Korea’s Top Brokerage Wants Into Crypto — Starting With Coinone

Korea Investment Securities, one of South Korea’s largest brokerages, is exploring a stake in Coinone. The firm is in early talks to acquire shares in the country’s third-ranked crypto exchange, the Herald Economy reported.

The deal would add another chapter to an unprecedented wave of consolidation reshaping Korea’s crypto sector.

A Crowded Field of Suitors

Coinone has drawn no shortage of interest this year. In January, speculation swirled that Coinbase was eyeing a stake purchase. Coinone dismissed those reports as “completely groundless” at the time.

Now, a domestic heavyweight has entered the picture. Sources told the Herald Economy that Korea Investment is lobbying financial regulators and lawmakers to clear the path. This mirrors the approach Mirae Asset Group used before acquiring 92% of Korbit for roughly 133 billion won in February.

Coinone CEO Cha Myung-hoon currently holds a 53.44% stake in the exchange. Upcoming regulations may cap major shareholder ownership at 15-20%, potentially forcing a reduction. One source suggested Korea Investment could target around 20% without threatening its control.

No price has been set yet. Industry watchers expect the Korbit deal to serve as a benchmark.

Coinone’s Mixed Financial Picture

Coinone’s 2025 financials paint a nuanced picture. Revenue rose 3% year-on-year to $31.4 million, driven entirely by trading fees. However, the exchange posted a $4.3 million operating loss, roughly in line with the prior year.

Net income told a different story. Coinone stayed in the black at $1.9 million, but that was a sharp drop from $10.8 million in 2024. The decline came from crypto valuation losses of $5.9 million, up from just $138,000 a year earlier. Total assets also shrank 18.7% to $186.1 million as cash reserves fell significantly.

Part of a Bigger Shakeup

The Korea Investment move fits a broader pattern of rapid restructuring. Naver Financial and Upbit operator Dunamu have approved a merger. Binance received final approval to acquire Gopax. Mirae Asset locked down Korbit.

Korean brokerages now view crypto exchanges as strategic infrastructure rather than just stock trading apps. Exchanges offer wallet-based services, round-the-clock trading, and a future on-ramp to tokenized securities.

Both Coinone and Korea Investment confirmed discussions but said nothing is finalized yet.