Mirae Asset Group of South Korea Investigates $100 Million Acquisition of Crypto Exchange Korbit

Mirae Asset Group has initiated discussions to acquire the cryptocurrency exchange Korbit, as traditional financial entities continue to engage with licensed crypto infrastructure.

The negotiations are being conducted through Mirae Asset Consulting, a non-financial subsidiary of the group, which has entered into a memorandum of understanding with the primary shareholders of Korbit, as reported by South Korean media.

Korbit is predominantly owned by NXC, the parent company of the gaming powerhouse Nexon, which holds approximately 60.5% of the exchange. SK Planet possesses an additional 31.5%, according to reports.

As reported by The Chosun Daily, Mirae Asset Group is in discussions to purchase Korbit, the fourth-largest cryptocurrency exchange in South Korea. Mirae Asset Consulting has formalized an MOU with key shareholders. Currently, Korbit is around 60.5% owned by NXC and its subsidiaries, with SK Square holding approximately 31.5%.…

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The estimated acquisition cost is between 100 billion won and 140 billion won ($70 million to $100 million), which would represent a significant entry into Korea’s exchange market by a conventional financial institution.

Banking Connections And Licenses Hold More Weight Than Market Share

Korbit was a pioneer in Korea’s cryptocurrency landscape, launching in 2013 and introducing what it claimed to be the first Bitcoin-to-won trading market. Currently, it operates in a much more consolidated environment where Upbit leads in daily trading volumes.

Data from CoinGecko indicates that Upbit commands 64.2% of local trading in a recent 24-hour period, followed by Bithumb at 24.4% and Coinone at 10.8%, leaving Korbit with approximately 0.5%.

This modest market share still offers a significant advantage, as it provides a regulated onshore platform with banking connections, compliance measures, and a customer base that can be marketed to for additional financial products, particularly if institutions find a clearer pathway into spot cryptocurrency trading.

Growing Institutional Interest As Stakes Increase

Mirae’s interest arises amid heightened competition for regulated exchange licenses in Korea. As of November, the cryptocurrency exchange Bybit was also reportedly in discussions to acquire Korbit, according to South Korea’s Maeil Business Newspaper.

The negotiations occur as South Korea’s technology and finance leaders pursue scale in digital assets. Naver Financial has reached an agreement to acquire Dunamu, the operator of the leading market exchange Upbit, in an all-stock transaction valued at approximately 15.13 trillion won, as reported by Reuters in late November.

For Korbit, a buyer like Mirae could enhance the exchange’s significance domestically, even as competition remains fierce and liquidity continues to concentrate around the largest platforms.

Neither Mirae nor Korbit has publicly confirmed the terms, and the discussions may evolve or collapse as due diligence continues.

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