Author: Zen, PANews
South Korean cryptocurrency exchanges are constantly making moves. At the end of 2025, it was revealed that the major South Korean financial conglomerate Mirae Asset Group is advancing plans to acquire shares in Korbit, South Korea's fourth-largest cryptocurrency exchange. The entry of a traditional financial giant into the cryptocurrency market has once again drawn attention to the South Korean market.
Currently, Mirae Asset Group has signed Memoranda of Understanding (MOU) with NXC, Korbit's largest shareholder, and SK Planet, its second-largest shareholder, respectively. The agreement covers nearly all shares held by these two entities, with an estimated transaction valuation between 100 billion and 140 billion KRW (approximately 70 million to 100 million USD). Due to confidentiality agreements, Mirae Asset cannot publicly confirm specific details.
"South Korea's Buffett" Tests the Waters of Cryptocurrency
Mirae Asset Group is one of South Korea's leading comprehensive financial groups, with businesses spanning asset management, securities investment banking and brokerage, insurance, and other sectors, with "globalization" as its long-term strategic focus. According to the group's disclosures, as of July 2025, its total assets under management had surpassed 700 billion USD.
The group's leader is Park Hyeon-joo, known as "South Korea's Buffett." Since founding Mirae Asset Group in 1997, Park Hyeon-joo has long been the core decision-maker of the group and currently serves as the Global Strategy Officer, focusing on overseas business. According to The Korea Times, sources stated that Park Hyeon-joo has consistently emphasized exploring businesses that connect global traditional assets with digital assets.
Therefore, the move to acquire Korbit aligns with Park Hyeon-joo's vision for financial innovation based on digital assets. Currently, Mirae Asset Consulting, a non-financial subsidiary of Mirae Asset, has signed acquisition Memoranda of Understanding with Korbit's two major shareholders—NXC, the holding company of gaming giant Nexon, and SK Planet, a subsidiary of SK Group. NXC and its affiliates hold a combined stake of approximately 60.5%, while SK Planet holds about 31.5%.
The reason for using Mirae Asset Consulting as the acquisition vehicle is due to the "separation of finance and virtual assets" principle established in South Korea since 2017, which generally prohibits traditional financial institutions from directly operating, holding, or controlling virtual asset-related businesses. Thus, using a non-financial subsidiary as the acquirer can circumvent these regulatory restrictions.
Mirae Asset has not officially responded to the matter, but insiders say the general direction of signing the MOU is basically confirmed. This move is also seen as a significant signal of traditional financial institutions in South Korea actively expanding into the digital asset business.
Shrinking Market Share and Years of Losses: Korbit Seeks a New Owner
Mirae Asset Group's unexpected major acquisition of Korbit to enter the cryptocurrency industry is widely seen by the industry as a move that will significantly impact the South Korean cryptocurrency market. Some optimists even predict that the acquired Korbit could potentially break the duopoly of the two major exchanges, Upbit and Bithumb.
Korbit was founded in 2013 and was one of the earliest cryptocurrency exchanges in South Korea to launch Bitcoin to Korean Won (BTC/KRW) trading. In its early days, Korbit held a notable position in KRW blockchain trading, but its influence has waned as market competition intensified.
Although Korbit is known as South Korea's fourth-largest cryptocurrency exchange, its status and market share in the country are far behind those of Upbit and Bithumb. As of the end of December 2025, Upbit and Bithumb held approximately 67% and 27% of the 24-hour trading volume market share, respectively. The third-largest exchange, Coinone, held about 5%, while Korbit held less than 1%, lagging far behind the industry leaders.
In terms of shareholder structure, NXC, the holding company of South Korean gaming giant Nexon, acquired approximately 62% of the virtual asset exchange Korbit for 93 billion KRW (approx. 70 million USD) in 2017. In 2021, SK Square (or SK Planet), an investment platform under SK Group, invested about 90 billion KRW in Korbit, acquiring a roughly 35% stake to become the second-largest shareholder. Subsequently, NXC's stake was diluted to about 60.5%, and SK Square's stake to about 31.5%.
