Catenaa, Friday, January 30, 2025-Coinone, South Korea’s third-largest cryptocurrency exchange, is exploring the sale of major shareholder stakes and is in talks with overseas crypto exchanges and local financial institutions, according to a local media report.
Seoul Economic Daily reported that Coinone is considering options to sell part of Chairman Cha Myung-hoon’s 53.4% stake, which includes his personal holding and shares owned through his company, The One Group.
The report said discussions include potential equity investments rather than a full exit.
Cha, a former white hat hacker, recently returned to active management after stepping back for four months following his resignation as chief executive.
The report said his return may be linked to preparations for the stake sale or a broader transaction involving control of the exchange.
The report also said shares held by Coinone’s second-largest shareholder, gaming firm Com2Us, could be included in any deal.
Com2Us acquired a 38.42% stake between 2021 and 2022 and remains a major investor in the exchange.
Coinone has faced continued financial strain, posting losses in recent periods. Its book value stood at about 75.2 billion won, or $52.2 million, at the end of the third quarter, down from a previous valuation of 94.4 billion won, the report said.
Industry sources cited by the report said US-based exchange Coinbase may take part in the talks. Executives from Coinbase are expected to visit South Korea this week to meet Coinone and other local firms.
Coinone has not confirmed any finalized transaction, and discussions remain at an early stage. The exchange did not immediately respond to a request for comment.
