TechFlow News, April 3: According to the Herald Economy, Korea Investment & Securities—the largest securities firm in South Korea—is conducting a preliminary review of acquiring shares in Coinone, South Korea’s third-largest cryptocurrency exchange. It is currently advancing efforts to persuade financial regulators and the National Assembly’s Committee on Legislation and Judiciary, following the same path taken by Mirae Asset Group in its acquisition of Korbit. Coinone’s current CEO, Cha Myeong-hoon, holds 53.44% of the company’s shares; however, newly proposed regulatory rules may cap major shareholders’ ownership at 15–20%, thereby creating an entry opportunity for external buyers.
Although Coinone has increased its market share to double digits, it has recorded operating losses for three consecutive years. Other domestic firms have previously expressed interest in acquiring the exchange, but negotiations collapsed due to significant price disagreements. Industry insiders note that if Korea Investment & Securities acquires approximately 20% of Coinone’s shares, Cha’s operational control would remain unaffected. The specific acquisition price remains undetermined, and discussions are still at an early stage.
Coinone stated that it has recently received multiple partnership proposals but has not yet finalized the cooperation model, method, or partner. Market participants expect the prior acquisition of Korbit by Mirae Asset—valued at approximately KRW 133 billion—to serve as a pricing benchmark.
