South Korea’s Coinone Explores Sale of Chairman’s Stake

TheNewsCryptoPublished on 2026-01-26Last updated on 2026-01-26

Abstract

South Korea's third-largest cryptocurrency exchange, Coinone, is exploring the sale of a stake held by its chairman and largest shareholder, Cha Myung-hoon. According to a report, the potential sale involves Cha's 53.4% stake, which includes his personal holdings and shares owned by his company, The One Group. Coinone is in preliminary discussions with overseas exchanges and local financial institutions regarding equity investments, though no specific decisions have been made. The report also suggests shares from the second-largest shareholder, gaming firm Com2uS, may be included. This move follows financial pressures at Coinone, which reported recent losses and a decreased book value. U.S.-based Coinbase may be involved in the sale, with officials scheduled to visit South Korea for meetings. The discussions remain preliminary, and no deal has been finalized.

The third-biggest cryptocurrency exchange in South Korea, Coinone, is looking for the sale of shares held by its chairman, as revealed via a report from local news outlet Seoul Economic Daily.

The exchange is looking for different options to sell a portion of Chairman and biggest shareholder Cha Myung-hoon’s 53.4% stake, as revealed by the report. The holdings of Cha comprise his personal stake of 19.14% and a 3.43% stake owned by his company, The One Group.

A Coinone representative has reported that the firm is talking with prominent overseas exchanges and local financial institutions regarding potential participation in the sale via equity investments but also highlighted that nothing specific has been decided till now.

What did the report further mention?

Cha, who formerly was a white hat hacker, has lately returned to active management after a four-month hiatus after his resignation as the Chief Executive Officer. The report mentioned that his return may be associated with the preparations for the stake sale or a bigger deal.

It further went on to add that shares held by the second-biggest shareholder, local gaming company Com2uS, which possessed around a 38.42% stake between 2021 and 2022, could also possibly be comprised in any deal.

The advancement comes as Coinone carries on to witness financial pressure. The exchange also witnessed a loss in the past few periods, leaving it with a book value of around 75.2 billion won at the end of Q3. However, this is lower than the last valuation of 94.4 billion won, as per the report.

The report quoted industry sources and revealed Coinbase may be included in the sale, adding that officials from the U.S. exchange are set to visit South Korea this week to meet with Coinone officials and those from other local companies.

Any public confirmation of the finalised deal has not been made from the company, and the discussion is still preliminary.

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TagsCryptoKorbit CoinoneSouth Korea

Related Questions

QWhat is the main reason behind Coinone exploring the sale of its chairman's stake?

AThe exchange is facing financial pressure and has witnessed losses in recent periods, with its book value decreasing from 94.4 billion won to 75.2 billion won by the end of Q3.

QWhat percentage of Coinone does Chairman Cha Myung-hoon currently own?

AChairman Cha Myung-hoon owns a 53.4% stake, comprising his personal stake of 19.14% and a 3.43% stake owned by his company, The One Group.

QWhich potential buyers is Coinone discussing the stake sale with?

ACoinone is talking with prominent overseas exchanges, including potentially Coinbase, and local financial institutions regarding equity investments.

QWhat significant change occurred in Cha Myung-hoon's role prior to his return to active management?

ACha Myung-hoon resigned as Chief Executive Officer and was on a four-month hiatus before recently returning to active management.

QWhich other major shareholder's stake might be included in a potential deal besides the chairman's?

AShares held by the second-biggest shareholder, local gaming company Com2uS, which possessed around a 38.42% stake between 2021 and 2022, could also be included in any deal.

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