Com2US, the second-largest shareholder with a 38.42% stake, could be involved in any potential deal.

South Korea remains a major crypto market, ranking second in Asia-Pacific for total value received, with about 16.29 million crypto investors in March 2025, roughly 32% of the population.

Global group: Coinbase is weighing a potential equity investment in Korea’s Coinone, which is evaluating options that could include selling a portion of Cha Myung-hoon’s controlling stake and related holdings, signaling a strategic partnership rather than a full exit.

The deal would occur amid ongoing volatility and consolidation in Korea’s crypto exchange sector as regulatory and market dynamics evolve, with talks continuing with overseas exchanges and domestic financial institutions.

Analysts say consolidation stems from higher regulatory compliance costs, the need for advanced security and tech infrastructure, and growing demand for sophisticated trading features, with Seoul National University noting faster maturation and economies of scale.

Negotiations are complex and could stretch into 2025 due to regulatory reviews and the intricacies of a potential stake sale.

Any partnership or investment could improve platform stability and features, potentially expand international trading connectivity, but would require careful regulatory compliance and service continuity during transitions.

The move unfolds within Korea’s strict real-name verification and banking partnership regime, with exchanges facing regulatory pressure and international competition.

Coinone has been upgrading technology, including AI, aiming for a double-digit market share while posting losses that have reduced its book value to about 75.2 billion won (roughly $52 million) by the third quarter.

The broader market context includes Naver’s reported pursuit of Upbit, Mirae Asset Group’s planned Korbit acquisition, and Binance’s reported majority stake in Gopax as of late 2025.

Coinone’s losses and declining book value occur while Com2uS holds a 38.42% stake, even as Coinone differentiates with products like a flexible Bitcoin staking service launched in 2025.

Industry-wide consolidation is evident with high-profile moves involving Binance, Naver, Dunamu, and Mirae Asset, alongside regulatory approvals for acquisitions like GOPAX and potential larger-scale domestic entry by key players.