South Korea’s Coinone, which is reportedly one of the nation’s largest digital currency exchanges by trading volume, is now said to be considering options to divest portions of its major shareholder’s holdings. According to recent industry reports, the platform’s founder and chairman, Cha Myung-hoon, who controls a substantial 53.44% stake through personal ownership and his firm, The One Group, is exploring sales or equity investments to bolster the company’s position.
This development comes as Coinone grapples with financial challenges, including consistent quarterly losses and a declining book value, which stood at approximately 75.2 billion won (around $52.2 million) by the end of the third quarter of 2025.
Founded in 2014, Coinone has established itself as a key player in South Korea’s crypto ecosystem, which claims one of the world’s most active retail trading communities.
The exchange offers a range of services, including spot trading, futures, and staking, and has navigated the country’s stringent regulatory environment under the Virtual Asset User Protection Act. However, like many peers, it has faced headwinds from market volatility, regulatory scrutiny, and operational controversies.
In 2023, Coinone was embroiled in a bribery scandal related to token listings, and in 2024, it underwent investigations for suspected price manipulation involving the Movement token.
These issues have contributed to a reported net loss streak, prompting strategic reviews.
The potential stake sale, which has been in discussion since late 2025, could involve not only Cha’s shares but also those of the second-largest shareholder, Com2uS, a gaming company holding about 38.42%.
Sources indicate that Coinone is engaging with both domestic financial institutions and international crypto platforms for possible partnerships or investments.
Notably, US-based Coinbase, the largest exchange in North America in terms of crypto trading volume and scope of operations, has emerged as a frontrunner in these talks.
Coinbase executives are reportedly slated to visit South Korea this week to meet with local firms, including Coinone, aiming to explore equity cooperation and develop products compliant with Korean regulations.
This move aligns with Coinbase’s global expansion strategy, following its entry into markets like Canada and Europe, and could provide it access to South Korea’s $50 billion-plus crypto trading volume.
However, Coinone has pushed back against outright sale rumors. In an official statement, the exchange clarified that while it is discussing collaborations with overseas entities and local firms, claims of a direct stake disposal by the major shareholder are unfounded.
A spokesperson emphasized that no specific meetings with Coinbase regarding equity sales are scheduled, framing the conversations as broader explorations of mutual cooperation rather than a full takeover.
This nuance highlights the delicate balance between seeking capital infusions and maintaining control amid speculation.
The situation reflects broader trends in South Korea’s crypto sector, where consolidation is accelerating.
Recent examples include Binance‘s protracted acquisition of GOPAX, finalized in October 2025 after regulatory hurdles, and Naver’s planned merger with Dunamu, operator of market leader Upbit.
Mirae Asset is also nearing a deal for Korbit, potentially leaving Bithumb as the sole independent major exchange, with its own NYSE listing ambitions for early 2026.
These shifts are driven by intensifying competition, rising compliance costs, and a push for scale in a market dominated by retail investors.
If the talks progress, a partnership with Coinbase could inject fresh capital into Coinone, enhancing its technological capabilities and global reach.
For Coinbase, it represents a foothold in Asia’s crypto hotspot, where daily trading volumes often surpass those in the US. Yet, regulatory approvals remain a challenge, given South Korea’s focus on investor protection and anti-money laundering measures.