Korea Investment Securities is in early discussions to acquire a stake in Coinone, South Korea’s third-largest crypto exchange, as consolidation accelerates across the sector.
The potential deal follows increasing interest in Coinone, with earlier speculation involving Coinbase and a recent Korbit acquisition by Mirae Asset highlighting intensifying competition for strategic positions.
Upcoming ownership caps of 15–20% and ongoing operating losses at Coinone have created an opening for domestic financial firms to enter at scale.
Coinone has attracted multiple suitors this year, although it previously dismissed reports of Coinbase interest as “completely groundless,” while Korea Investment is now reportedly engaging regulators to facilitate a deal.
Coinone CEO Cha Myung-hoon currently holds a 53.44% stake, but regulatory changes may force a reduction, with Korea Investment potentially targeting around a 20% holding without taking control.
Coinone’s financial performance remains mixed, with revenue rising 3% to $31.4 million but an operating loss of $4.3 million and sharply lower net income due to crypto valuation losses.
The broader market is undergoing rapid restructuring, with Mirae Asset acquiring Korbit, Binance securing Gopax, and a merger between Naver Financial and Dunamu reshaping competitive dynamics.
Korean brokerages increasingly view crypto exchanges as core financial infrastructure, offering 24/7 trading, wallet services, and future integration with tokenised securities, although no deal has been finalised.