Mirae Asset Acquires 92% of Korbit Crypto Exchange for $93M

Mirae Asset Consulting Secures Controlling Interest in Korbit

Mirae Asset Consulting, a key affiliate of the prominent South Korean multinational financial services firm Mirae Asset Group, has formally agreed to purchase a substantial 92.06% controlling stake in the well-established South Korean cryptocurrency exchange known as Korbit. This significant transaction is valued at approximately $93 million and will be executed entirely through a cash payment.

The agreement marks a strategic move by Mirae Asset to deepen its involvement in the rapidly evolving digital asset sector. According to details disclosed in a regulatory filing dated Friday, the company intends to acquire 26.9 million shares of Korbit at a price totaling 133.48 billion Korean won, equivalent to the aforementioned $93 million. This acquisition will position Mirae Asset as the dominant shareholder, granting it comprehensive oversight and influence over the exchange’s operations and future direction.

In the filing, Mirae Asset explicitly outlined its objectives, stating that the primary aim of this deal is to establish robust future growth engines by expanding into digital-asset, or virtual-asset, business opportunities. The board of directors at Mirae Asset gave their official approval for this initiative on February 5, following earlier speculations and reports about potential negotiations that had emerged in the previous year.

Although the agreement has been reached, the deal remains pending final closure. The transaction’s completion is contingent upon the fulfillment of specific contractual conditions, after which the settlement is anticipated to take place within a timeframe of seven business days. This structured approach ensures that all regulatory and operational prerequisites are meticulously addressed before the ownership transfer is finalized.

Korbit Achieves Profitability Amid Ongoing Sale Negotiations

In its latest fiscal year performance, Korbit has demonstrated a remarkable turnaround, posting revenues of 8.7 billion won alongside a net profit of 9.8 billion won. This positive shift comes after several years of reported financial losses, signaling improved operational efficiency and market positioning within South Korea’s competitive cryptocurrency landscape.

Currently, Korbit’s ownership is predominantly held by NXC Corporation and its subsidiary, Simple Capital Futures, which collectively control around 60.5% of the exchange’s shares. An additional significant portion, approximately 31.5%, is owned by SK Square, underscoring the platform’s appeal to major institutional investors in the region.

Korbit distinguishes itself through its possession of a complete operating license and a sophisticated compliance framework, which collectively make it an attractive and regulated gateway for large financial conglomerates aiming to venture into the digital asset space. Such credentials provide a solid foundation for seamless integration and expansion under new majority ownership.

Interestingly, Korbit is not the only South Korean exchange navigating potential ownership changes. Reports indicate that Coinone, another prominent local platform, is actively considering a sale, with its chairman, Cha Myung-hoon, looking to offload his 53.4% controlling interest. This trend highlights a broader wave of consolidation and strategic realignments within the nation’s crypto exchange sector.

Korbit’s Position in South Korea’s Trading Volume Landscape

Despite its established presence and recent financial recovery, Korbit continues to operate as a smaller participant relative to the dominant players in South Korea’s cryptocurrency trading ecosystem. Data from market analytics platforms reveals that across all Korea-based exchanges, the aggregate 24-hour trading volume stands at roughly $3.64 billion. Within this context, Korbit accounts for approximately $59.9 million in daily trading activity, reflecting a modest but steady share of the overall market.

In stark contrast, Upbit commands the lion’s share of trading volume, processing around $2.16 billion over a 24-hour period. Bithumb follows closely as the second-largest venue, with volumes nearing $1.36 billion. Other smaller exchanges, such as INEX, lag considerably further behind, often recording trading figures in the mere hundreds of thousands of dollars. This disparity illustrates the highly concentrated nature of South Korea’s crypto trading market, where a handful of leading platforms handle the bulk of transactional activity.

The acquisition by Mirae Asset could potentially propel Korbit toward greater market prominence by leveraging the financial group’s extensive resources, expertise in traditional finance, and expansive client network. As South Korea maintains some of the world’s strictest cryptocurrency regulations, Korbit’s robust compliance infrastructure positions it ideally for growth under institutional stewardship.

This development arrives at a pivotal moment for the global crypto industry, where traditional financial institutions are increasingly seeking regulated avenues to participate in digital asset trading and services. Mirae Asset’s bold entry via Korbit exemplifies this shift, potentially paving the way for innovative hybrid financial products that bridge conventional and blockchain-based economies in one of Asia’s most dynamic markets.

Looking ahead, the successful integration of Korbit into Mirae Asset’s portfolio could enhance service offerings, bolster security measures, and expand user accessibility, all while adhering to South Korea’s stringent oversight framework. Industry observers will be closely monitoring how this deal unfolds and its ripple effects on the competitive dynamics among local exchanges.