Major cryptocurrency exchange Coinone seeks buyers as Coinbase acquisition rumors emerge
Major stakeholders in South Korean digital asset platform Coinone have initiated a sale process, with industry speculation pointing to potential interest from Coinbase in entering the market.
A sale process has reportedly been initiated for Coinone, which stands among the select few South Korean digital currency exchanges operating under regulatory approval, with potential buyers said to include domestic financial services companies as well as international trading platforms.
Chairman Cha Myung-hoon's controlling interest of 53.4% in the company has been put up for sale, according to a Sunday report from Seoul Economic Daily, a prominent local news publication.
In a statement provided to the news outlet, Coinone acknowledged that the company is "discussing partnerships, including equity investments, with overseas exchanges and domestic financial institutions," while emphasizing that a definitive decision remains pending.
This potential divestment emerges during a period of significant industry consolidation within South Korea's digital asset sector, characterized by substantial merger and acquisition activity involving prominent players such as Binance, Naver, Dunamu and Mirae Asset.
South Korea is one of the largest crypto markets globally
The potential transaction extends beyond just Cha's controlling 53% interest in Coinone, as it reportedly encompasses additional shares held by Com2uS, a domestic gaming development company that accumulated a 38.4% ownership position in the cryptocurrency exchange during the period spanning 2021 to 2022.
The book value of Com2uS's investment in Coinone had declined to 75.2 billion won ($52 million) as of the conclusion of 2025's third quarter, representing a substantial decrease from the original acquisition cost of 94.4 billion won ($65 million), according to the published report.
Within the Asia-Pacific region, South Korea holds the distinction of being the second-largest cryptocurrency market measured by total value received, based on data from Chainalysis, establishing its position as a critical global center for digital asset activity.
By March 2025, the nation counted 16.29 million cryptocurrency investors among its population, representing nearly 32% of all citizens, a figure that exceeded the 14.23 million stock market investors documented during the same period.
Speculation grows over possible Coinbase investment
Given the strategic significance of South Korea's cryptocurrency market, widespread industry speculation has emerged regarding potential interest from Coinbase, America's leading crypto exchange measured by trading volume, in obtaining an ownership stake in Coinone.
According to reporting by the Seoul Economic Daily, Coinbase representatives are scheduled to travel to South Korea during the current week for discussions regarding possible equity participation and collaborative arrangements with Coinone and other Korean entities.
Although Coinbase maintains that its services are available across more than 100 nations, the company has yet to establish formal operations or launch a dedicated exchange platform operating under South Korean regulatory frameworks.
When contacted by Cointelegraph regarding the reported visit to South Korea or any potential plans for market entry, Coinbase representatives declined to provide commentary, citing company policy against addressing rumors or speculation. Coinone had not provided a response to comment requests at the time of publication.
These developments unfold against a backdrop of numerous transactions reshaping South Korea's cryptocurrency exchange landscape, including September 2025 reports indicating that Naver was pursuing an acquisition of Upbit, which holds the position as the nation's premier crypto trading platform.
In late 2025, Mirae Asset Group, representing one of South Korea's leading financial services organizations, announced intentions to purchase Korbit, ranked among the country's most prominent exchanges, through a transaction valued at as much as $100 million.
In October 2025, Binance, which commands the largest share of global cryptocurrency trading volume, reportedly finalized an acquisition of a majority ownership position in domestic exchange Gopax, marking a strategic component of the company's reentry into the South Korean marketplace.