Coinbase is considering a potential equity investment in South Korean crypto exchange Coinone, as the country’s third-largest trading platform explores strategic options that include selling part of its controlling stake, according to local media and industry sources.
Reports published on Sunday say Coinone has quietly put itself on the market, with discussions centred on Chairman Cha Myung-hoon’s holdings. Cha controls 53.44% of the exchange through a mix of direct ownership and his holding firm, The One Group.
Seoul Economic Daily reports that South Korea’s third-largest crypto exchange Coinone is up for sale. Major shareholder and chairman Cha Myung-hoon is considering selling part of his stake and exploring other options. Coinbase will visit Korea this week to discuss equity…
— Wu Blockchain (@WuBlockchain) January 26, 2026
Market speculation intensified after Cha returned to hands-on management just four months after stepping down as chief executive, a move widely interpreted as preparation for a potential stake transaction or partnership talks.
Losses pressure valuation as strategic interest builds
While takeover interest grows, Coinone continues to face financial pressure. The exchange’s ongoing losses have weighed on its valuation, with Seoul Economic Daily estimating its book value at 75.2 billion won (about $52 million) at the end of the third quarter.
That figure sits below the amount paid by gaming firm Com2uS, which built a 38.42% stake in Coinone between 2021 and 2022. Attention has increasingly turned to Com2uS’s position as Coinone evaluates ownership restructuring scenarios.
Coinone has said Cha’s return was driven by a push to strengthen its technological competitiveness, particularly as it approaches a double-digit domestic market share. The exchange has recently accelerated development in areas such as artificial intelligence and product innovation.
Also Read: Coinbase CEO Calls for Changes to Accredited Investor Rules in the US
Deal activity heats up across Korea’s crypto exchange market
Coinbase’s interest comes as merger and acquisition activity accelerates across South Korea’s crypto exchange sector. Licensed platforms with won-denominated trading access are increasingly being targeted by traditional financial institutions and large technology firms.
Coinone, meanwhile, continues to differentiate itself through product innovation. In August 2025, it launched what it described as South Korea’s first flexible Bitcoin staking service, allowing users to earn rewards without locking up their BTC.
The exchange says discussions with potential partners remain exploratory, with no firm timeline, buyer, or deal structure decided. Still, a possible Coinbase tie-up would come at a pivotal moment for Korea’s evolving crypto exchange landscape.
OKX and Korea investment secure 20% stakes
On May 29, OKX Ventures, the investment arm of OKX, agreed to invest about 80 billion won ($53 million) for a 19.6% stake in Coinone. Korea Investment & Securities committed a similar amount for roughly the same stake.
The transactions involved both existing and newly issued shares, giving Coinone fresh capital while bringing two strategic investors into its shareholder structure.
After the investments, Coinone CEO Cha Myung-hoon held about 30.36%, while Com2uS Holdings held 24.54%. OKX and Korea Investment each became roughly 20% shareholders. This effectively ended the earlier speculation that Coinbase could become Coinone’s major international partner—at least based on publicly disclosed deals so far.
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