Mirae Asset is in advanced talks to buy Korbit, one of South Korea’s longest-running crypto exchanges, in a deal valued at roughly 100–140 billion won (about $70–$100 million), multiple sources report.
Key facts
- A memorandum of understanding has reportedly been signed through Mirae Asset Consulting, an affiliate operating outside the group’s regulated banking and insurance arms, as part of preliminary purchase negotiations.
- The agreement is said to cover most of the stakes held by NXC (the Nexon holding company) and SK Planet/SK Square: NXC owns roughly 60.5% of Korbit, and SK holds about 31.5%.
- Korbit is commonly described as South Korea’s fourth-largest crypto exchange, but its trading volume is small by local standards — market-share estimates place it under 1%, with Upbit and Bithumb still dominating retail crypto trading.
Why Mirae Asset is interested
Sources say Mirae Asset sees two practical advantages to buying Korbit:
1) Acquiring an existing licensed operator gives much faster access to regulated crypto business lines — custody, trading and related services — than building a new platform from scratch.
2) Conducting the deal through a non-financial affiliate helps the group navigate rules that limit direct involvement by banks and insurers in virtual-asset trading.
Industry observers note that even a small, licensed exchange can be strategically valuable to a large financial house that wants to offer custody or institutional trading under Korea’s regulatory regime.
Next steps and caveats
- Regulators will likely review any final deal; antitrust checks, transfers of banking relationships and compliance reviews would be expected if negotiations proceed.
- Neither Mirae Asset nor Korbit has publicly confirmed the talks. Market participants caution that, until formal filings are made, the discussions remain preliminary.
Potential impact
- For Korbit, new ownership could bring fresh capital, tighter compliance controls and potentially new product offerings aimed at rebuilding competitiveness.
- For the broader market, a takeover by a major financial group could encourage other traditional firms to pursue similar acquisitions of licensed crypto platforms.
- However, observers say a single acquisition is unlikely to shift Korea’s market-share landscape quickly while Upbit and Bithumb continue to dominate trading volume.
Reports surfaced in late December 2025 via local press and industry watchers (including posts from Wu Blockchain and Crypto Town Hall), with some outlets pegging the transaction near $100 million. We'll update this story if either party issues an official statement or regulators disclose filings.
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