Quick take:
- The company plans to acquire a 60.5% stake from NXC, Korbit’s largest shareholder, and another 31.5% stake from SK Planet, its second-largest shareholder.
- Korbit is South Korea’s fourth-largest cryptocurrency exchange platform by volume, with about $11.8 million 24-hour volume.
- The acquisition talks have sparked speculation that the deal could disrupt the market domination of Upbit and Bithumb in the country.
Mirae Asset Financial Group is reportedly planning to acquire a 92% stake in the cryptocurrency exchange company Korbit.
According to the report by Korea Times, the company plans to acquire a 60.5% stake from NXC, Korbit’s largest shareholder, and another 31.5% stake from SK Planet, its second-largest shareholder, at a total cost of 140 billion won (approximately $97 million).
If the deal goes through, the purchase will be led by Mirae Asset Consulting, the group’s real estate and consulting affiliate. It is Mirae Asset Financial Group’s biggest unit in the corporate structure, which includes securities, asset management, venture capital, life insurance, and pension operations.
Korbit is South Korea’s fourth-largest cryptocurrency exchange platform by volume, with about $11.8 million 24-hour volume, way below Upbit’s $1.2 billion and Bithumb’s $475 million, as per CoinGecko data.
The acquisition talks have sparked speculation that the deal could disrupt the market domination of Upbit and Bithumb in the country. Korbit and Bithumb control about 95% of South Korea’s crypto market, with Coinone, Korbit, and GOPAX sharing the remainder.
According to the report, founder Park Hyeon-joo, who is now the global strategy officer for the company, has been exploring opportunities in businesses that connect traditional finance with digital assets globally.
A bid would be “in line with Park’s vision for digital asset-based financial innovation,” according to an industry official.
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