From a timing perspective, the two traditional giants' foray into blockchain and metaverse future industries was well-timed. However, Korbit's operational performance has been less than ideal, with its business deteriorating and operating at a deficit for many consecutive years after the acquisition by NXC. In 2024, the recovery of the South Korean virtual currency market finally allowed Korbit to turn a profit. Korbit's losses narrowed significantly in 2024 compared to 2023, and with non-recurring gains from investments in held crypto assets, Korbit achieved a net profit of 9.8 billion KRW last year.
As a result, NXC and SK Square had already begun seeking an exit, looking for a new owner for Korbit. In February 2024, media reported that NXC planned to sell its approximately 48% stake in Korbit. Since 2023, NXC and SK Square have contacted multiple potential buyers, but negotiations failed several times due to price expectation gaps and internal/external issues of the potential buyers.
It is worth mentioning that in November 2025, reports emerged that Bybit had begun discussions regarding the acquisition of Korbit, but Korbit officially denied the rumors, stating there was "no fact of any notification or negotiation regarding the sale of shares."
Fierce Competition Among South Korean Crypto Exchanges and Tightening Regulation
The current South Korean cryptocurrency market is characterized by a duopoly, with Upbit dominating and Bithumb fiercely competing. After the land grab, the two giants are still consolidating their moats while actively exploring ways to expand their business empires.
Among them, Upbit, the industry leader operated by Dunamu, has announced it will be acquired by South Korean tech giant Naver through its financial subsidiary Naver Financial in an all-stock transaction worth 10.3 billion USD. According to the timeline announced by both parties, the final share swap and completion are expected by June 30, 2026.
Furthermore, according to Bloomberg, Upbit plans to pursue an Initial Public Offering (IPO) targeting the Nasdaq market after the merger with Naver Financial is completed.
Meanwhile, Bithumb, aiming to list on the Korean KOSDAQ in 2026, has been preparing thoroughly. In 2025, it pushed for a corporate spin-off and restructuring, legally and financially separating its core exchange business from its investment, holding, and new business ventures, to present a clearer business boundary and risk isolation for the IPO review. It is reported that its IPO lead underwriter is Samsung Securities, and due diligence and other listing preparations are underway.
Therefore, against the backdrop of intensifying market competition, it is extremely difficult for Korbit, with its currently minimal market share, to break through.
On the other hand, regulatory pressure not only poses obstacles to business development but also adds uncertainty to Mirae Asset's potential acquisition.
At the end of 2025, South Korea's Financial Intelligence Unit (FIU) notified that Korbit was issued an institutional warning and fined 2.73 billion KRW (approximately 2.08 million USD) for violating the Specific Financial Information Act, with warnings and disciplinary actions also imposed on the company's representative and reporting responsible persons. The FIU's penalty is part of a widespread enforcement action against Korean exchanges, primarily focusing on whether platforms fulfill customer identification and transaction restriction obligations. Previously, the agency also imposed a fine of approximately 35.2 billion KRW on Dunamu.
Additionally, the Financial Services Commission, in the "Digital Asset Basic Act" submitted to the National Assembly, proposed limiting the shareholding ratio of major shareholders in domestic top four virtual asset exchanges to between 15% and 20%, aiming to prevent a few founders and shareholders from controlling exchange operations. If the bill passes, the major exchanges will face structural adjustments and reorganizations, sparking strong concerns within the industry about excessive government regulation.
Therefore, whether Mirae Asset and Korbit can ultimately reach an agreement remains uncertain. Despite its small share, Korbit, as a licensed exchange, possesses compliant infrastructure connected to bank accounts, which is attractive to traditional financial institutions seeking quick access to regulated virtual asset businesses. If the acquisition goes through, the support that Mirae Asset, as a traditional financial giant, can provide to Korbit would far exceed that of the current shareholders and further promote the integrated development of traditional finance and cryptocurrency businesses.
