Mirae Asset Group Moves to Acquire Korbit Exchange in $70-100M Deal

TLDR:

• Mirae Asset Consulting signed an MOU with Korbit shareholders for a deal valued at $70-100 million.
• NXC and Simple Capital Futures hold 60.5% of Korbit shares while SK Square owns 31.5% stake.
• Korbit captures only 0.5% of South Korea’s crypto trading market with $5.56 million daily volume.
• Upbit dominates Korean crypto trading with 64.2% market share and over $706 million daily volume.

Mirae Asset Group has entered negotiations to acquire Korbit, South Korea’s fourth-largest cryptocurrency exchange. 

Mirae Asset Consulting, a non-financial subsidiary, recently signed a memorandum of understanding with Korbit’s principal shareholders. 

The transaction carries an estimated value between 100 billion and 140 billion Korean won, equivalent to approximately $70 million to $100 million. NXC, Nexon’s holding company, and its subsidiary Simple Capital Futures control roughly 60.5% of Korbit’s shares. SK Square holds the remaining 31.5% stake in the exchange.

Deal Structure and Shareholder Dynamics

Mirae Asset Consulting is spearheading the acquisition talks on behalf of Mirae Asset Group. The discussions involve two major shareholders who collectively own more than 90% of Korbit’s equity. 

NXC serves as the controlling shareholder through its combined holdings with Simple Capital Futures.

SK Square maintains its position as the secondary stakeholder in the cryptocurrency exchange. The proposed valuation range reflects ongoing negotiations between the parties. 

Terms and closing conditions remain under discussion as stakeholders work toward finalizing the agreement.

The deal represents Mirae Asset Group’s entry into South Korea’s digital asset exchange market. However, neither party has confirmed a definitive timeline for completing the transaction. 

Market observers note the acquisition would expand Mirae Asset’s presence in the cryptocurrency sector.

Market Position and Trading Volume Analysis

Korbit currently ranks fourth among South Korean cryptocurrency exchanges by trading volume. According to CoinGecko data from December 28, the exchange captured 0.5% of domestic trading activity. This translates to approximately $5.56 million in 24-hour trading volume.

The broader South Korean cryptocurrency market recorded $1.21 billion in total daily trading volume. 

Upbit dominates the landscape with 63.7% market share, processing over $706 million daily. Bithumb follows with 25.7% share and nearly $289 million in transactions.

Coinone holds third position with 11.8% market share and approximately $134 million in daily volume. 

Korbit’s trading activity remains notably lower than its three larger competitors. The exchange operates in a market where concentration among top platforms continues to define industry dynamics.

The acquisition discussions emerge as traditional financial institutions increasingly explore cryptocurrency market opportunities. 

Mirae Asset Group’s potential entry through Korbit would mark another convergence point between conventional finance and digital assets. Industry participants await further developments regarding the transaction’s progress and ultimate completion.