Mirae Asset Consulting, an affiliate of South Korea’s Mirae Asset Group, is moving to take control of local crypto exchange Korbit. In a regulatory filing, the company agreed to acquire 26.9 million Korbit shares for 133.48 billion won, roughly $93 million, securing a 92.06% ownership stake in the exchange. The purchase will be paid entirely in cash, and the deal has the board’s approval as of February 5. Completion is expected within seven business days after all contractual closing conditions are satisfied, underscoring a rapid move to consolidate a regulated digital-asset business within Korea’s evolving crypto infrastructure. The filing notes Mirae Asset intends to secure future growth drivers through digital-asset (virtual-asset) businesses.
Key takeaways
- Mirae Asset Consulting agrees to buy 26.9 million Korbit shares for 133.48 billion won, gaining about 92.06% ownership in the exchange, with cash as the payment method.
- The acquisition received board approval on February 5, and is slated to close within seven business days after contractual closing conditions are satisfied.
- Korbit’s current ownership structure includes about 60.5% held by NXC and Simple Capital Futures, with SK Square owning roughly 31.5%.
- Korbit reported 8.7 billion won in revenue and 9.8 billion won in net profit in its latest fiscal year, reversing prior losses.
- The exchange operates with a full license and established compliance infrastructure, potentially making it an attractive vehicle for a financial group seeking regulated exposure to digital assets.
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Market context: The deal unfolds within Korea’s tightly regulated crypto landscape, where Upbit and Bithumb dominate daily trading volumes, and Korbit remains a smaller player by comparison. Data cited by CoinGecko shows Korbit’s roughly $59.9 million in 24-hour trading activity versus Upbit’s about $2.16 billion and Bithumb’s around $1.36 billion. The transaction signals ongoing consolidation among domestic exchanges as traditional financial groups pursue regulated access to digital-asset markets.
Market context: The broader environment in Korea has long featured a push toward licensed operations and stronger compliance frameworks, with regulators scrutinizing promotions and business practices in the sector. The move by a major asset manager to take control of a licensed exchange aligns with a broader trend of institutional players seeking regulated exposure to crypto markets rather than unregistered platforms.
Why it matters
The planned acquisition marks a notable shift in Korea’s crypto ecosystem, illustrating how conventional financial groups are intensifying their strategic bets on digital-asset infrastructure. Mirae Asset’s intention to leverage Korbit’s established license and compliance capabilities could accelerate the exchange’s product, risk controls, and customer onboarding processes, potentially translating into stronger operating leverage for the platform as part of a larger asset-management and fintech ecosystem.
For Korbit, the deal provides a clear path to liquidity and alignment with a major financial conglomerate, potentially enabling enhanced interoperability with traditional banking channels and institutional-grade custody solutions. The company’s reported 8.7 billion won in revenue and 9.8 billion won in net profit in its most recent fiscal year reflect a profitability trajectory that may have attracted Mirae Asset’s interest in expanding regulated, scalable digital-asset services. Korbit’s ownership structure—where NXC and Simple Capital Futures hold a majority stake alongside SK Square—suggests a transition moment that could reshape the exchange’s governance and strategic direction under new majority ownership.
From a market perspective, the deal emphasizes the continuing maturation of Korea’s crypto market, where licensed venues like Korbit coexist with larger platforms and regulatory scrutiny. The emphasis on a cash deal and rapid closing also signals a preference for definitive, trustee-like control structures to manage risk and ensure a swift integration path for regulatory-compliant digital-asset activities. As regulatory expectations evolve, the success of Mirae Asset’s investment could hinge on how smoothly Korbit can integrate into a broader digital-asset strategy and how it adapts to evolving compliance standards and product requirements.
What to watch next
- The contractual closing conditions must be satisfied, with settlement anticipated within seven business days after those requirements are met.
- The integration of Korbit into Mirae Asset’s digital-asset framework and any organizational changes at the exchange.
- Regulatory confirmations or conditions that may accompany the closing process and any post-merger compliance reviews.
Sources & verification
- DART filing: rcpNo=20260213002679, detailing the cash acquisition and ownership thesis.
- Korbit’s financials: revenue of 8.7 billion won and net profit of 9.8 billion won in the latest fiscal year.
- Korbit ownership: NXC and Simple Capital Futures ~60.5%, SK Square ~31.5%.
- Trading volume context: Upbit (~$2.16 billion) and Bithumb (~$1.36 billion) in 24-hour activity; Korbit ~ $59.9 million, per CoinGecko data.
What the move means for Korea’s crypto landscape
Mirae Asset’s Korbit bet signals a broader push into regulated crypto markets
The transaction represents a decisive step in the ongoing consolidation of Korea’s digital-asset infrastructure, where license and compliance play a critical role in determining strategic value. Mirae Asset’s cash offer and rapid cadence may set a precedent for other traditional financial groups evaluating similar moves, especially those seeking to bolster exposure to regulated crypto ecosystems without bearing the full operational burden of building a compliant platform from scratch. As the ecosystem evolves, Korbit’s improved access to Mirae Asset’s capital and infrastructure could translate into more robust risk controls, enhanced product offerings, and greater interoperability with mainstream financial services.
In the near term, stakeholders will be watching how Korbit navigates post-acquisition governance, how the integration aligns with Mirae Asset’s broader digital-asset strategy, and whether the deal serves as a catalyst for other exchanges to pursue strategic partnerships or consolidations. For investors and users, the development underscores the ongoing transition of crypto services from scrappy startups to regulated, institution-friendly platforms—an arc that could influence liquidity, product quality, and regulatory clarity across Korea’s crypto market.
