- Coinbase is weighing an equity investment in Coinone as the Korean exchange explores a partial stake sale.
- Coinone’s valuation is under pressure from losses even as it invests in AI and new trading features.
- Deal activity is accelerating across South Korea’s crypto exchanges as global players seek regulated access.
Coinbase is weighing a potential equity investment in Coinone, South Korea’s third-largest crypto exchange, as the platform explores options that could include selling part of its controlling shareholder’s stake, according to local media and industry sources.
A local outlet reported on Sunday that Coinone has put itself on the market and is discussing scenarios tied to Chairman Cha Myung-hoon’s holdings.
Cha controls 53.44% through his personal stake and his holding company, The One Group.
The possible investment has quickly gained attention because it comes as South Korea’s crypto exchange sector enters a new phase of dealmaking, with major financial groups and global platforms looking for ways to secure access to regulated won-based trading infrastructure.
Coinone sale speculation grows after leadership shift
Sale chatter around Coinone has picked up after Cha returned to frontline management just four months after stepping down as chief executive.
Some observers have interpreted his return as a move that could support a stake transaction, particularly as the discussions reportedly link directly to his controlling position.
Coinone has not confirmed that it is pursuing a full sale.
However, the reports suggest it is exploring multiple structures around ownership, leaving the door open for partial stake sales, new strategic investors, or broader shifts in shareholder control.
Losses weigh on valuation even as tech upgrades accelerate
Coinone has said Cha stepped back into management to sharpen the exchange’s technological competitiveness as it nears a double-digit market share.
The company has highlighted investment in areas such as artificial intelligence as part of its product and infrastructure buildout.
At the same time, Coinone’s losses have continued to pressure its valuation.
Seoul Economic Daily put Coinone’s book value at 75.2B won, or about $52M, at the end of the third quarter, below Com2uS’s reported acquisition cost.
Ownership attention has also turned to Com2uS, the South Korean gaming group that accumulated a 38.42% stake in Coinone between 2021 and 2022.
The size of that holding means any transaction involving Coinone’s control structure would likely be closely watched by market participants tracking how shareholder dynamics may evolve.
Coinbase visit highlights hunt for Korea-compliant partners
Industry sources say Coinbase plans to visit South Korea this week and meet major local players, including Coinone, as it looks for partners to build products aligned with Korean rules.
The reported trip has added momentum to speculation, as South Korea remains one of the world’s most active retail crypto markets but also one of the hardest for foreign firms to enter directly.
In that context, strategic investment can offer a more workable path, allowing overseas platforms to collaborate with licensed local exchanges rather than attempting to build a standalone operation from scratch.
The reports have also circulated widely in the crypto community.
Korea crypto exchange deal wave gathers pace
Coinbase’s reported interest comes as dealmaking accelerates across South Korea’s crypto exchange sector, driven by the value of licensed platforms and their access to won-denominated trading rails.
Traditional finance groups and big tech players have been circling the market, as consolidation becomes a defining theme.
Regulators recently cleared Binance’s long-running effort to take over GOPAX, a move that has helped fuel a wider rush of takeover interest.
Naver Financial agreed to acquire Dunamu, the operator of market leader Upbit, in an all-stock deal, while local media have also reported Mirae Asset Securities is pursuing Korbit.
Coinone has attempted to stand out by building new product features.
In Aug. 2025, it launched what it called the country’s first flexible Bitcoin staking service, allowing users to earn rewards without locking up their holdings.
Still, a possible Coinbase tie-up is emerging at a time when South Korea’s exchange landscape is shifting quickly, and when global players are searching for regulated entry points into one of Asia’s most closely watched crypto markets.
