Mirae Asset to Acquire 92% Stake in Korbit Exchange for $93 Million
Mirae Asset Consulting has sealed a deal to purchase a 92.06% controlling stake in the South Korean cryptocurrency exchange Korbit for approximately $93 million in cash.
The transaction involves acquiring 26.9 million shares of Korbit for 133.48 billion won. This would result in a 92.06% ownership interest in the exchange, as documented in a regulatory filing issued on Friday. Payment for this acquisition will be fully in cash.
The goal of this investment is to secure avenues for growth within the digital asset sector, as noted in the filing. The acquisition decision received board approval on February 5, although news regarding the planned acquisition surfaced last year.
Completion of the deal is pending and will occur once specific contractual conditions are satisfied, anticipated within a week after meeting these requirements.
Korbit Returns to Profit after Sale Talks
Korbit recently reported a revenue of 8.7 billion won and a net profit of 9.8 billion won, marking a reversal from prior years of losses.
Currently, Korbit is mainly owned by NXC and its subsidiary Simple Capital Futures, holding approximately 60.5% of the exchange, while SK Square possesses an additional 31.5% stake.
Korbit has a complete operating license and complies with regulatory standards, making it a potentially attractive entry point for major financial entities seeking to invest in regulated digital assets.
As reported, local competitor coin exchange Coinone is also seeking to explore a potential sale as its chairman Cha Myung-hoon aims to divest his 53.4% controlling stake.
Korbit Trails Major Korean Exchanges in Trading Volume
According to CoinGecko data, Korbit remains a smaller entity compared to larger exchanges in South Korea’s crypto market, registering about $59.9 million in daily trading volume out of a total of $3.64 billion tracked across domestic platforms.
Upbit dominates this market with around $2.16 billion in trading volume, with Bithumb following at about $1.36 billion. Smaller exchanges lag significantly behind, with some reporting merely hundreds of thousands.
Major South Korean exchanges. Source: CoinGecko
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