- Coinone weighs chairman stake sale amid rising financial and competitive pressures
- Global crypto firms show interest as ownership talks reshape Coinone strategy
- Market consolidation intensifies across South Korea’s digital asset exchanges
Coinone has entered a sensitive phase as ownership discussions place the exchange under renewed market attention, signaling possible changes at South Korea’s third largest crypto trading platform. According to Seoul Economic Daily, the company is exploring options to sell part of Chairman Cha Myung-hoon’s controlling stake.
The review reflects internal efforts to manage sustained financial pressure, as Cha holds 53.4% of the exchange through personal shares and holdings linked to The One Group. Coinone has examined scenarios that would allow partial divestment while maintaining operational stability.
Meanwhile, company officials have urged caution, with a Coinone representative noting that talks are ongoing with overseas exchanges and local financial institutions. However, the company stressed that no structure or agreement has been finalized.
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Chairman’s return draws focus to ownership strategy
Significantly, Cha recently returned to active management after a four month break following his resignation as chief executive, intensifying attention around strategic planning. Market participants view the move as closely tied to preparations for a potential stake transaction.
Additionally, Coinone’s shareholder structure adds complexity to the process, as Com2Us holds a 38.42% stake acquired between 2021 and 2022. Its position could influence the scale and direction of any deal.
At the same time, Coinone continues to face financial strain after posting losses in recent periods, narrowing flexibility. Consequently, its book value stood near ₩75.2 billion, or $52.2 million, by the end of the third quarter, below a prior valuation of ₩94.4 billion.
Global interest grows as consolidation pressures build
Hence, interest from international firms has added momentum to discussions, with industry sources saying Coinbase may consider participating in the potential stake sale. Executives from the U.S. exchange are scheduled to visit South Korea this week for meetings with Coinone executives and other local firms. However, Coinone has not publicly confirmed any finalized transaction, as talks remain preliminary and subject to regulatory oversight.
Elsewhere, ownership changes continue reshaping South Korea’s crypto sector, with Dunamu, operator of Upbit, becoming a subsidiary of Naver through a merger with Naver Financial. Separately, Binance completed its acquisition of Gopax after lengthy approval delays reported by local media. Against this backdrop, Coinone’s stake sale discussions reflect broader consolidation pressures building across the domestic crypto exchange market.
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