Coinone put up for sale as Coinbase explores Korea investment

South Korea’s third-largest crypto exchange, Coinone, is reportedly up for sale, according to Seoul Economic Daily. Chairman and major shareholder Cha Myung-hoon is said to be considering selling part of his stake while exploring various strategic options.

Cha and his private company together control a combined 53.44% stake in Coinone. Gaming firm Com2uS is the second-largest shareholder with 38.42%. A Coinone official said the company is in talks with overseas exchanges and domestic financial firms regarding potential equity investments and broader cooperation, though no specific deal structure has been finalized.

Market speculation suggests that not only Cha’s holdings but also Com2uS’s stake could be included in a broader sale. Com2uS accumulated its shares in 2021–2022, but Coinone’s continued losses have pushed the book value of that investment down significantly.

Meanwhile, Coinbase, the largest crypto exchange in the U.S., is expected to visit South Korea this week to meet with Coinone and other local companies. Industry sources say Coinbase remains highly interested in the Korean market and is seeking local partners to develop products aligned with domestic regulations.

The potential deal comes as consolidation accelerates across South Korea’s crypto sector, with firms pursuing mergers, acquisitions, and strategic alliances amid deeper regulatory integration and growing institutional involvement.