Coinbase is exploring a potential equity investment in Coinone, South Korea’s third-largest cryptocurrency exchange, as the company weighs strategic options that could include selling part of its controlling shareholder’s stake, according to local media and industry sources.
A local report on Sunday said Coinone has quietly put itself “in play,” with discussions centered on the holdings of Chairman Cha Myung-hoon, who controls 53.44% of the exchange through his personal stake and holding company, The One Group.
Speculation around a possible deal intensified after Cha returned to frontline management just four months after stepping down as CEO — a move some industry watchers interpret as groundwork for a stake sale or strategic partnership.
Tech Push Continues as Losses Pressure Valuation
Coinone, for its part, says Cha’s return is about strengthening the platform’s technology as it pushes toward a double-digit market share. The exchange has been investing heavily in areas such as artificial intelligence, even as profitability remains elusive.
Attention has also turned to Com2uS, the gaming group that built up a 38.42% stake in Coinone between 2021 and 2022. Coinone’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 — below what Com2uS reportedly paid for its stake.
Coinbase Looks for a Way Into Korea
Against that backdrop, industry sources say Coinbase executives plan to visit South Korea this week, meeting with key local players — including Coinone — as the U.S. exchange searches for partners to help it build products that comply with Korea’s strict crypto regulations.
Rather than a full acquisition, a minority investment could offer Coinbase a foothold in one of Asia’s most active crypto markets without running afoul of local ownership and licensing rules.
Deal Activity Heats Up Across Korea’s Crypto Sector
The timing is notable. South Korea’s crypto exchange landscape is undergoing a wave of consolidation and dealmaking, with traditional financial institutions and big tech firms circling licensed platforms that control won-based trading rails.
Regulators recently cleared Binance’s long-running bid to take over GOPAX, opening the door to renewed M&A activity. Since then, the market has seen a flurry of reported deals: Naver Financial agreed to acquire Dunamu, the operator of market leader Upbit, in an all-stock transaction, while Mirae Asset Securities has reportedly set its sights on Korbit.
Coinone has also been trying to stand out on the product side. In August 2025, it launched what it described as Korea’s first flexible Bitcoin staking service, allowing users to earn rewards without locking up their BTC.
For now, Coinone says discussions remain open-ended, with no fixed structure, timeline, or buyer in place. Still, the prospect of a Coinbase tie-up comes at a moment when Korea’s exchange map is clearly shifting — and when global players are looking for a way in.
