Coinone considers selling a stake held by its largest shareholder

Coinone, South Korea’s third-largest crypto exchange by volume, is weighing a sale of part of the stake held by its chairman and primary shareholder, Cha Myung-hoon. According to local media, the exchange is in discussions with foreign crypto platforms and financial institutions as it explores possible deal structures.

Cha holds a combined 53.4% stake, including 19.14% personally and 3.43% through his firm The One Group. The exchange said the talks are at an early stage and “no concrete decisions have been made.” Cha recently returned to an active management role after a four-month break — a move local sources link to deal preparation or a potential large-scale agreement.

A sale could also affect the second-largest shareholder, gaming company Com2Us, which acquired 38.42% of Coinone between 2021 and 2022. Some sources say its stake may also be included if negotiations progress.

Interest in a deal comes as the exchange faces financial pressure. Coinone ended the third quarter with a book value of around 75.2 billion won ($52.2 million), significantly lower than its previous valuation of 94.4 billion won. Periods of losses have increased the need for a strategic partner or expanded capital base.

Foreign exchanges have been mentioned among potential participants. Executives from a major U.S. platform are expected to visit Korea to meet with Coinone’s management and other local industry players. It is not yet clear whether any overseas partner is prepared to pursue a major acquisition.

The situation is unfolding amid major shifts in South Korea’s crypto industry. In recent months, the market has seen two major deals:

• Upbit, the country’s largest exchange, effectively came under the control of tech conglomerate Naver through a deal with Naver Financial;
• Binance completed its long-awaited acquisition of Gopax after a two-year delay tied to regulatory approvals.

If Coinone brings in a foreign investor or sells part of its largest shareholder’s stake, it would mark another step in the consolidation of South Korea’s crypto market as the sector prepares for the rollout of updated digital-asset regulations.