Mirae Asset Group is reportedly in negotiations to purchase Korbit, which is recognized as South Korea”s fourth-largest cryptocurrency exchange. The valuation of this potential acquisition is estimated to be between 100 billion and 140 billion Korean won, translating to approximately $70 million to $100 million.
The acquisition efforts are being spearheaded by Mirae Asset Consulting, a non-financial subsidiary of the Mirae Asset Group. According to a report from The Chosun Daily, the consulting firm has already signed a memorandum of understanding with the primary shareholders of Korbit.
Korbit”s ownership is primarily held by NXC along with its subsidiary, Simple Capital Futures, which collectively possess around 60.5% of the exchange. Additionally, SK Square holds a 31.5% stake in Korbit.
This exchange is notable for its full operating license and robust compliance framework, making it an appealing option for significant financial entities looking to gain regulated access to digital assets.
However, Korbit”s trading volume has been relatively low compared to its competitors. Data from CoinGecko indicates that Korbit accounted for just $5.75 million of the total $1.21 billion in 24-hour trading volume across six South Korean exchanges, which is less than 1% of the overall market activity. In comparison, Upbit leads the market with over $768 million in daily volume, followed by Bithumb and Coinone.
In related news, Naver Financial is also pursuing an acquisition of Dunamu, the operator of Upbit, through a stock-swap deal valued at around 15.1 trillion won, or approximately $10.3 billion. This transaction will transform Dunamu into a wholly owned subsidiary of Naver Financial upon approval from shareholders, with a vote scheduled for May 22, 2026.
The ongoing consolidation in the South Korean cryptocurrency market underscores a significant shift as major financial institutions seek to enhance their foothold in the burgeoning digital asset sector.
