Coinone, a leading cryptocurrency exchange in South Korea, appears to be moving towards selling significant shares, amidst speculation that Coinbase has shown interest in making a strategic investment.
Recent reports indicate that Coinone has commenced the process of selling shares owned by its chairman Cha Myung-hoon, who possesses 53.4% of the company, as reported by the Seoul Economic Daily. Cha stated, “We are discussing partnerships, including equity investments, with overseas exchanges and domestic financial institutions,” but highlighted that a final decision has yet to be made.
This potential sale occurs during a significant phase of consolidation within the South Korean crypto landscape, coinciding with notable mergers and acquisitions involving Binance, Naver, Dunamu, and Mirae Asset.
South Korea’s Crypto Market
Apart from Cha’s holdings, talks about further sales could involve another stake sale from Com2uS, a local game developer that bought a 38.4% interest in Coinone between 2021 and 2022. The value of Com2uS’s stake reportedly plummeted to 75.2 billion won ($52 million) by the end of Q3 2025, lower than the $65 million they initially invested.
Due to its trading volume, Coinone ranks third among South Korean exchanges, handling $168.7 million, trailing Upbit and Bithumb.
According to Chainalysis, South Korea holds the title of the second-largest crypto market in the Asia-Pacific region by total value received, establishing itself as a crucial digital asset hub globally. By March 2025, the country saw approximately 16.29 million crypto investors, representing nearly 32% of its populace, outnumbering stock investors.
Coinbase’s Strategic Interest
Coinbase, the largest cryptocurrency exchange in the US by trading volume, is rumored to be considering a stake in Coinone due to the South Korean market’s strategic significance. The Seoul Economic Daily has reported Coinbase’s plan to visit South Korea this week to negotiate a potential equity investment and collaboration with both Coinone and local enterprises.
While Coinbase operates in 100 countries, they have yet to officially enter the South Korean market under its regulatory framework. The firm declined to comment on rumored visits or intentions to enter, suggesting they do not discuss speculation. Coinone also did not respond immediately to requests for comments.
This announcement unfolds amidst a series of transactions within South Korea’s crypto trading sector, including reports about Naver’s acquisition of Upbit, the country’s leading exchange. Mirae Asset Group expressed plans to acquire Korbit, another major exchange, for up to $100 million in late 2025. Furthermore, Binance reportedly completed a majority stake acquisition in Gopax in October 2025, marking its return to the South Korean market.
