Mirae Asset in Talks to Acquire Korbit with $70M-$100M Valuation
Mirae Asset Group is currently in discussions to acquire the South Korean cryptocurrency exchange Korbit through its subsidiary Mirae Asset Consulting, having signed a Memorandum of Understanding with Korbit's major shareholders. The proposed acquisition price is estimated between 100 billion and 140 billion Korean won, equivalent to approximately $70 million to $100 million. This acquisition would represent a substantial entry by a mainstream financial group into the Korean crypto exchange market.
Korbit, established in 2013 as a pioneer in Korea’s crypto industry, is primarily owned by NXC (approximately 60.5%) and SK Planet (around 31.5%), a factor that plays a role in the ongoing negotiations. Despite Korbit’s long-standing presence, it currently holds about 0.5% of South Korea's local crypto trading volume, significantly trailing behind competitors such as Upbit, which accounts for about 64.2%, Bithumb at 24.4%, and Coinone at 10.8%.
The involvement of Mirae Asset, known for its strong branding and distribution capabilities, could enhance Korbit’s standing amid a competitive licensing environment, especially given the rising demand for regulated onshore exchanges with banking partnerships. Notably, Bybit was also reported to be in talks to acquire Korbit as of November, signaling intense competition for licensed Korean crypto exchange licenses.
Separately, Naver Financial is pursuing consolidation within the industry by negotiating to acquire Dunamu, the operator of Upbit, in a transaction valued around 15.13 trillion won. While the discussions between Mirae Asset and Korbit have not been publicly confirmed in detail, and could be subject to change or termination during due diligence and regulatory scrutiny, these developments reflect significant consolidation interest in South Korea's cryptocurrency market.
