Coinone, one of the top three cryptocurrencies in South Korea, has announced their decision to sell off the shares held by its Chairman, according to local media and sources.
Coinone was founded in the year 2014, when crypto was viewed with skepticism. The company saw growth by early 2018, with 643,000 users and 23.4 billion won or 16.2 million dollars of monthly revenue by December 2017. The exchange also made institutional and strategic investment in gaming firm Com2us between 2020 and 2021.
The exchange has now put itself in the market, as it looks forward to the sale of shares tied to Chairman Cha Myung hoon – representing a total of 53.44% ownership, including his personal stake of 19.14% and his company holdings of 3.43% at One Group.
According to a company representative, the exchange is in discussions with major overseas exchanges as well as local financial institutions about the sale through equity investments. However, “nothing specific has been decided yet,” the representative says.
Possible reasons behind Coinone sale
Coinone has been facing financial pressure, with recent records showing losses and a book value of about 75.2 billion won or $52.2 million in Q3 of 2025, according to reports. Their previous valuation showed 94.4 billion won or $65.5 million dollars, which is far more than the current value.
Selling a stake could provide fresh equity to fund the expansion, a technology upgrade, or even the improvements in operation. However, with no public confirmation of any deal or discussion, the reason for sale is still unknown.
With Cha unexpectedly returning to an active role in the company only four months after leaving the CEO position, analysts have been predicting negotiations, restructuring, or even a company position ahead of stake transactions.
According to the X announcement, Coinbase will visit Korea this week, “to discuss equity investment and cooperation with Coinone and local firms.”
Korean crypto exchange sector sees ownership shakes
Several other top crypto exchanges in South Korea have recently seen major ownership shakeups. Dunamu, the parent company of South Korea’s largest crypto exchange by trading volume Upbit, became a subsidiary of South Korean internet giant Naver following a merger-acquisition deal with Naver Financial in November.
Local media reported, in October 2025, that Binance had finalized the acquisition of the fifth-largest crypto exchange Gopax, after nearly two years of delay in approving the ownership switch by the South Korean authority.
