in shareholder dynamics.
Coinbase visit underscores hunt for Korea-compatible partners
Industry sources say Coinbase plans to visit South Korea this week to meet major local players, including Coinone, as it seeks partners to develop products aligned with Korean regulations.
The reported trip has added momentum to speculation, given that South Korea remains one of the world’s most active retail crypto markets and one of the most challenging for foreign companies to enter directly.
In that context, strategic investments could provide a more feasible route, enabling foreign platforms to collaborate with licensed local exchanges rather than attempting to build independent operations from scratch.
The reports have circulated widely within the crypto community.
Wave of Korea crypto exchange deals accelerates
Coinbase’s reported interest comes as dealmaking across South Korea’s crypto exchange sector accelerates, driven by the value of licensed platforms and their access to won-denominated trading rails.
Traditional financial groups and large technology companies have been active in the market as consolidation becomes a defining theme.
Regulators recently approved Binance’s long-running effort to take over GOPAX, a move that helped spur broader acquisition interest.
Naver Financial agreed to acquire Dunamu, operator of the leading exchange Upbit, in an all-share deal, and local media also reported that Mirae Asset Securities has pursued Korbit.
Coinone has tried to stand out by building new product features.
In August 2025, it launched what it described as the country’s first flexible Bitcoin staking service, allowing users to earn rewards without locking their holdings.
Still, the possibility of a Coinbase tie-up emerges at a moment when South Korea’s exchange landscape is shifting rapidly and global players are seeking regulated entry points into one of Asia’s most closely watched crypto markets.