Key Takeaways
- The deal would be structured through Mirae Asset Consulting, a non-financial subsidiary within the group’s corporate structure
- The acquisition is reported to cost between $70 million to $100 million.
In a significant development, Mirae Asset Group, one of South Korea’s largest financial conglomerates, is pursuing an acquisition of leading crypto exchange Korbit in a transaction estimated between 100 billion and 140 billion Korean won, equivalent to approximately $70 million to $100 million.
The deal would be structured through Mirae Asset Consulting, a non-financial subsidiary within the group’s corporate structure, which has reportedly executed a memorandum of understanding with Korbit’s principal shareholders.
According to local news media reports, the acquisition target holds South Korea’s fourth-largest exchange position, though it commands only a modest slice of the country’s crypto trading activity.
Korbit’s ownership is concentrated between two major stakeholders: NXC, the holding company for gaming giant Nexon, controls roughly 60.5% through direct holdings and its subsidiary Simple Capital Futures, while SK Square—the investment arm of SK Group—owns approximately 31.5%. Mirae Asset is negotiating to acquire both positions.
Despite backing from prominent corporate investors, Korbit maintains minimal market penetration. Data from CoinGecko reveals that during a recent 24-hour trading period, Korbit processed just $5.75 million in volume, representing less than one percent of South Korea’s $1.21 billion total exchange activity. Upbit commanded a dominant 64.2% market share with over $768 million in daily transactions, while Bithumb captured 24.4% with nearly $298 million. Coinone rounded out the top three with approximately $135 million.
The acquiring entity’s structure carries strategic significance. Mirae Asset Consulting functions as a central governance vehicle for the broader group, with Chair Park Hyun-joo holding 48.49% and spouse Kim Mi-kyung controlling 10.15%. Park recently articulated the group’s digital ambitions at a public engagement, stating, “It is time to prepare once again for digital-based financial innovation,” and describing plans for “a business that connects traditional assets and digital assets.”
The acquisition rationale extends beyond Korbit’s current market position. Proponents view the deal as positioning Mirae Asset within an expanding digital asset sector that may soon achieve formal regulatory integration in South Korea.
However, regulatory complications loom over the transaction. South Korea implemented a “financial-virtual asset separation” doctrine in 2017 that restricts financial companies from operating crypto businesses. Mirae Asset’s acquisition team contends no violation exists because Mirae Asset Consulting operates as a non-financial entity without direct financial service provision.
Critics dispute this interpretation, noting that Mirae Asset Consulting owns 36.92% of Mirae Asset Global Investments, effectively functioning as the group’s de facto holding company.
Korbit’s appeal lies partly in its regulatory compliance framework. The exchange maintains full operating licenses and established compliance infrastructure, offering a turnkey solution for a major financial group seeking to expand its presence into the world of digital assets.
The latest development comes in the wake of crypto adoption spiking in South Korea. A recent 2025 Global Crypto Adoption Index by blockchain analytics firm Chainalysis had placed South Korea as the 15th-most active nation in the world.
