Crypto: South Korea’s Coinone Weighs Stake Sale Amid Coinbase Speculation

South Korean crypto exchange Coinone has reportedly begun selling major shareholder stakes, with Coinbase rumored to be eyeing a strategic entry.

Coinone, one of a handful of regulated South Korean cryptocurrency exchanges, is reportedly up for sale, with both local financial institutions and foreign exchanges among the rumored bidders.

The company has begun a process to sell the stake held by chairman Cha Myung-hoon, who controls 53.4% of the company, local news agency Seoul Economic Daily reported on Sunday.

“We are discussing partnerships, including equity investments, with overseas exchanges and domestic financial institutions,” Coinone confirmed to the outlet, adding that no final decision has been made.

The reported sale comes amid a wave of consolidation in South Korea’s crypto industry, with major mergers and acquisitions involving Binance, Naver, Dunamu and Mirae Asset.

Apart from Cha’s 53% stake, Coinone’s potential sale reportedly involves an additional share sale by local game dev company Com2uS, which acquired a 38.4% stake in the exchange between 2021 and 2022.

Com2uS’s book value in Coinone fell to 75.2 billion won ($52 million) by the end of the third quarter of 2025, far below the $65 million it paid for the stake, the report said.

South Korea is the second-largest crypto market in the Asia-Pacific by total value received, according to Chainalysis, making it one of the world’s key digital asset hubs.

In March 2025, the country had 16.29 million crypto investors, or nearly 32% of the population, surpassing the 14.23 million stock investors reported at the time.

Coinbase, the largest US crypto exchange by trading volume, has been widely speculated to be interested in acquiring a stake in Coinone, given the strategic importance of the South Korean market.

Source: CoinTelegraph