Major Korean Financial Group Eyeing Acquisition of Korbit
Mirae Asset Group is reportedly in negotiations to acquire Korbit, South Korea’s fourth-largest cryptocurrency exchange, in a deal valued between approximately 70 million to 100 million US dollars. This move signals increased interest from prominent financial entities in the digital asset market amid ongoing regulatory developments in South Korea.
The potential acquisition would be spearheaded by Mirae Asset Consulting, a non-financial affiliate of Mirae Asset Group. According to reports from The Chosun Daily, the group has signed a memorandum of understanding with Korbit’s main shareholders, signaling serious intent to finalize the deal. Korbit’s ownership is primarily divided between NXC and its subsidiary Simple Capital Futures, which collectively control around 60.5%. An additional 31.5% stake is held by SK Square.
Korbit boasts a comprehensive operating license and robust compliance infrastructure, making it an attractive entry point for large financial institutions seeking regulated exposure to digital assets. Despite its strategic advantages, Korbit’s market share remains modest, with data from CoinGecko indicating it accounts for less than 1% of South Korea’s daily crypto trading volume, which totals approximately $1.21 billion across six local exchanges. In comparison, Upbit dominates the market with over $768 million in daily trading volume, followed by Bithumb and Coinone with nearly $298 million and $135 million respectively.
In related developments, Naver Financial has announced plans to acquire Dunamu, the operator of Upbit, through a stock-swap transaction valued at around 15.1 trillion Korean won ($10.3 billion). Under this agreement, Naver will issue approximately 87.56 million new shares to Dunamu shareholders, resulting in Dunamu becoming a wholly owned subsidiary. The transaction, scheduled for approval on May 22, 2026, and completion by June 30, is still pending regulatory review. Naver’s initiative includes the launch of a Korean won-backed stablecoin and other digital finance projects, signaling further expansion into the crypto space. The move consolidates the digital financial ambitions of one of South Korea’s largest tech conglomerates while potentially shaping the future landscape of local crypto trading and regulation.
